Stock

eQ Oyj

0DK7.L
71
Asset Management · Financial Services
Price
8.30 GBp
-0.10 (-1.19%)
Market Cap
£343.7M
Exchange
London Stock Exchange
Winston Score
71
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
30/30
Growth
Weak
1/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Good
3/5

71 of 100 counted points = Winston Score 71.

Share count rising — dilution

+5.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 40.9M (2021) → 43.1M (2025)

§Winston Score History

The full picture

eQ Oyj is a Finnish financial services company that manages money for other people and organizations. It runs investment funds and provides wealth management services, mainly to institutional clients like pension funds, insurance companies, and wealthy individuals in Finland. The company also operates an investment banking advisory business that helps companies with mergers and acquisitions.

eQ makes most of its money by charging fees based on how much money it manages — the more assets under management, the more fee income it earns. It operates primarily in Finland, making it a small, domestically focused player in the Nordic financial market. Its competitive edge comes from its strong local relationships and a high-margin, capital-light business model, as reflected in its roughly 45% operating margin. The main risk is that falling financial markets reduce the value of assets under management, which directly shrinks fee revenue and profits.

Score breakdown

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Quality

Profit per sale
Gross Margin
95.4%
Premium pricing power — 95.4% gross margin
Profit after running costs
Operating Margin
38.3%
Excellent — 38.3% operating margin
Return on the money invested
ROCE
46.5%
Exceptional — 46.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
-2.6%
Shrinking sales (-2.6% YoY)
Profit growth
EPS YoY
-1.9%
Earnings shrinking (-1.9% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
1/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
130%
Turns 130% of profit into real cash
Spare cash per sale
FCF Margin
45.8%
Converts sales into free cash efficiently (45.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.8x
Fair value — P/E 15.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.8 → 12.4)

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Dividends

Dividend
Dividend Yield
6.27%
Healthy income — 6.27% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-56.3%
Dividend cut (-56.3% YoY) — warning sign

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