olivLaw · European equity research
Keskisuomalainen Oyj KSL.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Keskisuomalainen Oyj is a Finnish media group active in local press, with daily newspapers, local papers, radio stations and unaddressed distribution. The company is focused on digital transformation of local news and on expanding its network through acquisitions, while management expects revenue in 2026 to remain flat or decline slightly.
At the close of 05 Nov 2026, Keskisuomalainen Oyj (KSL.HE) stock was 9.50 EUR (−2.06% on the day), with market capitalisation 104.1 m EUR, P/E 11.9 on diluted EPS of 0.80 EUR over the last 12 months, dividend yield 5.79%, beta 0.23, 52-week range 7.92–11.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.7
- strong (55–70)
- Bollinger (20, 2)
- 8.90 – 9.66
- in the upper half of the band · %B 0.79 · band width 8.2%
- SMA 50 / 200
- 9.27 / 9.82
- mixed trend
- MACD (12, 26, 9)
- 0.07 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.4% | +0.4% | +4.0 pp | — |
| 3 months | −7.3% | −3.3% | −4.1 pp | — |
| 6 months | −0.2% | +4.0% | −4.2 pp | — |
| Year to date | +10.5% | +8.1% | +2.4 pp | — |
| 1 year | +17.3% | +10.7% | +6.6 pp | −1.2% |
| 3 years | +9.7% | +50.1% | −40.4 pp | +6.8% |
| 5 years | −39.5% | +43.6% | −83.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 10.7, median 10.7, max 10.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 208.6 m | 202.7 m | 212.8 m |
| Revenue YoY | unavailable | −2.8% | +5.0% |
| Net income | -13.1 m | -6.2 m | 8.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.30 | -0.58 | 0.80 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -6.3% | -3.1% | 4.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 15.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 53.4 m EUR
- Total assets
- 191.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.74x
- ROE
- 17.4%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 208.6 m | 202.7 m | 212.8 m | esef· 07 Apr 2026verified |
| Operating income | -13.8 m | -6.2 m | 11.7 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 12.1 m | 11.7 m | 12.7 m | esef· 07 Apr 2026verified |
| EBITDA | -1.7 m ≈ | 5.5 m ≈ | 24.4 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 2.4 m | 4.0 m | 2.8 m | esef· 07 Apr 2026verified |
| Pre-tax income | -13.5 m | -7.5 m | 11.2 m | esef· 07 Apr 2026verified |
| Income tax | -320.0 k | -1.3 m | 2.5 m | esef· 07 Apr 2026verified |
| Net income | -13.1 m | -6.2 m | 8.8 m | esef· 07 Apr 2026verified |
| Diluted EPS | -1.30 | -0.58 | 0.80 | esef· 07 Apr 2026verified |
| Weighted average diluted shares | 10.0 m | 10.7 m | 11.0 m | esef· 07 Apr 2026verified |
| Dividend per share | 1.00 | 0.52 | 0.55 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.9 m | 8.0 m | 15.9 m | esef· 07 Apr 2026verified |
| Inventories | 1.8 m | 1.9 m | 1.3 m | esef· 07 Apr 2026verified |
| Current assets | 34.6 m | 34.9 m | 51.2 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 26.5 m | 28.8 m | 27.3 m | esef· 07 Apr 2026verified |
| Goodwill | 54.7 m | 55.0 m | 53.4 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 12.4 m | 13.4 m | 11.0 m | esef· 07 Apr 2026verified |
| Total assets | 160.1 m | 178.5 m | 191.8 m | esef· 07 Apr 2026verified |
| Accounts payable | 28.2 m | 30.7 m | 28.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 54.1 m | 66.9 m | 69.0 m | esef· 07 Apr 2026verified |
| Total liabilities | 102.5 m | 131.4 m | 138.4 m | esef· 07 Apr 2026verified |
| Equity | 57.6 m | 47.2 m | 53.4 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 10.0 m | 10.7 m | 11.0 m | esef· 07 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 104.1 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.59 – 14.80 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E6.59 – 14.80 (Mid 8.88)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)7.48 – 10.20 (Mid 8.63)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.1% | 51 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.1x | 41 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 11.9x | 54 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.8% | 83 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial51/100 · 1/3 factors with a value
- Returns· partial83/100 · 1/2 factors with a value
- Valuation· partial54/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Keskisuomalainen Oyj (KSL.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 212.8 m EUR in 2025; YoY growth 5.0%; net margin 4.1%; ROE 17.4%.
