# Lumo Kodit Oyj (LUMO.HE)

Canonical: https://gigainvestors.com/s/LUMO.HE

Analysis as of: 2026-10-16T07:40:48.970Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 6.84 per share; close as of 2026-10-15.

Estimated value: low EUR 0.30 per share, central EUR 0.34 per share, high EUR 0.38 per share. Buy at or below the central value EUR 0.34 per share. Valuation as of 2026-10-16T07:40:48.970Z; scenarios are not confidence intervals.

Expected annual return: 3.3% at the stated quote. About 3.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.91×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.95×

- FY2017: 0.91×

- FY2018: 0.90×

- FY2019: 2.88×

- FY2020: 1.16×

- FY2021: 3.40×

- FY2022: 0.58×

- FY2023: -0.09×

- FY2024: 0.29×

- FY2025: 0.59×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.8%

- ROIC, second-lowest year: 1.5%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 67.0%

- Recent gross margin (lower of latest and 3-year median): 67.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.1%

- FY2017: 5.9%

- FY2018: 5.7%

- FY2019: 15.8%

- FY2020: 5.9%

- FY2021: 14.7%

- FY2022: 2.6%

- FY2023: -0.5%

- FY2024: 1.5%

- FY2025: 3.1%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 518M

- Net income, five-year total: EUR 577M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 2.7 pp

- Working capital / revenue, change between three-year averages: 13.0 pp

- Working capital / revenue, final three-year average: 0.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.04×

- FY2023: 1.17×

- FY2024: 0.28×

- FY2025: 0.30×

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.9% vs 1.5%

- Per-share earnings: 0.93 to 0.09 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR 487M

- Cumulative retained earnings: EUR 1.2B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -25.8%

- Per-share value change: EUR -0.84

- Per-share value, starting three-year median: EUR 0.93

- Per-share value, ending three-year median: EUR 0.09

- Average buyback yield: 2.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 600K

- Cumulative net income, 10 years: EUR 2.4B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: 1.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.01

- FY2017: EUR 0.93

- FY2018: EUR 0.90

- FY2019: EUR 3.34

- FY2020: EUR 1.27

- FY2021: EUR 4.14

- FY2022: EUR -1.62

- FY2023: EUR -0.36

- FY2024: EUR 0.09

- FY2025: EUR 0.09

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 0.71×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.8%

- FY2017: 2.1%

- FY2018: 2.0%

- FY2019: 10.4%

- FY2020: 2.3%

- FY2021: 10.0%

- FY2022: -6.6%

- FY2023: -3.0%

- FY2024: -1.6%

- FY2025: -1.6%

## Holders

## Price story

Down 69% since Mar 2022 · sales +1.5%

Story as of 2026-10-16T10:00:11.655Z; price observation 2026-10-15.

Price needs cash profits to grow 43.5% a year for ten years

### Sales · FY2024–2025

sales +1.5%; source https://filings.xbrl.org/7437007YPUOQZ8OV1R42/2025-12-31/ESEF/FI/1/7437007YPUOQZ8OV1R42-2025-12-31-1-fi/reports/7437007YPUOQZ8OV1R42-2025-12-31-1-fi.html; observed 2026-02-17.

- FY2016: EUR 352M 

- FY2017: EUR 337M 

- FY2018: EUR 359M 

- FY2019: EUR 375M 

- FY2020: EUR 384M 

- FY2021: EUR 392M 

- FY2022: EUR 413M 

- FY2023: EUR 442M 

- FY2024: EUR 452M 

- FY2025: EUR 459M 

### Gross margin · FY2025

gross margin 67.4%; source https://filings.xbrl.org/7437007YPUOQZ8OV1R42/2025-12-31/ESEF/FI/1/7437007YPUOQZ8OV1R42-2025-12-31-1-fi/reports/7437007YPUOQZ8OV1R42-2025-12-31-1-fi.html; observed 2026-02-17.

- FY2016: 63.2% 

- FY2017: 64.1% 

- FY2018: 65.2% 

- FY2019: 65.9% 

- FY2020: 67.1% 

- FY2021: 67.0% 

- FY2022: 67.7% 

- FY2023: 67.2% 

- FY2024: 66.9% 

- FY2025: 67.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are EUR 459.1 million.

