olivLaw · European equity research
Nurminen Logistics Oyj NLG1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Nurminen Logistics Oyj is a Finnish logistics and rail transport operator with activities in Finland, Sweden, the Baltic states and Central Europe. In fiscal 2025 revenue rose slightly, but profitability fell, and the company warned that the recovery in the Baltics remains uncertain and that Central European investments will show effects only from the second quarter of 2026.
At the close of 05 Nov 2026, Nurminen Logistics Oyj (NLG1V.HE) stock was 0.54 EUR (+4.25% on the day), with market capitalisation 41.7 m EUR, P/E 13.5 on diluted EPS of 0.04 EUR over the last 12 months, beta 0.29, 52-week range 0.51–0.98 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)
- 47.0
- neutral
- Bollinger (20, 2)
- 0.50 – 0.58
- in the lower half of the band · %B 0.49 · band width 13.9%
- SMA 50 / 200
- 0.57 / 0.75
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | −4.6% | +0.4% | −5.0 pp | — |
| 3 months | −15.6% | −3.3% | −12.4 pp | — |
| 6 months | −36.3% | +4.0% | −40.3 pp | — |
| Year to date | −43.0% | +8.1% | −51.1 pp | — |
| 1 year | −43.5% | +10.7% | −54.2 pp | −1.2% |
| 3 years | −37.6% | +50.1% | −87.7 pp | +6.8% |
| 5 years | −61.8% | +43.6% | −105.4 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 50 percentile of its own 2-quarter history (min 11.6, median 17.6, max 23.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 104.8 m | 109.4 m |
| Revenue YoY | unavailable | +4.4% |
| Net income | 7.1 m | 3.1 m |
| Net income YoY | unavailable | −56.5% |
| Diluted EPS | 0.09 | 0.04 |
| Diluted EPS YoY | unavailable | −55.6% |
| net % | 6.8% | 2.8% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 20.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 42.7 m EUR
- Total assets
- 97.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.51x
- ROE
- 7.4%
- ROA
- 3.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 104.8 m | 109.4 m | esef· 18 Mar 2026verified |
| Operating income | 19.3 m | 14.6 m | esef· 18 Mar 2026verified |
| Interest expense | 3.6 m | 5.1 m | esef· 18 Mar 2026verified |
| Pre-tax income | 16.2 m | 9.7 m | esef· 18 Mar 2026verified |
| Income tax | 3.1 m | 3.2 m | esef· 18 Mar 2026verified |
| Net income | 7.1 m | 3.1 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.09 | 0.04 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 16.3 m | 20.3 m | esef· 18 Mar 2026verified |
| Receivables | 12.9 m | 10.4 m | esef· 18 Mar 2026verified |
| Inventories | 1.1 m | 1.1 m | esef· 18 Mar 2026verified |
| Current assets | 31.4 m | 33.0 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 36.3 m | 33.2 m | esef· 18 Mar 2026verified |
| Goodwill | 7.4 m | 8.2 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 6.2 m | 3.9 m | esef· 18 Mar 2026verified |
| Total assets | 101.5 m | 97.3 m | esef· 18 Mar 2026verified |
| Accounts payable | 11.7 m | 10.7 m | esef· 18 Mar 2026verified |
| Current liabilities | 23.6 m | 21.9 m | esef· 18 Mar 2026verified |
| Total liabilities | 60.4 m | 54.6 m | esef· 18 Mar 2026verified |
| Equity | 41.2 m | 42.7 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 78.9 m | 77.3 m | esef· 18 Mar 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 41.7 m EUR
Key indicators
Coverage and freshness
Score by group
27% · 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: 0.33 – 0.74 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/E0.33 – 0.74 (Mid 0.44)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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.8% | 49 (vs peers) | 23% |
| 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 | 2.9x | 21 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.5x | 59 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 13.5x | 54 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet36/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial49/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
Nurminen Logistics Oyj (NLG1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 109.4 m EUR in 2025; YoY growth 4.4%; net margin 2.8%; ROE 9.2%.
The estimated value range is 0.33–0.74 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.44 EUR, the price of 0.54 EUR leaves a potential of -17.8% (value / price − 1) and a margin of safety of -21.7% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 2.9x
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, Shareholder yield (distributions), 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% |
| 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% |
| GLA1V.HEGlaston Oyj Abp | 42.1 m | 35.4 | 1.8% | 0.6% | −4.2% | −12% / −32% |
1- and 3-year price returns: for NLG1V.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 | 0.32 Total return -41% · Per year -41% | 0.56 Total return 4% · Per year 4% | 0.85 Total return 57% · Per year 57% |
| 3 years | 0.31 Total return -43% · Per year -17% | 0.61 Total return 14% · Per year 4% | 1.02 Total return 88% · Per year 23% |
| 5 years | 0.30 Total return -45% · Per year -11% | 0.67 Total return 24% · Per year 4% | 1.22 Total return 125% · Per year 18% |
- Exit P/E± 0.15
- Net margin± 0.11
- Annual revenue growth± 0.09
- Annual dilution± 0.01
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
Nurminen Logistics Oyj is a Finnish logistics and rail transport operator with activities in Finland, Sweden, the Baltic states and Central Europe. In fiscal 2025 revenue rose slightly, but profitability fell, and the company warned that the recovery in the Baltics remains uncertain and that Central European investments will show effects only from the second quarter of 2026 1.