The estimated value range is 7.03–12.50 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 8.75 EUR, the price of 9.50 EUR leaves a potential of -7.8% (value / price − 1) and a margin of safety of -8.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.8%
What contradicts it
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| KSL.HEKeskisuomalainen Oyj | 104.1 m | 11.9 | 17.4% | 4.1% | +5.0% | +18% / +12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for KSL.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.64 Total return -36% · Per year -36% | 9.97 Total return 11% · Per year 11% | 15.02 Total return 65% · Per year 65% |
| 3 years | 5.53 Total return -28% · Per year -10% | 10.99 Total return 35% · Per year 10% | 18.17 Total return 116% · Per year 29% |
| 5 years | 5.42 Total return -20% · Per year -4% | 12.12 Total return 61% · Per year 10% | 21.98 Total return 176% · Per year 23% |
- Exit P/E± 2.75
- Net margin± 1.92
- Annual revenue growth± 1.57
- Annual dilution± 0.16
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Keskisuomalainen Oyj is a Finnish media group active in local press, with daily newspapers, local papers, radio stations and unaddressed distribution. The company is focused on digital transformation of local news and on expanding its network through acquisitions, while management expects revenue in 2026 to remain flat or decline slightly 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Decline of print presshigh
Falling print circulation and revenue could weigh on results if digital growth does not compensate 1.
- Printing plant closuresmedium
Closing some printing plants carries restructuring costs and could reduce printing capacity 1.
- Acquisition riskmedium
Acquiring local publications brings integration risk and valuation risk on the acquired assets 1.
- Sustainability data qualitymedium
Management identifies the availability and integrity of sustainability data as major risks for reporting 1.
- Unstable economic environmentmedium
A difficult economic context could reduce advertising and subscriptions, affecting profitability 1.
Investment thesis
What would need to be true (bull case)
- If the digital transformation succeeds, the group could offset print decline with online content and digital advertising revenue 1.
- The wide network of local publications gives a coverage advantage that could support future acquisitions 1.
- A dividend policy aiming to distribute at least half of profit may appeal to income-oriented investors 1.
What would break the thesis
What to watch
- Development of revenue and comparable operating profit against the 2026 outlook2026
- Progress of digital transformation and the share of digital revenue in the total2026
- New acquisitions of local publications and their integration2026
- Effects of the Kouvola printing plant closure on costs and revenue2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Keskisuomalainen group covers news media, distribution and other business, including printing, digital outdoor advertising and property rental. At 31.12.2025 the group employed 4608 people in Finland, according to the annual report 1. Households held 93,25 percent of shareholders at 31.12.2025 1.
The group operates with equity of 53,44 million euros and liabilities of 138,39 million euros at 31.12.2025 1. Management intends to distribute at least half of the profit for the year as dividends 1.
The group's purpose is to convey reliable information and support local communities, and its stated vision is to be a boldly growing and profitable digital media company 1.
Segments
News media
News media includes printed and digital newspapers, local radio and professional media. In 2025 the group published 17 five-to-seven-day titles and digital news media, 39 local papers and 21 city magazines 1.
Unaddressed distribution
Unaddressed distribution is a direct delivery service that the group sees as a revenue source that could improve with higher profitability 1.
Other business
Other business includes printing, digital outdoor advertising, marketing and research services, as well as rental of commercial and office property 1.
Market context
Local press in Finland is affected by digitalisation, media diversity and global competition, factors that could affect print revenue 1. The group operates in many regions, from Lapland to Uusimaa 1.
Reduction of print capacity, including the closure of the Tuusula newspaper printing plant in 2025 and the Kouvola plant in January 2026, shows pressure on the print segment 1.
Trends
- Digitalisation of pressmixed
Moving audiences and advertising to digital channels is the group's strategic priority and could support growth if online content can be monetised 1.
- Closure of printing plantsheadwind
Closing the Tuusula and Kouvola printing plants reduces fixed costs but could reduce print and printing service revenue 1.
- Expansion through acquisitionstailwind
Geographic expansion of local news is mainly pursued through acquisitions, which could add revenue if integration succeeds 1.
- Unstable economic environmentheadwind
Management describes an unstable operating environment that could affect demand for advertising and subscriptions 1.
Competitive position
The supplied sources do not name direct competitors of the group. The company refers to global competition in media but does not name other players in the analysed texts 1.
The group's position rests on its network of local publications and unaddressed distribution, an advantage that depends on continued digital investment 1.
- Other Finnish local press publishers
The sources do not name competitors; competition is described only in general terms 1.
- Digital news platforms
Online content competes for audience and advertising, but the sources do not identify these companies 1.
- Digital outdoor advertising companies
The group is expanding its own digital outdoor advertising segment, where it meets unnamed competition 1.
- Unaddressed distribution providers
Direct delivery faces other operators that are not identified in the source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Keskisuomalainen Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.