olivLaw · European equity research
Endomines Finland Oyj PAMPALO.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Endomines Finland Oyj is a Finnish gold mining and exploration company that operates the Pampalo mine and develops exploration projects in Karjalan kultalinja. The company moved its registered seat from Sweden to Finland and listed on Nasdaq Helsinki in December 2022, while gold production at Pampalo could rise in 2023 by 35–55 % compared with 2022.
At the close of 05 Nov 2026, Endomines Finland Oyj (PAMPALO.HE) stock was 7.90 EUR (−0.88% on the day), with market capitalisation 51.2 m EUR, beta 0.70, 52-week range 7.26–11.78 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.8
- weak (30–45)
- Bollinger (20, 2)
- 7.08 – 9.80
- in the lower half of the band · %B 0.30 · band width 32.2%
- SMA 50 / 200
- 9.21 / 9.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.45 / -0.42
- MACD below 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 | −17.5% | −0.6% | −16.9 pp | — |
| 3 months | −4.2% | −4.2% | −0.1 pp | — |
| 6 months | −23.3% | +4.3% | −27.6 pp | — |
| Year to date | −15.5% | +7.5% | −23.0 pp | — |
| 1 year | −9.5% | +9.9% | −19.5 pp | −1.2% |
| 3 years | +601.0% | +49.8% | +551.1 pp | +6.8% |
| 5 years | unavailable | +42.8% | unavailable | — |
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.
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 0 | 13.5 m |
| Revenue YoY | unavailable | unavailable |
| Net income | -25.7 m | -17.5 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.12 | -2.70 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | -129.6% |
| Free cash flow | -15.5 m | -7.3 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 3.7 m EUR
- Financial debt
- 10.6 m EUR
- Net debt
- 6.9 m EUR
- Equity
- 36.3 m EUR
- Total assets
- 55.0 m EUR
- Debt / equity
- 0.29x
- Current ratio
- 0.88x
- ROE
- -52.6%
- ROA
- -31.7%
- FCF margin
- -54.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 0 | 13.5 m | esef· 02 May 2023verified |
| Cost of revenue | 1.6 m | 11.3 m | esef· 02 May 2023verified |
| Gross profit | -1.6 m ≈ | 2.2 m ≈ | esef· 02 May 2023derived |
| Operating income | -25.1 m | -14.7 m | esef· 02 May 2023verified |
| Interest expense | 1.5 m | 3.0 m | esef· 02 May 2023verified |
| Pre-tax income | -25.7 m | -17.5 m | esef· 02 May 2023verified |
| Income tax | 0 | 0 | esef· 02 May 2023verified |
| Net income | -25.7 m | -17.5 m | esef· 02 May 2023verified |
| Diluted EPS | -0.12 | -2.70 | esef· 02 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 1.2 m | 3.7 m | esef· 02 May 2023verified |
| Inventories | 800.0 k | 400.0 k | esef· 02 May 2023verified |
| Current assets | 3.8 m | 6.1 m | esef· 02 May 2023verified |
| Total assets | 55.3 m | 55.0 m | esef· 02 May 2023verified |
| Short-term debt | 5.8 m | 100.0 k | esef· 02 May 2023verified |
| Long-term debt | 11.6 m | 10.5 m | esef· 02 May 2023verified |
| Current liabilities | 11.8 m | 6.9 m | esef· 02 May 2023verified |
| Total liabilities | 25.0 m | 18.7 m | esef· 02 May 2023verified |
| Equity | 30.3 m | 36.3 m | esef· 02 May 2023verified |
| Shares outstanding at year end | 214.2 m | 6.5 m | esef· 02 May 2023derived |
Cash flow · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -10.7 m | -4.8 m | esef· 02 May 2023verified |
| Capex | 4.8 m | 2.5 m | esef· 02 May 2023verified |
| Free cash flow | -15.5 m ≈ | -7.3 m ≈ | esef· 02 May 2023derived |
| Investing cash flow | -4.9 m | -3.2 m | esef· 02 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 51.2 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -27.5% | 4 (vs peers) | 29% |
| Net margin · Quality | -129.6% | 3 (vs peers) | 18% |
| 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 | -4.9x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -14.3% | 0 (on a fixed band) | 24% |
| 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 sheet3/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
Endomines Finland Oyj (PAMPALO.HE). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 13.5 m EUR in 2022; net margin -129.6%; ROE -52.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
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
- ROIC: -27.5%
- Net margin: -129.6%
- Interest coverage: -4.9x
- Current ratio: 0.9x
- FCF yield: -14.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% |
| PAMPALO.HEEndomines Finland Oyj | 51.2 m | — | -52.6% | -129.6% | unavailable | −7% / +456% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for PAMPALO.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
Scenarios are not available. input data missing
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
Endomines Finland Oyj is a Finnish gold mining and exploration company that operates the Pampalo mine and develops exploration projects in Karjalan kultalinja. The company moved its registered seat from Sweden to Finland and listed on Nasdaq Helsinki in December 2022, while gold production at Pampalo could rise in 2023 by 1 35–55 % compared with 2022.
SWOT
Strengths
- The company has active production at the Pampalo mine, which gives it an operating base compared with projects still in exploration only.
- Equity improved significantly in 2022, and interest-bearing debt fell compared with the prior year.
- The Nasdaq Helsinki listing and access to several funding sources could support the development of exploration projects.
Weaknesses
- The company reports net and operating losses, and its result still depends on the performance of a single producing mine.
