olivLaw · European equity research
QPR Software Oyj QPR1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
QPR Software Oyj develops software for analysing, monitoring and modelling organisational operations, with a focus on Digital Twin of an Organization technology and process mining SaaS solutions. The company is reducing its consulting revenue, and its 2024-2027 strategy shifts weight towards subscription software.
At the close of 05 Nov 2026, QPR Software Oyj (QPR1V.HE) stock was 0.50 EUR (−4.94% on the day), with market capitalisation 8.4 m EUR, beta 0.44, 52-week range 0.49–1.00 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)
- 45.4
- neutral
- Bollinger (20, 2)
- 0.48 – 0.56
- in the lower half of the band · %B 0.26 · band width 15.9%
- SMA 50 / 200
- 0.53 / 0.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −8.8% | +0.4% | −9.1 pp | — |
| 3 months | 0.0% | −3.3% | +3.3 pp | — |
| 6 months | −12.3% | +4.0% | −16.2 pp | — |
| Year to date | −40.0% | +8.1% | −48.1 pp | — |
| 1 year | −23.1% | +10.7% | −33.8 pp | −1.2% |
| 3 years | +25.0% | +50.1% | −25.1 pp | +6.8% |
| 5 years | −71.1% | +43.6% | −114.7 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 | 7.6 m | 6.6 m |
| Revenue YoY | unavailable | −12.4% |
| Net income | -924.0 k | -82.0 k |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.06 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -12.2% | -1.2% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 825.0 k EUR
- Financial debt
- 1.0 m EUR
- Net debt
- 175.0 k EUR
- Equity
- 401.0 k EUR
- Total assets
- 5.9 m EUR
- Debt / equity
- 2.49x
- Current ratio
- 0.69x
- ROE
- -21.9%
- ROA
- -1.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 7.6 m | 6.6 m | esef· 15 Apr 2025verified |
| Operating income | -813.0 k | -16.0 k | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 995.0 k | 1.0 m | esef· 15 Apr 2025verified |
| EBITDA | 182.0 k ≈ | 1.0 m ≈ | esef· 15 Apr 2025derived |
| Interest expense | 112.0 k | 103.0 k | esef· 15 Apr 2025verified |
| Pre-tax income | -924.0 k | -103.0 k | esef· 15 Apr 2025verified |
| Income tax | 0 | -21.0 k | esef· 15 Apr 2025verified |
| Net income | -924.0 k | -82.0 k | esef· 15 Apr 2025verified |
| Diluted EPS | -0.06 | -0.01 | esef· 15 Apr 2025verified |
≈ 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 | 884.0 k | 825.0 k | esef· 15 Apr 2025verified |
| Receivables | 1.7 m | 2.4 m | esef· 15 Apr 2025verified |
| Current assets | 2.6 m | 3.2 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 81.0 k | 20.0 k | esef· 15 Apr 2025verified |
| Goodwill | 358.0 k | 358.0 k | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 28.0 k | 38.0 k | esef· 15 Apr 2025verified |
| Total assets | 5.9 m | 5.9 m | esef· 15 Apr 2025verified |
| Accounts payable | 3.7 m | 4.1 m | esef· 15 Apr 2025verified |
| Short-term debt | 500.0 k | 500.0 k | esef· 15 Apr 2025verified |
| Long-term debt | 1.0 m | 500.0 k | esef· 15 Apr 2025verified |
| Current liabilities | 4.3 m | 4.6 m | esef· 15 Apr 2025verified |
| Total liabilities | 5.5 m | 5.5 m | esef· 15 Apr 2025verified |
| Equity | 348.0 k | 401.0 k | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 16.8 m | — | esef· 15 Apr 2025derived |
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
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 0.36 – 0.37 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/EBITDA0.36 – 0.37 (Mid 0.36)6 companies used · median multiple 6.1x · quartiles 6.1x – 6.3xANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- 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
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: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.7% | 8 (vs peers) | 22% |
| Net margin · Quality | -1.2% | 18 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.2x | 38 (vs peers) | 22% |
| Interest coverage · Balance sheet | -0.2x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 8.4x | 38 (vs peers) | 22% |
| 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 sheet19/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality12/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial38/100 · 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
QPR Software Oyj (QPR1V.HE). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 6.6 m EUR in 2024; YoY growth -12.4%; net margin -1.2%; ROE -21.9%; net debt/EBITDA 0.2x.
The estimated value range is 0.36–0.37 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.36 EUR, the price of 0.50 EUR leaves a potential of -27.7% (value / price − 1) and a margin of safety of -38.3% (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 (score weight coverage: 47.9% 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
- ROIC: -1.7%
- Net margin: -1.2%
- Interest coverage: -0.2x
- Current ratio: 0.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), 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 QPR1V.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
QPR Software Oyj develops software for analysing, monitoring and modelling organisational operations, with a focus on Digital Twin of an Organization technology and process mining SaaS solutions. The company is reducing its consulting revenue, and its 2024-2027 strategy shifts weight towards subscription software 1.