- Source: https://filings.xbrl.org/7437007YPUOQZ8OV1R42/2025-12-31/ESEF/FI/1/7437007YPUOQZ8OV1R42-2025-12-31-1-fi/reports/7437007YPUOQZ8OV1R42-2025-12-31-1-fi.html (filed 2026-02-17); FY2025: revenue 459100000; grossProfit 309400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LUMO.HE: Lumo Kodit Oyj operates as a private housing investment company in Finland. The company rents apartments and offers housing services under the Lumo brand name. It also offers broadband internet connection services, as well as car sharing services. The company was formerly known as Kojamo Oyj and changed its name to Lumo Kodit Oyj in March 2026. Lumo Kodit Oyj was founded in 1969 and is headquartered in Helsinki, Finland.

### Why customers stay

Margins ranged from 66.9% to 67.4% during 2023–25; it earns 5.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 67.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 66.9%.

- Source: https://filings.xbrl.org/7437007YPUOQZ8OV1R42/2025-12-31/ESEF/FI/1/7437007YPUOQZ8OV1R42-2025-12-31-1-fi/reports/7437007YPUOQZ8OV1R42-2025-12-31-1-fi.html (filed 2026-02-17); FY2025: grossProfit / revenue = 67.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.07113495358775077],[2017,0.05901687370315923],[2018,0.05735368915218936],[2019,0.15752954294246949],[2020,0.05913425095078114],[2021,0.1467618258815482],[2022,0.0258948955121617],[2023,-0.004504578246392897],[2024,0.014773752608260032],[2025,0.030666536537031584]]; median 0.05818528142767429. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 68% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/7437007YPUOQZ8OV1R42/2025-12-31/ESEF/FI/1/7437007YPUOQZ8OV1R42-2025-12-31-1-fi/reports/7437007YPUOQZ8OV1R42-2025-12-31-1-fi.html (filed 2026-02-17); Gross margin observations: [[2021,0.6699004340056165],[2022,0.6774739898378902],[2023,0.6720940750791498]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back EUR 60.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 100000; owner earnings 233400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 800000; owner earnings 213200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 200000; owner earnings 222400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 200000; owner earnings 826100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 400000; owner earnings 313800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 700000; owner earnings 1023900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 100000; owner earnings 5920000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/7437007YPUOQZ8OV1R42/2025-12-31/ESEF/FI/1/7437007YPUOQZ8OV1R42-2025-12-31-1-fi/reports/7437007YPUOQZ8OV1R42-2025-12-31-1-fi.html (filed 2026-02-17); FY2025: growth capex 0; upkeep 200000; owner earnings 6160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,103600000],[2017,50300000],[2018,50300000],[2019,71700000],[2020,84000000],[2021,91400000],[2022,93900000],[2023,96400000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/7437007YPUOQZ8OV1R42/2025-12-31/ESEF/FI/1/7437007YPUOQZ8OV1R42-2025-12-31-1-fi/reports/7437007YPUOQZ8OV1R42-2025-12-31-1-fi.html (filed 2026-02-17); FY2025: cash repurchases 60900000 EUR.

### Are managers owners

Insiders own 33.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LUMO.HE SharesStats.PercentInsiders = 33.395 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 43.5% yearly over ten years; actual decline was 29.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.6338083191036825. Price 6.84; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7846556233653008 → FY2025 0.02530813475760066. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2018-06: EUR 9.15 per share

