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1. Company Snapshot

1.a. Company Description

eQ Oyj is a publicly owned investment manager.The firm through its subsidiaries provides asset management, corporate finance and investments.The firm specializing in fund of funds investments and secondary transactions.


It seeks to make primary investments to funds being raised and to acquire commitments in the secondary market.The firm invests in venture capital and middle market funds, buyout funds, and private equity funds in the technology sector.It seeks to invest in funds based in Baltic States, Northern Europe, North America, South America, Southern Europe, CEE/SEE, Africa, United States, Western Europe, EU, Finland, Benelux, Asia, Germany, Switzerland, United Kingdom, France, Russia/CIS, Nordic Region, the former Soviet republics, and Eastern Europe.


In its own funds, it invests predominantly in Northern European and North-American funds that are in the size bracket of €50 and €500 million.In its client mandates, it invests in European buyout funds of any size.Typically the funds we invest in acquire majority positions in target companies.


The firm was formerly known as Amanda Capital Oyj.eQ Oyj was founded in 2000 and is based in Helsinki, Finland.

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1.b. Last Insights on EQV1V

The recent weak performance of eQ Oyj can be attributed to a decline in operating profit, which fell 13% to EUR 34.5 million in 2024, despite a 4.2% increase in net fee and commission income to EUR 63.8 million. The decrease in operating profit may be a concern for investors, as it suggests that the company's cost structure may be increasing. Additionally, the company's net revenue declined by 7.2% to EUR 65.6 million, which may indicate a slowing down of business activities.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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eQ updates Financial Reporting for Real Estate Funds

Nov -25

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Taina Kyllönen appointed as eQ’s Chief People and Communications Officer and member of the Management Team

Nov -19

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eQ Oyj (HLSE:EQV1V) Net Margin Drop Challenges Narrative of Market Resilience

Oct -23

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eQ Plc interim report 1 January - 30 September 2025

Oct -21

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Publication of eQ Plc’s Q3 2025 interim report and invitation to result presentation

Oct -13

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eQ Plc's Board of Directors has decided the record date and payment date of the second instalment of the dividend for 2024

Sep -08

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Janne Larma resumes his position as Chair of the Board of eQ Plc

Sep -08

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eQ Plc Managers' Transactions – Jouko Pölönen

Sep -01

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.41%)

6. Segments

Asset Management

Expected Growth: 6.5%

eQ Oyj's 6.5% asset management growth is driven by increasing demand for sustainable investments, expansion into Nordic markets, and strategic partnerships. Additionally, the company's digitalization efforts, cost-efficient operations, and strong investment performance have contributed to its growth. Furthermore, eQ Oyj's diversified product offerings and ability to adapt to changing market conditions have also supported its growth momentum.

Corporate Finance

Expected Growth: 5.5%

eQ Oyj's 5.5% growth in Corporate Finance is driven by increasing demand for digital investment services, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on sustainable and responsible investments, as well as its strong brand reputation, contribute to its growth momentum.

Other

Expected Growth: 4.0%

eQ Oyj's 4.0% growth is driven by increasing demand for digital services, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on innovation, cost savings, and operational efficiency have contributed to its growth. Furthermore, the growing need for IT services and solutions in the Nordic region has also supported eQ Oyj's growth momentum.

Investments

Expected Growth: 8.0%

eQ Oyj's 8.0% growth is driven by increasing demand for sustainable investment solutions, expansion into Nordic markets, and strategic partnerships. Additionally, the company's focus on ESG (Environmental, Social, and Governance) factors, digitalization, and cost-efficient operations contribute to its growth momentum.

Eliminations

Expected Growth: 3.0%

eQ Oyj's 3.0% growth is driven by increasing demand for digital services, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on innovation, cost savings initiatives, and operational efficiency improvements have contributed to its growth. Furthermore, the growing need for cybersecurity and cloud services has also boosted eQ Oyj's revenue.

7. Detailed Products

eQ Asset Management

eQ Asset Management offers a range of investment funds and discretionary portfolio management services to institutional and private investors.

eQ Private Banking

eQ Private Banking provides personalized wealth management services, including investment advice, portfolio management, and estate planning.

eQ Markets

eQ Markets offers a range of trading and execution services, including equity, fixed income, and currency trading.

eQ Corporate Finance

eQ Corporate Finance provides advisory services for mergers and acquisitions, equity and debt capital markets, and restructuring.

eQ Investor Services

eQ Investor Services offers a range of services, including custody, fund administration, and transfer agency services.

8. eQ Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

eQ Oyj operates in a highly competitive industry, and there are several substitutes available to customers. However, the company's strong brand reputation and customer loyalty help to mitigate the threat of substitutes.

Bargaining Power Of Customers

eQ Oyj's customers have a high bargaining power due to the availability of substitutes and the company's dependence on a few large customers. This gives customers the power to negotiate prices and terms.

Bargaining Power Of Suppliers

eQ Oyj has a diverse supplier base, and the company is not heavily dependent on any single supplier. This reduces the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles. However, the industry is attractive, and new entrants may still be drawn to it.

Intensity Of Rivalry

The industry in which eQ Oyj operates is highly competitive, with many players competing for market share. This leads to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.57%
Debt Cost 4.68%
Equity Weight 92.43%
Equity Cost 7.10%
WACC 6.92%
Leverage 8.19%

11. Quality Control: eQ Oyj passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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ABC arbitrage

A-Score: 7.6/10

Value: 6.1

Growth: 3.4

Quality: 8.9

Yield: 8.8

Momentum: 9.0

Volatility: 9.3

1-Year Total Return ->

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City of London Investment

A-Score: 6.6/10

Value: 6.4

Growth: 3.7

Quality: 9.1

Yield: 10.0

Momentum: 5.5

Volatility: 4.7

1-Year Total Return ->

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eQ

A-Score: 5.3/10

Value: 2.1

Growth: 3.6

Quality: 9.4

Yield: 8.1

Momentum: 2.5

Volatility: 6.0

1-Year Total Return ->

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Altamir

A-Score: 4.9/10

Value: 3.8

Growth: 2.7

Quality: 5.8

Yield: 6.2

Momentum: 4.0

Volatility: 7.0

1-Year Total Return ->

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Tamburi Investment Partners

A-Score: 4.2/10

Value: 4.2

Growth: 2.8

Quality: 4.1

Yield: 2.5

Momentum: 3.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Mattioli Woods

A-Score: 4.1/10

Value: 3.0

Growth: 3.8

Quality: 7.0

Yield: 3.8

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.95$

Current Price

10.95$

Potential

-0.00%

Expected Cash-Flows