4 Strong Value Stocks on the Helsinki Stock Exchange
A value investor's goal is to find companies in the market whose stock price is favorable compared to their fundamentals, but whose business operations are sustainable and growing. In the current market situation, where the first quarter results of 2026 have been analyzed and investors are already waiting for the summer half-year reports, it is the right time to look at potential value propositions on the Helsinki Stock Exchange. A good value stock offers a reasonable price-to-earnings (P/E) ratio and a stable business, helping to avoid seemingly cheap companies with underlying problems, i.e., value traps.
Evli's stock is currently trading at an attractive level, offering a reasonable price-to-earnings (P/E) ratio of 13.0. The company's operating profit showed a strong 41.2% growth in the first quarter, which makes the stock's price level perfectly logical relative to the earnings generated and interesting for a value investor.
The growth is mainly driven by a significant increase in fund performance fees, which, however, is inherently a volatile source of income. Although the hiring of a new head of international business and insider purchases give hope for more stable customer base growth, investors must monitor the growth of expenses, which exceeded revenue growth in the last quarter. The success of the investment depends on whether Evli can make its profit growth less dependent on volatile performance fees.
Relais Group's stock price is reasonably priced against the backdrop of its fundamentals, trading at a P/E ratio of 16.7. After a previous decline, the company's operating profit has returned to a strong 20.2% growth, indicating that the stock price is in line with improving financial results.
The improvement in business results is driven by robust sales revenue growth, stemming from both previous acquisitions and organic development. At the same time, operating expenses have grown faster than revenues for three consecutive quarters, which is a risk factor. The company's new strategy targets double-digit profit growth and better return on capital, meaning the key question for investors is management's ability to make past acquisitions genuinely more profitable.
Marimekko offers investors a high-quality brand at a reasonable price, being valued at a P/E level of 15.5. The company's profitability has recovered, and operating profit showed an 18.6% growth in the first quarter, making the current price level attractive in light of the income generated.
The main engine of profit growth has been the decline in raw material and material costs, which has helped improve margins. Although the first-quarter results exceeded expectations, sales in the home market, i.e., Finland, have stagnated, and the company has not significantly raised its annual profit forecasts. The success of the investment depends on whether Marimekko can find new growth engines in international markets to compensate for the cooling of the domestic market.
Finnair's stock stands out with a very low P/E ratio of 10.1, suggesting a potentially favorable price level. The company's operating profit has shown an impressive 106.7% growth, turning last year's loss into a profit and making the stock's value metrics look very appealing on paper.
The strong result is backed by an increase in passenger numbers and strong demand for Asian flights; new revenue sources such as in-flight Wi-Fi are also being explored. However, investors must be cautious, as the pace of profit growth has started to slow down, which could indicate a potential value trap risk. For Finnair, long-term success depends on whether the airline can maintain its cost efficiency and find new revenue streams in a changing competitive landscape.
Conclusion
In conclusion, these four companies on the Helsinki Stock Exchange offer a good example of how to find quality at a reasonable price in the market. Evli, Relais Group, Marimekko, and Finnair are all trading at levels that are in logical alignment with their earning capacity. At the same time, the specific situation of each company – be it volatile performance fees, growing fixed costs, or a cooling domestic market – serves as a reminder that one must always understand the real business behind the numbers. Successful value investing requires not only a favorable price but also the conviction that the company's business model is viable in the long term.
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