SWOT
Strengths
- The company has its own software offering centred on Digital Twin of an Organization technology and a presence in more than 50 countries 1.
- A clear software and SaaS strategy with published growth targets for subscription revenue gives management a defined direction 1.
- The partner network of technology and implementation partners could make market entry more scalable than a purely local structure 1.
Weaknesses
Opportunities
Risks
- Country riskmedium
Revenue could fall if geopolitical or economic changes hit an important country; the company diversifies geographically to reduce exposure 1.
- Customer and receivables riskmedium
Churn in maintenance services and late payments could affect cash flow, and part of the receivables was overdue by more than 60 days at period end 1.
- Employee riskmedium
Staff turnover could affect product and service development if it is not managed through recruitment and training 1.
- Legal and contractual risklow
Ongoing disputes, measured against revenue, could create unexpected costs if standard contract terms do not cover every situation 1.
- Financial continuity riskhigh
The loss for fiscal 2024 and reduced equity could limit financial flexibility if revenue does not return to growth 1.
Investment thesis
What would need to be true (bull case)
- If the SaaS and DTO business grows in line with the stated target, recurring revenue could offset the decline in consulting and support sustainable operating profit 1.
- A presence in more than 50 countries and a partner network provide a base for expansion into new markets, including North America 1.
- Cost-saving measures already improved the operating result in fiscal 2024, which could continue if financial discipline is maintained 1.
What would break the thesis
- Parent company revenue fell by 12.3% in fiscal 2024, and if the consulting decline continues, software growth may not be enough 1.
- The operating result remains negative and equity has shrunk, which could limit investment capacity 1.
- The 20% SaaS growth target could prove hard to reach if process mining adoption stays slow or competition intensifies 1.
What to watch
- Update of financial targets for subsequent years, announced for 20252025
- Development of SaaS revenue against the annual growth targetQ1 2027
- Return of the operating result to a sustainable level2027
- Share of receivables overdue beyond 60 days and churn in maintenance servicesnext 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
QPR Software's mission is to innovate, develop and deliver software solutions for analysing, monitoring and modelling organisational operations, supported by consulting services that help customers derive full value from its software and methodologies 1. Since December 2023 the company positions itself more clearly as a software and SaaS provider, a consultant for its core business areas and a leading player in Digital Twin of an Organization (DTO) technology 1. Delivery relies on a partner network of technology and implementation partners aimed at a scalable go-to-market model 1.
In fiscal 2024 the parent company's revenue fell by 12.3% year on year, mainly due to lower consulting income, partly offset by growth in the software business 1. The operating result improved on cost-saving measures and software growth, but was held back by lower public sector consulting revenue in Finland 1. Parent company equity declined because of the loss for the year, and the equity ratio stood at 10% 1.
The company operates in more than 50 countries, serving public and private sectors across multiple industries 1. Its stated medium-term goals are an average annual SaaS growth of 20% over 2024-2027 and sustainable operating profit, with financial targets to be updated in 2025 1.
Segments
Software and SaaS (DTO, process mining)
The core segment focuses on international growth of the DTO offering, with process mining SaaS solutions at its core, plus software for modelling, strategic performance management and measurement 1. The stated target is an average annual SaaS growth of 20% over 2024-2027 1.
Market context
Growth investments are concentrated in Europe and the Middle East, while the company expands into new markets such as North America through its partner network 1. Process mining and Digital Twin of an Organization are the areas where QPR aims to be a reference player, and scaling through partners is central to that aim 1. The source does not give the total market size.
Market risks include dependence on particular countries and on public sector demand, which can be affected by budgets and geopolitical change 1. The company manages these through market intelligence, geographic and industry diversification and careful monitoring of geopolitical developments 1.
Trends
- Shift to SaaS and process miningtailwind
The strategy emphasises subscription software and process mining solutions, which could support recurring revenue if the growth target is met 1.
- Digital Twin of an Organizationtailwind
The DTO technology, where the company positions itself as a leader, could attract customers who want to model and monitor operations, if adoption widens 1.
- Decline in public sector consultingheadwind
Lower public sector consulting in Finland contributed to the revenue decline in fiscal 2024, and if these budgets stay constrained, revenue pressure could continue 1.
- Cost savings and profitabilitymixed
Cost-saving measures helped improve the operating result, but profitability still depends on how far software revenue grows 1.
Competitive position
The supplied source does not describe the company's direct competitors. The market for organisational analysis and modelling software generally includes vendors of process mining and performance management tools, but without source information they cannot be named or assessed here.
Based on the available information, the company's position rests on its DTO specialisation and its network of technology and implementation partners 1. Competitive pressure could increase if larger software vendors extend their process mining offerings, though the source does not mention this.
- Process mining vendors
Not identified in the source provided; the company refers only to technology and implementation partners.
- Strategic performance management software providers
Competition in this area is not detailed in the source.
- Public sector consulting firms
The company's public sector consulting business in Finland is mentioned, but competitors are not named.
- Regional implementation partners
The source mentions partner networks for entering new markets without identifying them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202315 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / QPR Software Oyj · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.