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1. Company Snapshot

1.a. Company Description

Gofore Oyj provides digitalization consultancy services for private and public sector operators in Finland, and internationally.The company provides digital transformation consulting; services design and digital service development; and maintenance services.It also engages in the management of digital change, service design, and software development and testing, as well as provides cloud services utilization and cloud capacity consulting services.


The company was incorporated in 2001 and is headquartered in Tampere, Finland.

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1.b. Last Insights on GOFORE

Gofore Oyj's recent performance has been negatively impacted by a significant decline in net profit margins, which halved to 4.1% from 9.7% last year. The company's earnings growth has also been sluggish, diverging from its longer-term trend. Despite forecasting robust growth, with expected annual earnings growth of 50.5% and revenue growth of 14.1%, investors are scrutinizing the mixed signals. The challenging environment has raised concerns about the company's ability to maintain its growth narrative.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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European Stocks Trading Below Estimated Intrinsic Values

Nov -05

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Undervalued Small Caps With Insider Buying In Global October 2025

Oct -28

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Gofore (HLSE:GOFORE) Net Profit Margin Halves, Challenging Bullish Growth Narrative

Oct -25

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Exploring 3 High Growth Tech Stocks in Europe

Oct -24

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High Growth Tech Stocks in Europe for September 2025

Sep -25

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3 Global Stocks Estimated To Be Trading At A Discount Of Up To 48.6%

Sep -22

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Global's September 2025 Stocks Estimated Below Intrinsic Value

Sep -19

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3 European Stocks Estimated To Be Trading At Discounts Of Up To 49.9%

Sep -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.10%)

6. Segments

Time and Material Based Projects

Expected Growth: 7%

Gofore Oyj's 7% growth in Time and Material Based Projects is driven by increasing demand for digital transformation, expansion into new markets, and strategic partnerships. Additionally, the company's expertise in cloud-based solutions, data analytics, and cybersecurity has led to a rise in project volumes. Furthermore, the adoption of agile methodologies and efficient project management have enabled Gofore to deliver projects quickly, resulting in higher revenue and growth.

Fixed Price Projects

Expected Growth: 9%

Gofore Oyj's 9% growth in Fixed Price Projects is driven by increasing demand for digital transformation, expansion into new industries, and strategic partnerships. The company's expertise in cloud-based solutions, agile methodologies, and strong project management capabilities also contribute to its growth. Additionally, the company's ability to deliver projects on time and within budget has led to repeat business and positive word-of-mouth, further fueling growth.

Maintenance Services

Expected Growth: 6%

Gofore Oyj's Maintenance Services growth is driven by increasing demand for digitalization in industries, expansion into new markets, and strategic partnerships. Additionally, the company's focus on cloud-based services, cybersecurity, and data analytics has contributed to its growth. Furthermore, the rising need for efficient maintenance and cost reduction in industries has also fueled the segment's growth.

Products

Expected Growth: 10%

Gofore Oyj's 10% growth is driven by increasing demand for digital transformation services, expansion into new markets, and strategic acquisitions. The company's expertise in cloud-based solutions, artificial intelligence, and cybersecurity also contributes to its growth. Additionally, the rising need for companies to adapt to changing technology landscapes and improve operational efficiency further fuels Gofore's growth.

Third Party Commissions

Expected Growth: 5%

Gofore Oyj's 5% growth in Third Party Commissions is driven by increasing demand for digital transformation services, expansion into new markets, and strategic partnerships. Additionally, the company's expertise in cloud-based solutions and cybersecurity has led to higher commission rates. Furthermore, the growing need for companies to outsource IT services has also contributed to this growth.

7. Detailed Products

Digital Transformation Services

Gofore Oyj provides digital transformation services to help businesses adapt to the changing digital landscape. This includes strategy development, process re-engineering, and technology implementation.

Cloud and Infrastructure Services

Gofore Oyj offers cloud and infrastructure services to help businesses optimize their IT infrastructure. This includes cloud migration, infrastructure design, and managed services.

Cybersecurity Services

Gofore Oyj provides cybersecurity services to help businesses protect themselves from cyber threats. This includes risk assessments, penetration testing, and incident response.

Data and Analytics Services

Gofore Oyj offers data and analytics services to help businesses make data-driven decisions. This includes data strategy development, data warehousing, and business intelligence.

Software Development Services

Gofore Oyj provides software development services to help businesses build custom software solutions. This includes application development, maintenance, and modernization.

8. Gofore Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

Gofore Oyj operates in the IT services industry, which is characterized by a moderate threat of substitutes. While there are some substitutes available, such as automation and artificial intelligence, they are not yet mature enough to pose a significant threat to the company's business.

Bargaining Power Of Customers

Gofore Oyj's customers are primarily large corporations and government agencies, which have limited bargaining power due to their dependence on the company's specialized IT services.

Bargaining Power Of Suppliers

Gofore Oyj relies on a network of suppliers for its IT services, but it has a moderate level of bargaining power due to its size and reputation in the industry.

Threat Of New Entrants

The IT services industry is characterized by a high threat of new entrants, as the barriers to entry are relatively low and the industry is attractive to new players.

Intensity Of Rivalry

The IT services industry is highly competitive, with many established players competing for market share. Gofore Oyj faces intense rivalry from both domestic and international competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 14.81%
Debt Cost 3.95%
Equity Weight 85.19%
Equity Cost 7.01%
WACC 6.55%
Leverage 17.38%

11. Quality Control: Gofore Oyj passed 6 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

Stock-Card
Econocom

A-Score: 6.2/10

Value: 10.0

Growth: 5.6

Quality: 2.6

Yield: 9.4

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
SNP

A-Score: 6.2/10

Value: 3.6

Growth: 9.3

Quality: 6.6

Yield: 0.0

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Sygnity

A-Score: 4.9/10

Value: 0.9

Growth: 6.7

Quality: 8.6

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Gofore

A-Score: 4.8/10

Value: 5.4

Growth: 9.0

Quality: 5.9

Yield: 4.4

Momentum: 0.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Exsitec Holding

A-Score: 3.8/10

Value: 2.2

Growth: 8.7

Quality: 5.4

Yield: 1.2

Momentum: 1.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Digital Value

A-Score: 3.6/10

Value: 8.0

Growth: 4.3

Quality: 5.1

Yield: 3.1

Momentum: 0.5

Volatility: 0.7

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

12.74$

Current Price

12.74$

Potential

-0.00%

Expected Cash-Flows