![Tietoevry Interim Report Q2/2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/d8df638c-c2f2-49f1-8a9d-fb817b8c7274.png)
Tietoevry
18.04 EUR -1.2%Tietoevry is active in the IT sector. The company offers a range of software and cloud-based solutions, with the greatest specialist expertise in SaaS solutions. Expertise is found in business processes, application services, infrastructure solutions, and front-end solutions. Customers are found in a number of markets on a global level. The company was created in 2019 via a merger of Tieto and EVRY. The head office is located in Helsinki.
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![Joni Grönqvist Joni Grönqvist](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90,fit=cover/https://core.inderes.fi/sites/default/files/2022-10/joni-gronqvist-1.png)
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Financial calendar
Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Solidium Oy | 10.9 % | 10.9 % |
Ilmarinen Mutual Pension Insurance | 1.8 % | 1.8 % |
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Insider Transactions
Insider | Date | Total value |
---|---|---|
Petter Söderström | 21.09.2023 | 9,747EUR |
Kimmo Alkio | 05.05.2021 | 346,156EUR |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 2,786.4 | 2,823.3 | 2,928.1 | 2,851.4 | 2,893.8 | 2,977.1 | 3,077.1 | 3,196.7 |
growth-% | 60.7 % | 1.3 % | 3.7 % | -2.6 % | 1.5 % | 2.9 % | 3.4 % | 3.9 % |
EBITDA | 322.5 | 552.0 | 428.5 | 408.1 | 441.4 | 446.9 | 473.4 | 487.0 |
EBIT (adj.) | 355.1 | 367.7 | 379.0 | 358.7 | 364.2 | 383.6 | 410.6 | 425.9 |
EBIT | 146.7 | 382.0 | 266.3 | 255.7 | 286.6 | 293.9 | 319.4 | 333.0 |
Profit before taxes | 122.4 | 353.8 | 242.6 | 220.8 | 237.7 | 252.2 | 282.4 | 301.6 |
Net income | 94.5 | 291.6 | 188.4 | 172.2 | 186.3 | 199.2 | 223.1 | 238.3 |
EPS (adj.) | 2.19 | 2.20 | 2.35 | 2.14 | 2.09 | 2.28 | 2.49 | 2.63 |
growth-% | 9.1 % | 0.5 % | 6.9 % | -8.8 % | -2.4 % | 9.1 % | 9.3 % | 5.6 % |
Dividend | 1.32 | 1.40 | 1.45 | 1.47 | 1.50 | 1.55 | 1.60 | 1.65 |
Dividend ratio | 165.4 % | 56.9 % | 91.1 % | 101.1 % | 95.4 % | 92.1 % | 84.9 % | 82.0 % |
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Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 11.6 % | 19.6 % | 14.6 % | 14.3 % | 15.3 % | 15.0 % | 15.4 % | 15.2 % |
EBIT-% (adj.) | 12.7 % | 13.0 % | 12.9 % | 12.6 % | 12.6 % | 12.9 % | 13.3 % | 13.3 % |
EBIT-% | 5.3 % | 13.5 % | 9.1 % | 9.0 % | 9.9 % | 9.9 % | 10.4 % | 10.4 % |
ROE | 5.7 % | 16.9 % | 10.6 % | 10.3 % | 11.7 % | 12.5 % | 13.7 % | 14.3 % |
ROI | 5.4 % | 13.7 % | 9.8 % | 9.4 % | 10.8 % | 11.6 % | 12.8 % | 13.5 % |
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Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 26.86 | 27.48 | 26.52 | 21.54 | 18.04 | 18.04 | 18.04 | 18.04 |
Shares | 118.4 | 118.4 | 118.4 | 118.4 | 118.4 | 118.4 | 118.4 | 118.4 |
Market cap | 3,180.9 | 3,254.3 | 3,140.3 | 2,550.6 | 2,136.2 | 2,136.2 | 2,136.2 | 2,136.2 |
Enterprise value | 4,097.2 | 3,900.1 | 3,850.6 | 3,494.1 | 3,014.9 | 2,930.0 | 2,825.2 | 2,741.7 |
EV/S | 1.5 | 1.4 | 1.3 | 1.2 | 1.0 | 1.0 | 0.9 | 0.9 |
EV/EBITDA | 12.7 | 7.1 | 9.0 | 8.6 | 6.8 | 6.6 | 6.0 | 5.6 |
EV/EBIT (adj.) | 11.5 | 10.6 | 10.2 | 9.7 | 8.3 | 7.6 | 6.9 | 6.4 |
EV/EBIT | 27.9 | 10.2 | 14.5 | 13.7 | 10.5 | 10.0 | 8.8 | 8.2 |
P/E (adj.) | 12.3 | 12.5 | 11.3 | 10.1 | 8.6 | 7.9 | 7.2 | 6.9 |
P/E | 33.7 | 11.2 | 16.7 | 14.8 | 11.5 | 10.7 | 9.6 | 9.0 |
P/B | 2.0 | 1.8 | 1.8 | 1.6 | 1.3 | 1.3 | 1.3 | 1.3 |
P/S | 1.1 | 1.2 | 1.1 | 0.9 | 0.7 | 0.7 | 0.7 | 0.7 |
Dividend yield | 4.9 % | 5.1 % | 5.5 % | 6.8 % | 8.3 % | 8.6 % | 8.9 % | 9.2 % |
