United Bankers Oyj

UNITED.HE

Asset Management · Financial Services

Price

€23.60

+0.80 (+3.51%)

Market Cap

€262.2M

Exchange

NASDAQ Helsinki

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 26, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+4.3% over 4y

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

Diluted shares outstanding: 10.5M (2021) → 11.0M (2025)

Established in 1986 and based in Helsinki, Finland, United Bankers Oyj specializes in offering a comprehensive suite of investment products and financial services. The firm's asset management capabilities cover everything from a diverse range of investment funds, personalized wealth management, and structured investment options, to traditional equity and fixed income funds, direct and structured bond investments, and specialized real estate and private equity funds, all complemented by securities brokerage services. Beyond this, United Bankers Oyj is active in capital markets, providing corporate finance advisory, listing assistance, arranging equity and debt financing (including loan-based solutions), managing initial public offerings (IPOs), facilitating crowdfunding, and operating its own corporate lending platform.

Winston Score History

Score breakdown

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Quality

Gross Margin

79.4%

Premium pricing power — 79.4% gross margin

Operating Margin

28.0%

Excellent — 28.0% operating margin

ROCE

12.8%

Good — 12.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-7.6%

Shrinking sales (-7.6% YoY)

EPS YoY

-27.9%

Earnings shrinking (-27.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

57%

Weak — only 57% of profit becomes cash

FCF Margin

11.1%

Modest free cash flow (11.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

P/E Ratio (TTM)

19.8x

Fair value — P/E 19.8

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

P/E vs Forward

+3.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.8 → 16.3)

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Dividends

Dividend Yield

4.79%

Healthy income — 4.79% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+18.9%

Dividend growing fast (18.9% YoY)

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