Answering here to rest of the questions on CMD chat that did not get covered (in Eglish as there was lot of non-Finnish speaking audience as well)
Indepinvestor
Q: Is ”great instead of big” goal still valid?
A: Yes the three eternal targets are still in place.
Alessandro
Q: Is there not an intrinsic conflict of interest between IR services and research coverage. Or put it differently how can you claim research is independent.
A: Yes there is intrinsic conflict of interest also in our research model, both direct in research as it gets paid by the covered company and indirect from other IR products. We must earn the indepence every day from the investors, investors are the ones who can claim wether we are independent or not. Losing customers occasionally due to indepence is part of this business. In general our clients perfectly understand and also respect the independence of an equity analyst and also demand this from us. I also recall a few cases when customer might have terminated research contract but purchased other products - companies still want to do good IR.
ebit?
Q: When the companies in Sweden were acquired their profitability was over 20 %. How much is it now?
A: We look at Events as one business, last year ebita-% was 9% for the whole Events.
This business can easily do over 20% when two conditions are met: 1) we are in pandemic times with a hot booming market and 2) we do only high volume of simple online productions.
In our strategy we are looking to scale the acquired business from a small webcasting/audiocasting operation into an IR focused events agency, just like we’ve done in Finland. This means significantly higher average prices, better position in value chain, differentiating positioning against global competitors, but lower margins as bigger tailored productions come with more service cost and less scalable elements. This is why we said mature stage ebita-% to be at 10-15% level, which is a good level for any events agency. We believe also the chosen strategy creates more value growth and has better moat than staying only in the low-price & high volume product category (we are also seeking growth from this category, but the growth opportunity is in expansion in the value chain).
Denmark Hockey Team
Q: How HCA is planning to get back on growth track? What products will lead the way?
A: HCA grew over 20% last year on a declining market. Growth is driven by diversification of the offering, such as Inderes products and their entrance to First North certified advisory.
realismi
Q: why are you talking about expanding global while you have not even succeeded in Sweden and Denmark?
A: I think aiming to be the best in the world in what you do is a good goal for any company. We enjoy setting the bar high, getting ourselves in trouble and taking on challenges most don’t believe we could ever achieve. It is often a question of what time perspective you take.
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