Equity ratio | 45.1 % | 50.8 % | 50.7 % | 45.8 % | 47.8 % | 48.6 % | 49.9 % | 51.4 % |
Gearing ratio | 56.3 % | 35.5 % | 41.3 % | 58.5 % | 55.5 % | 49.4 % | 41.9 % | 35.7 % |
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Quarter data
Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24 | Q2/24e | Q3/24e | Q4/24e | 2024e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 695.1 | 659.7 | 752.2 | 2,851.4 | 733.9 | 706.3 | 672.9 | 780.7 | 2,893.8 |
EBITDA | 80.2 | 98.1 | 122.5 | 408.1 | 103.2 | 98.1 | 107.9 | 132.2 | 441.4 |
EBIT | 41.2 | 61.7 | 84.2 | 255.7 | 62.7 | 60.0 | 69.8 | 94.1 | 286.6 |
Profit before taxes | 34.7 | 53.3 | 70.6 | 220.8 | 50.5 | 48.0 | 57.5 | 81.7 | 237.7 |
Net income | 27.4 | 41.4 | 55.0 | 172.2 | 38.4 | 38.0 | 45.4 | 64.5 | 186.3 |
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![Tietoevry Interim Report Q2/2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/d8df638c-c2f2-49f1-8a9d-fb817b8c7274.png)
![IT services sector's 2024 expectations fell slightly in Q1 - revenue expected to remain flat and profitability to rise slightly](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/a1c27db3-febe-46a3-abe4-aa20c188fd13.png)
IT services sector's 2024 expectations fell slightly in Q1 - revenue expected to remain flat and profitability to rise slightly
![IT service sector Q1 summary: Revenue and profitability down from a strong comparison period, but some defensive wins in profitability as well](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/2960b8d0-2d5c-48ed-b5e4-0d1f888752df.png)
IT service sector Q1 summary: Revenue and profitability down from a strong comparison period, but some defensive wins in profitability as well
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Tietoevry Corporation: Managers' transactions - Kimmo Alkio
Tietoevry Corporation: Managers' transactions - Kimmo Alkio
TIETO: Tietoevry appoints Cosimo De Carlo as Managing Director, Tietoevry Create
Tietoevry appoints Cosimo De Carlo as Managing Director, Tietoevry Create
Spin-off setbacks, but the stock has overreacted
TIETO: Obtained noteholder consents in respect of the EUR 300 million notes due 2025 not becoming effective due to the discontinuation of Tietoevry's demerger process
Obtained noteholder consents in respect of the EUR 300 million notes due 2025 not becoming effective due to the discontinuation of Tietoevry's demerger process
![Tietoevry Interim Report Q1 2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/7589e9fb-f199-49f3-8302-ec4401d1d47b.png)
Tietoevry Interim Report Q1 2024
TIETO: Tietoevry's Board of Directors decides on a directed share issue without payment as part of the share-based incentive schemes of the Group's key employees
Tietoevry's Interim Report 1/2024: Q1 performance as anticipated - Tietoevry Banking strategic review concluded
Tietoevry's Interim Report 1/2024: Q1 performance as anticipated - Tietoevry Banking strategic review concluded
Tietoevry's Board of Directors decides on a directed share issue without payment as part of the share-based incentive schemes of the Group's key employees
Inside Information: Strategic review of Tietoevry Banking concluded, Banking continues as a specialized business in the Group - value currently not maximized through a listing or sale
Inside Information: Strategic review of Tietoevry Banking concluded, Banking continues as a specialized business in the Group - value currently not maximized through a listing or sale
![IT service sector: Our expectations for 2024 generally at the lower end of companies' guidance](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/aefb64e2-4341-4ebe-a0d5-db91c5d85d27.png)