SWOT
Strengths
- The company has a stronger capital structure, with a rising equity share and lower net debt than in earlier years 1.
- The group owns infrastructure, including terminals and wagons, giving it control over transport services 1.
- A presence in several countries, including Sweden and the Baltics, provides a diversified operating base 1.
Weaknesses
- Operating margin fell significantly in fiscal 2025 compared with earlier years, and net profit declined 1.
- The company depends on foreign trade volumes in Finland and Sweden, which have recently declined 1.
- The group's relatively small size limits its ability to absorb market shocks or finance new acquisitions quickly 1.
Opportunities
Risks
- Weak demand in the European economyhigh
A weaker European economy and international conflicts could reduce demand for the company's services 1.
- Uncertain Baltic recoveryhigh
The company warned that the timing of the recovery in the Baltic states is unclear, which could prolong weaker revenue 1.
- Sanctions on raw materialsmedium
Fertilisers or essential metals being placed under sanctions could affect rail traffic in the EU 1.
- Debt and financing costsmedium
Financial costs rose in fiscal 2025, and interest-bearing debt includes a significant loan from a private fund, which could limit financial flexibility 1.
- Delayed investment effectslow
Effects from investments in Central Europe are expected only from the second quarter of 2026, which could postpone growth 1.
Investment thesis
What would need to be true (bull case)
- If Central European investments and the Baltic recovery materialise, the company could return to firmer revenue and operating profit growth 1.
- The capital structure has improved, and a higher self-financing ratio could support further investment or acquisitions 1.
- Demand for sustainable rail transport could become a longer-term growth driver for the group 1.
What would break the thesis
- Profitability fell significantly in fiscal 2025, and the 2026 guidance for the first half points to continued pressure on revenue and operating profit 1.
- If the European economy stays weak or foreign trade in Finland and Sweden keeps declining, demand for the company's services could remain subdued 1.
- Sanctions and geopolitical tensions could limit rail volumes, and the company might need to scale back its growth ambitions 1.
What to watch
- Update of 2026 guidance with the half-year report24.7.2026
- Effects of Central European investments on revenue2026
- Timing of the recovery in the Baltic states2026
- Proposed capital return and the decision of the annual general meeting2026
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
On governance, the board was re-elected at the April 2025 annual general meeting, and the company proposed a capital return of at most 0.03 EUR per share from the invested unrestricted equity fund 1. Major shareholders at 31 December 2025 were Suka Invest Oy (15.01 %) and Keskinäinen Eläkevakuutusyhtiö Ilmarinen (14.44 %) 1.
Segments
Rail transport and logistics
The rail segment, including North Rail and the international operations in the Baltics and Central Europe, is the main growth driver but also the source of uncertainty, as the timing of the Baltic recovery is still unclear 1.
Logistics services and terminals
Logistics services in Finland and Sweden, together with the company's own terminals and infrastructure, depend mainly on the foreign trade volumes of those two countries, which the company sees as a declining risk factor 1.
Market context
The company operates in the logistics and rail freight markets of Northern and Central Europe, where demand depends on Finnish and Swedish foreign trade and the European economy, and geopolitical conflicts can reduce volumes 1. Revenue in fiscal 2025 was 109.4 million EUR, up 4.4 % on the previous year after an 18.1 % decline in 2024 1.
Guidance for 2026 indicates that revenue and comparable operating profit in the first half of the year could remain below the prior-year level, and the company will update guidance together with the half-year report 1.
Trends
- Geopolitical uncertainty and sanctionsheadwind
International conflicts and sanctions on certain raw materials carried by rail could reduce demand and rail activity in the EU 1.
- Recovery of the Baltic economymixed
The timing of the recovery in the Baltic states remains uncertain, but a resumption could support volumes in the international segment 1.
- Investment in Central Europetailwind
Expansion in Central Europe could generate growth, though effects are expected only from the second quarter of 2026 1.
- Shift to green transporttailwind
Demand for sustainable rail transport, including the Asia-Europe container train, could support the company's services 1.
Competitive position
The company operates in a fragmented logistics and rail transport segment dominated by regional operators and larger European firms, and its advantage lies in its rail network and terminals in Northern Europe 1.
Its competitive position depends on retaining customers in Finland and Sweden and on its ability to protect margins while expanding in Central Europe 1.
- Regional freight rail operators
Operators in Northern and Eastern Europe competing on the same freight routes and terminals 1.
- European multimodal logistics operators
Companies offering integrated road, rail and sea transport in regions where the company also operates 1.
- Terminal and intermodal service providers
Companies with terminals and depots competing for the same container and wagon flows 1.
- Central European freight rail companies
Operators that could compete directly as Nurminen expands its activity in this region 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nurminen Logistics 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.