- 2018-07: EUR 9.05 per share

- 2018-08: EUR 9.40 per share

- 2018-09: EUR 9.42 per share

- 2018-10: EUR 9.10 per share

- 2018-11: EUR 9.23 per share

- 2018-12: EUR 8.11 per share

- 2019-01: EUR 9.00 per share

- 2019-02: EUR 9.47 per share

- 2019-03: EUR 10.73 per share

- 2019-04: EUR 10.58 per share

- 2019-05: EUR 12.06 per share

- 2019-06: EUR 13.12 per share

- 2019-07: EUR 12.72 per share

- 2019-08: EUR 13.74 per share

- 2019-09: EUR 15.02 per share

- 2019-10: EUR 15.10 per share

- 2019-11: EUR 14.98 per share

- 2019-12: EUR 16.20 per share

- 2020-01: EUR 16.58 per share

- 2020-02: EUR 16.96 per share

- 2020-03: EUR 17.28 per share

- 2020-04: EUR 16.40 per share

- 2020-05: EUR 18.32 per share

- 2020-06: EUR 18.80 per share

- 2020-07: EUR 21.10 per share

- 2020-08: EUR 20.30 per share

- 2020-09: EUR 18.34 per share

- 2020-10: EUR 17.70 per share

- 2020-11: EUR 17.50 per share

- 2020-12: EUR 18.10 per share

- 2021-01: EUR 17.58 per share

- 2021-02: EUR 15.88 per share

- 2021-03: EUR 16.68 per share

- 2021-04: EUR 18.03 per share

- 2021-05: EUR 18.73 per share

- 2021-06: EUR 19.27 per share

- 2021-07: EUR 20.76 per share

- 2021-08: EUR 20.60 per share

- 2021-09: EUR 17.91 per share

- 2021-10: EUR 19.33 per share

- 2021-11: EUR 20.28 per share

- 2021-12: EUR 21.24 per share

- 2022-01: EUR 20.32 per share

- 2022-02: EUR 20.76 per share

- 2022-03: EUR 21.78 per share

- 2022-04: EUR 18.93 per share

- 2022-05: EUR 18.43 per share

- 2022-06: EUR 16.46 per share

- 2022-07: EUR 17.44 per share

- 2022-08: EUR 16.71 per share

- 2022-09: EUR 13.12 per share

- 2022-10: EUR 13.17 per share

- 2022-11: EUR 14.28 per share

- 2022-12: EUR 13.80 per share

- 2023-01: EUR 14.10 per share

- 2023-02: EUR 12.54 per share

- 2023-03: EUR 10.85 per share

- 2023-04: EUR 11.27 per share

- 2023-05: EUR 9.38 per share

- 2023-06: EUR 8.62 per share

- 2023-07: EUR 8.88 per share

- 2023-08: EUR 9.20 per share

- 2023-09: EUR 8.40 per share

- 2023-10: EUR 8.06 per share

- 2023-11: EUR 10.21 per share

- 2023-12: EUR 11.90 per share

- 2024-01: EUR 11.06 per share

- 2024-02: EUR 10.25 per share

- 2024-03: EUR 10.98 per share

- 2024-04: EUR 10.40 per share

- 2024-05: EUR 10.08 per share

- 2024-06: EUR 9.62 per share

- 2024-07: EUR 9.15 per share

- 2024-08: EUR 9.47 per share

- 2024-09: EUR 10.29 per share

- 2024-10: EUR 9.05 per share

- 2024-11: EUR 9.67 per share

- 2024-12: EUR 9.39 per share

- 2025-01: EUR 10.03 per share

- 2025-02: EUR 9.24 per share

- 2025-03: EUR 8.44 per share

- 2025-04: EUR 10.25 per share

- 2025-05: EUR 10.57 per share

- 2025-06: EUR 11.00 per share

- 2025-07: EUR 11.14 per share

- 2025-08: EUR 10.47 per share

- 2025-09: EUR 10.85 per share

- 2025-10: EUR 10.51 per share

- 2025-11: EUR 10.59 per share

- 2025-12: EUR 10.23 per share

- 2026-01: EUR 9.53 per share

- 2026-02: EUR 9.86 per share

- 2026-03: EUR 7.92 per share

- 2026-04: EUR 8.12 per share

- 2026-05: EUR 7.43 per share

- 2026-06: EUR 7.42 per share

- 2026-07: EUR 7.88 per share

- 2026-08: EUR 8.10 per share

- 2026-09: EUR 7.10 per share

- 2026-10: EUR 6.86 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 8.49 per share, central EUR 9.56 per share, high EUR 10.99 per share

- FY2018: low EUR 11.11 per share, central EUR 12.47 per share, high EUR 14.28 per share

- FY2019: low EUR 11.56 per share, central EUR 13.01 per share, high EUR 14.94 per share

- FY2020: low EUR 12.57 per share, central EUR 14.13 per share, high EUR 16.20 per share

- FY2021: low EUR 15.45 per share, central EUR 17.40 per share, high EUR 20.00 per share

- FY2022: low EUR 15.81 per share, central EUR 17.87 per share, high EUR 20.62 per share

- FY2023: low EUR 16.03 per share, central EUR 18.23 per share, high EUR 21.17 per share

- FY2024: low EUR 1.68 per share, central EUR 1.71 per share, high EUR 1.76 per share

- FY2025: low EUR 1.21 per share, central EUR 1.25 per share, high EUR 1.30 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:29.610Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/7437007YPUOQZ8OV1R42/2025-12-31/ESEF/FI/1/7437007YPUOQZ8OV1R42-2025-12-31-1-fi/reports/7437007YPUOQZ8OV1R42-2025-12-31-1-fi.html); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations