olivLaw · European equity research
Panostaja Oyj PNA1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Panostaja Oyj is an investment company and active owner that develops fast-growing small and medium-sized service and software businesses, mainly in Finland. In fiscal 2025 it reported revenue of 146.4 million EUR with an operating profit close to zero, and the difficult deal market now shapes the pace of new investments.
At the close of 05 Nov 2026, Panostaja Oyj (PNA1V.HE) stock was 0.29 EUR (+2.11% on the day), with market capitalisation 15.3 k EUR, dividend yield 68,393.72%, beta 0.19, 52-week range 0.25–0.42 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)
- 66.4
- strong (55–70)
- Bollinger (20, 2)
- 0.24 – 0.29
- above the upper band · %B 1.03 · band width 18.5%
- SMA 50 / 200
- 0.27 / 0.31
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.00
- 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 | +9.4% | −0.6% | +10.1 pp | — |
| 3 months | +2.5% | −4.2% | +6.6 pp | — |
| 6 months | −12.7% | +4.3% | −17.0 pp | — |
| Year to date | −15.5% | +7.5% | −23.0 pp | — |
| 1 year | −27.3% | +9.9% | −37.2 pp | −1.2% |
| 3 years | −44.0% | +49.8% | −93.9 pp | +6.8% |
| 5 years | −58.0% | +42.8% | −100.8 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.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 136.2 m | 126.3 m |
| Revenue YoY | unavailable | −7.2% |
| Net income | -2.9 m | -4.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -55.00 | -75.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -2.1% | -3.1% |
| Free cash flow | 7.7 m | 8.5 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Oct 2024
- Cash
- 9.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 49.6 m EUR
- Total assets
- 131.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.92x
- ROE
- -7.7%
- ROA
- -2.9%
- FCF margin
- 6.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 136.2 m | 126.3 m | esef· 24 Mar 2026verified |
| Operating income | -1.1 m | 1.8 m | esef· 24 Mar 2026verified |
| Depreciation & amortisation | 12.7 m | 11.7 m | esef· 24 Mar 2026verified |
| EBITDA | 11.6 m ≈ | 13.4 m ≈ | esef· 24 Mar 2026derived |
| Interest expense | 2.5 m | 5.8 m | esef· 24 Mar 2026verified |
| Pre-tax income | -4.3 m | -3.8 m | esef· 24 Mar 2026verified |
| Income tax | -633.0 k | 149.0 k | esef· 21 Jan 2025verified |
| Net income | -2.9 m | -4.0 m | esef· 21 Jan 2025verified |
| Diluted EPS | -55.00 | -75.00 | esef· 21 Jan 2025verified |
| Dividend per share | 33.06 | 198.34 | esef· 24 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 10.4 m | 9.1 m | esef· 21 Jan 2025verified |
| Receivables | 21.8 m | 21.7 m | esef· 21 Jan 2025verified |
| Inventories | 5.3 m | 5.3 m | esef· 21 Jan 2025verified |
| Current assets | 37.5 m | 36.1 m | esef· 21 Jan 2025verified |
| Property, plant & equipment, net | 33.4 m | 27.4 m | esef· 21 Jan 2025verified |
| Goodwill | 47.3 m | 47.6 m | esef· 21 Jan 2025verified |
| Intangibles (excl. goodwill) | 7.6 m | 8.3 m | esef· 21 Jan 2025verified |
| Total assets | 141.4 m | 131.9 m | esef· 21 Jan 2025verified |
| Accounts payable | 25.2 m | 25.9 m | esef· 21 Jan 2025verified |
| Current liabilities | 39.9 m | 39.4 m | esef· 21 Jan 2025verified |
| Total liabilities | 88.7 m | 82.3 m | esef· 24 Mar 2026verified |
| Equity | 52.6 m | 49.6 m | esef· 21 Jan 2025verified |
| Shares outstanding at year end | 52.3 k | 52.7 k | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 12.0 m | 12.3 m | esef· 21 Jan 2025verified |
| Capex | 4.3 m | 3.8 m | esef· 21 Jan 2025verified |
| Free cash flow | 7.7 m ≈ | 8.5 m ≈ | esef· 21 Jan 2025derived |
| Investing cash flow | -4.1 m | -3.2 m | esef· 21 Jan 2025verified |
| Financing cash flow | -11.8 m | -10.5 m | esef· 21 Jan 2025verified |
| Dividends paid | 1.7 m | 10.5 m | esef· 24 Mar 2026verified |
| Share repurchases | 365.0 k | 67.0 k | esef· 21 Jan 2025verified |
≈ 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: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 15.3 k EUR
Key indicators
Coverage and freshness
Score by group
4% · 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: 2,697.45 – 3,678.34 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 · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)2,697.45 – 3,678.34 (Mid 3,112.44)
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: 1 of at least 6; score weight coverage: 4.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 4 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet· partial4/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Panostaja Oyj (PNA1V.HE). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 126.3 m EUR in 2024; YoY growth -7.2%.
The estimated value range is 2,697.45–3,678.34 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3,112.44 EUR, the price of 0.29 EUR leaves a potential of 1,073,155.4% (value / price − 1) and a margin of safety of 100.0% (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: 1 of at least 6; score weight coverage: 4.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), 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 PNA1V.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
Panostaja Oyj is an investment company and active owner that develops fast-growing small and medium-sized service and software businesses, mainly in Finland. In fiscal 2025 it reported revenue of 146.4 million EUR with an operating profit close to zero, and the difficult deal market now shapes the pace of new investments.
