Article by Yippee-Ki-Yay

Framery: Invest in the soundproof booth set to make waves on the stock market

Buy signal | Free publication | 26 Oct 2026

🚀 Analyst’s view: Should you invest in Framery Group (€6.63)? A closer look at the market leader in desk capsules!

If you’ve ever tried to make a private call in a noisy open-plan office, you’re bound to be familiar with Framery Group. A true pioneer and global leader in smart, soundproof acoustic booths and pods for offices, the Finnish group is transforming the world of hybrid working.

Its business model? Selling high-end soundproof booths (hardware) linked to SaaS space management software, whilst outsourcing heavy manufacturing to maintain an ultra-agile financial structure (capital-light).

But is the share worth buying at its current price of €6.63? Let’s get the calculator out and analyse the figures! 📊🔍

📊 Detailed Financial Analysis

Here is a comprehensive analysis of Framery’s financial health, based on its recent and forecast financial statements:

1. Turnover (Growth & Momentum): 4/5 ⭐

Analysis: Turnover rose from €152.48 million in 2022 to €222.12 million in 2025, showing a spectacular surge in 2025 (+37 per cent). Following a slight stabilisation in 2026 (forecast at €221 million – €222.13 million), growth picks up again, reaching €243.35 million in 2027 and €265.6 million in 2028.

Rating: 4/5 — Attractive growth, driven by new hybrid working practices.

2. Net profit (Overall profitability): 3.5/5 ⭐

Analysis: Net profit rose from €9.57 million in 2022 to €20.37 million in 2025. The forecasts show a steady increase: €38.5 million in 2026, €40.5 million in 2027 and €46.2 million in 2028. Earnings per share (EPS) are expected to rise from €0.38 in 2025 to €0.59 in 2028.

Rating: 3.5/5 — Solid profitability and EBITDA margins of around 25 per cent, although historical results have fluctuated slightly.

3. Debt (Financial stability): 4/5 ⭐

Analysis: Net debt is falling at a very reassuring rate: from €69.38 million (short-term history) to €66.94 million in 2025, and is projected to reach €49.9 million in 2026 and €37.25 million in 2028. The debt ratio is falling rapidly thanks to a robust operating cash flow (€41.22 million in 2025).

Rating: 4/5 — A balance sheet that is improving rapidly and reducing financial risk.

4. Return on equity (ROE): 4.5/5 ⭐

Analysis: The ROE is quite simply impressive. It stands at 69.25 per cent in 2026 and is forecast to be 59.5 per cent in 2027 and 59 per cent in 2028.

Rating: 4.5/5 — The magic of the ‘capital-light’ model (outsourced manufacturing and distribution) enables an exceptional return on invested capital to be generated.

5. Market performance (current valuation): 3.5/5 ⭐

Analysis: At €6.63, the share is trading at around 13x to 14x expected earnings for 2026–2027, offering a very attractive dividend (€0.23 paid in 2025, expected to rise to €0.41 in 2027, representing a yield of over 5–6 per cent).

Rating: 3.5/5 — A reasonable valuation offering an attractive margin of safety.

🏆 Overall average: 3.9/5

Overall conclusion on the quality of the company: Framery is a profitable, well-managed growth company. It combines a very high return on equity, a sharp decline in debt and a generous dividend.

🔮 Outlook & Forecasts (2027–2028)

The financial forecasts point to a bright future:

  • 2027: Estimated turnover of €243.35 million, net profit of €40.5 million and earnings per share (EPS) of €0.515. Expected dividend: €0.41.
  • 2028: Projected turnover of €265.6 million, net profit of €46.2 million and earnings per share of €0.59.

🎯 Estimating the share price:

Estimate for 2027: €8.25 – €8.75

Rationale: Applying a conservative P/E multiple of 16x to 17x to the expected EPS of €0.515 in 2027 yields an intrinsic value of approximately €8.50. This represents an upside potential of between +25 per cent and +30 per cent compared with the current share price of €6.63.

Estimate for 2028: €9.50 – €10.20

Rationale: With earnings per share (EPS) of €0.59 in 2028 and net debt reduction of €37.25 million, a re-rating of the share to a P/E multiple of 16x to 17x would bring the share price to around €9.80.

🏢 Sector Analysis (Strengths / Weaknesses)

🟢 Strengths

  • Global leadership: The industry’s leading brand with a global market share of around 20 per cent.
  • Capital-light model: Outsourcing of labour-intensive tasks, enabling an exceptional ROE.
  • Structural trend towards hybrid working: A surge in demand for private, acoustically optimised spaces for corporate video conferencing.
  • Extensive distribution network: Over 650 resellers worldwide.

🔴 Weak points (Weaknesses)

  • Dependence on the office property market: Vulnerability to cuts in corporate fit-out budgets in the event of a recession.
  • Customer concentration risk: Historically, certain key accounts have at times accounted for a significant proportion of sales.
  • Growing competition: The arrival of traditional office furniture suppliers launching their own acoustic cubicles.

🏁 Conclusion & Honest Verdict

Should you buy Framery shares at €6.63?

VERDICT: YES (Buy / Accumulate) 🟢

My honest opinion: Framery is an excellent company. It is not just a manufacturer of wooden and glass boxes: it is a niche market leader with a highly efficient financial model (ROE > 50 per cent, low capital intensity) and a balance sheet that is rapidly improving

At €6.63, the market is unnecessarily penalising a temporary slowdown in growth following an exceptional 2025. Between the generous dividend that rewards you for holding on and the potential for the share price to rise to around €8.50 by 2027, this stock offers a particularly attractive risk-reward profile!

  • Signal : Buy
  • Budget/Investment : Medium
  • Reinforcement required : No
  • Exposure : Medium
  • Horizon : 1 to 3 years
  • Potential profitability : +51% to +63%
  • Ref. ISIN code : FI4000595756