- Receipts are in USD while much of the cost base is in euro, which exposes the result to currency movements.
- Funding through convertible bonds and LDA-type agreements can lead to dilution of existing shareholders.
Opportunities
- If Pampalo production grows as estimated, the financial result could improve visibly.
- Reprocessing old data and drilling in Karjalan kultalinja could identify new resources.
- A partnership for the US properties could bring funding without increasing the group's debt.
Threats
- A fall in the gold price would quickly reduce revenue and could affect funding capacity.
- High energy prices and other input costs could keep pushing up production costs.
- A proposed mining tax, mentioned in the report, could reduce the company's profitability.
Risks
- Exploration riskhigh
Mineral exploration is uncertain, and resource and reserve estimates can prove wrong, which could affect development plans.
- Currency riskmedium
Revenue is in USD while costs are mostly in euro. An unfavourable change in the exchange rate could reduce the result.
- Funding riskhigh
The company depends on external funding. If it cannot obtain capital on acceptable terms, development of projects could slow.
- Dilution riskmedium
Conversions of convertible bonds and LDA agreements can create new shares, which could reduce the stake of existing shareholders.
- Operational and environmental riskmedium
Mining involves disruptions, accidents and environmental requirements. Any incident could delay production and increase costs.
Investment thesis
What would need to be true (bull case)
- If Pampalo production grows as estimated and unit costs fall, the result could better reflect the mine's potential.
- A larger equity base and lower debt could give the company more stability to develop its projects.
- Exploration in Karjalan kultalinja and any partnerships for US properties could expand the resource base.
What would break the thesis
- The company is not yet profitable and depends on a single producing mine, which increases risk for the financial result.
- Funding through convertible bonds and LDA-type agreements could dilute existing shareholders and limit earnings per share.
- If the gold price falls or energy costs stay high, margins could be hit quickly.
What to watch
- Delivery of the gold production increase at Pampalo against the 2023 estimates2023
- Trend in unit costs and energy costs in the second half of the year2023
- Results of exploration campaigns in Karjalan kultalinja2023
- Conclusion of negotiations for the US partnership and its termsnext 10-K
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
Endomines Finland Oyj is the parent company of the Endomines group, which works in gold mining and exploration. Its main activity is the Pampalo mine, where production started during the period analysed and generated revenue of 1 13.5 MEUR in fiscal 2022. The group was formed as Endomines AB and moved its legal seat to Finland through a cross-border merger completed in December 2022.
Besides Pampalo, the group holds the Friday project, from which no production is expected in 2023, and carries out exploration in Karjalan kultalinja, where it plans to reprocess old data, take moraine samples and drill. The company also mentions a new partnership model for its US properties, for which negotiations could be concluded in 2023.
The financial position improved through share issues, the December 2022 listing and the conversion of convertible bonds into shares. Interest-bearing debt fell to 1 10.6 MEUR, and equity reached 1 36.3 MEUR at the end of 2022.
Segments
Pampalo mine
The Pampalo mine is the group's main source of production. Management estimates that gold production at Pampalo could rise in 2023 by 1 35–55 % compared with 2022, supported by lower production costs in the second half of the year. Revenues are denominated in USD, but production costs are for now mostly in euro.
Friday project and Karjalan kultalinja exploration
The Friday project has no production expected in 2023, and exploration activity focuses on Karjalan kultalinja. In this area the company intends to reprocess old data, process moraine samples and drill, activities that depend on results and funding.
Market context
Group revenue is directly linked to the gold price and the US dollar exchange rate, because gold receipts are denominated in USD while costs are mostly in euro. The annual report shows that both trends were favourable in 2022, but sensitivity to the gold price and to the currency rate remains high.
The company's funding market is an important factor, because exploration and mine development require constant capital. The group obtained funding through convertible bonds, LDA Capital agreements and a listing, and revenue of 1 13.5 MEUR shows growth over the prior year while the net loss remains significant.
Trends
- Gold price and the dollarmixed
Group revenue is denominated in USD, and the gold price developed favourably in 2022. If these conditions hold, they could support margins, but a fall in the gold price would quickly reduce receipts.
- Energy and production costsheadwind
The war in Ukraine raised production costs, especially the electricity price, which significantly increased costs in 2022. If energy prices stay high, unit costs could limit the effect of higher production.
- Pampalo production growthtailwind
Management estimates that gold production at Pampalo could rise by 1 35–55 % in 2023. If this is achieved, it could improve unit costs and the financial result.
- Equity and convertible bond fundingmixed
The company has been financed largely through share issues, convertible bonds and LDA Capital agreements. This dependence can bring capital quickly, but conversions can dilute existing shareholders.
Competitive position
The annual report does not name any competitors. The company operates in gold mining and exploration, where competition is mainly for exploration properties, financing and qualified staff, and its position depends on the results of the Pampalo and Karjalan kultalinja projects.
The company builds its advantage through production at Pampalo and exploration projects in Finland. The report offers no comparison with other producers, so its competitive position should be judged on operational and financial data in future reports.
- Other gold producers in Finland and the Nordic region
The annual report does not name competitors. Companies in the same region and sector could compete for land, funding and staff.
- Gold exploration companies in Europe
Competition for exploration properties and investment funds is likely, but the source does not identify specific firms.
- Gold producers in North America
The group's US properties place it in indirect competition with local producers and developers.
- Financiers and mining exploration investors
Funding through share issues and convertible bonds depends on the availability of capital, creating indirect competition for funds.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Endomines Finland Oyj · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.