SWOT
Strengths
- A diversified portfolio of five majority-owned companies in software, technology and healthcare, which reduces dependence on a single sector 1.
- An active acquisition and value-development strategy focused on growing portfolio companies 1.
- A relatively balanced capital structure, with an equity ratio that has risen compared with earlier years 1.
Weaknesses
Opportunities
- A recovery in the deal market could bring attractive new companies if the economic environment improves 1.
- Demand for digitalisation and SaaS solutions can support growth in the software companies 1.
- Exit opportunities through selling holdings could arise if the market recovers and valuations become favourable 1.
Risks
- Debt and cost of financinghigh
Interest-bearing debt and high gearing could limit the ability to finance new acquisitions, especially if the cost of credit stays high 1.
- Losses and weak profitabilityhigh
Near-zero operating profit and repeated net losses could put pressure on equity if the trend persists 1.
- Macroeconomic and geopolitical uncertaintymedium
Regional conflicts and sanctions may affect demand in the sectors of portfolio companies and the availability of materials 1.
- Quality of sustainability reporting datalow
The report mentions uncertainties in collecting environmental data, and management has said the risk assessment will be refined in 2026 1.
- Dependence on exits from investmentsmedium
Realising value from the portfolio depends on deal market conditions, and delays in exits could postpone cash returns to shareholders 1.
Investment thesis
What would need to be true (bull case)
- If the deal market recovers, the portfolio of five majority-owned companies could offer growth and profitable exit opportunities 1.
- The software companies in the portfolio operate in a segment with structural demand for digital and SaaS solutions, which can support revenue growth over the medium term 1.
- The capital structure has improved slightly in recent years, which could create room for investment if operating results rise 1.
What would break the thesis
- Operating profit remains close to zero, and repeated losses could continue if the market does not recover 1.
- High indebtedness limits financial room for manoeuvre, especially if financing costs rise or exits from investments are delayed 1.
- Geopolitical and economic uncertainty could weigh on demand for portfolio companies and compress investment returns 1.
What to watch
- Development of revenue and operating profit in the quarterly reportQ1 2026
- Level of interest-bearing debt and gearing2026
- Volume of acquisition deals and any exits from investments2026
- Full-year results of Oscar Software, Lenio, CoreHW and Granonext annual report
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
Panostaja is an investment company and active owner that develops small and medium-sized growth-oriented service and software businesses, headquartered in Finland. The group includes five majority-owned companies: Grano, Oscar Software, CoreHW, Lenio and Hygga, while Gugguu is a minority holding. According to the annual report, the activity rests on supporting portfolio companies to grow their own value 1.
Segments
Software and financial services
Oscar Software provides enterprise resource planning systems and accounting services, while Lenio develops a SaaS solution for managing mobile work. These companies cover the software part of the portfolio, with a potentially recurring sales cycle 1.
Technology and healthcare
CoreHW offers RF IC design and consulting services and indoor positioning products, while Hygga provides healthcare services and an operational management system for the healthcare sector 1.
Minority holdings
Gugguu is a minority holding included in the reporting perimeter. Grano completes the portfolio as a majority-owned subsidiary, and the contribution of each company to group results is not broken down in the analysed source 1.
Market context
Management describes the deal market as subdued by prolonged economic uncertainty and weak outlook, which has reduced the number of transactions and the supply of new companies. Competition for good companies remains intense, but demand for succession and growth in the target sectors persists 1.
Demand for Oscar Software, Lenio, CoreHW and Grano is described as satisfactory in the short term. However, geopolitical conflicts and sanctions could affect demand, material availability and the willingness of consumers and companies to invest 1.
Trends
- Acquisition deal marketmixed
Activity in the mergers and acquisitions market has been weak because of economic uncertainty. If economic prospects improve, management expects deal activity to recover, which would support exits from investments 1.
- Demand for succession and growthtailwind
Owners' need to transfer their companies and to finance growth in the target sectors remains, which creates acquisition opportunities once conditions improve 1.
- Geopolitical and macroeconomic uncertaintyheadwind
The Middle East conflict and the war in Ukraine, together with sanctions, raise economic uncertainty in Finland and globally, with possible effects on demand and material costs 1.
- SaaS model and digitalisationmixed
Digitalisation and the shift toward cloud software favour portfolio companies that deliver software as a service, although returns depend on winning customers when client budgets are tight 1.
Competitive position
Panostaja competes for attractive companies with other private equity investors and industrial funds, and the analysed source indicates that an active approach to finding opportunities and developing added value helps it stand out 1.
In software, portfolio companies compete with providers of ERP systems and SaaS solutions for mobile work management, and in RF engineering with specialist design firms. Direct competitors are not named explicitly in the analysed report 1.
- Northern European private equity investors
Compete for the same small and medium-sized service and software companies in Finland and the wider region, based on the deal context in the source 1.
- ERP system providers for small and medium-sized businesses
Compete with Oscar Software in management systems and accounting services 1.
- SaaS providers for mobile workforce management
Compete with Lenio in the market for mobile work management solutions 1.
- RF design and technical consulting firms
Compete with CoreHW in RF circuit design services and positioning solutions 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202421 Jan 2025
- Annual report 202424 Mar 2026
- Annual report 202321 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Panostaja 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.