Company Overview
Nokian Panimo Oyj is a Finnish beverage company that has been a leading player in the Nordic market for over 90 years. The company is known for its high-quality beer, spirits, and soft drinks, which are enjoyed by millions of consumers across the region.
Nokian Panimo's primary mission is to become the best small brewery in Finland, as measured by all key performance indicators. This mission is guided by a set of core values that prioritize innovation, quality, and customer satisfaction. The company's vision is to be a leader in the Nordic beverage market, with a strong presence in both domestic and international markets.
The company's product portfolio includes a range of beer styles, spirits, and soft drinks. These products are known for their high quality and unique flavor profiles, which have earned the company a loyal customer base.
Nokian Panimo's key products offer several benefits to consumers, including a wide range of flavors, high-quality ingredients, and innovative packaging solutions. The company's commitment to sustainability and environmental responsibility is also reflected in its product portfolio, with many of its beverages featuring eco-friendly packaging options.
Key Products and Services
Nokian Panimo's beer styles include:
- A range of lagers and ales that are known for their high quality and unique flavor profiles.
- A popular spirit that is enjoyed by coffee lovers across the region.
- A line of energy drinks that feature innovative packaging solutions and eco-friendly ingredients.
Mission, Vision, and Values
Nokian Panimo's mission is to become the best small brewery in Finland, as measured by all key performance indicators. The company's vision is to be a leader in the Nordic beverage market, with a strong presence in both domestic and international markets.
The company's core values include:
- Innovation: Nokian Panimo is committed to innovation and continuous improvement in its products and operations.
- Quality: The company prioritizes quality in all aspects of its business, from product development to customer service.
- Customer satisfaction: Nokian Panimo is dedicated to delivering exceptional customer experiences across the region.
Financial Performance and Outlook
Nokian Panimo's financial performance has been strong in recent years, with a significant increase in revenue and profitability. The company's revenue growth has been driven by its expanding product portfolio, increased market share, and successful marketing campaigns.
The company's outlook is positive, with a strong focus on innovation, quality, and customer satisfaction. Nokian Panimo is well-positioned to capitalize on the growing demand for premium beverages in the Nordic market.
Valuation
| 2025 | 2026 (e) | 2027 (e) | |
|---|---|---|---|
| Number of Shares (million) | 10.1 | 10.1 | 10.1 |
| Target Valuation (MEur) | 26.7 | 30.4 | 30.4 |
| Targer Price | 2.65 | 3.01 | 3.01 |
| Potential, % | 11.3 | 19.7 | 19.7 |
| Recommendation | Hold | Hold | Hold |
| MCAP (MEur) | 24.0 | 25.4 | 25.4 |
| Price | 2.38 | 2.52 | 2.52 |
| EV | 20.0 | 23.0 | 24.0 |
| P/S | 1.85 | 1.81 | 1.73 |
| EV/S | 1.55 | 1.65 | 1.65 |
| EV/EBIT | 13.77 | 11.16 | 11.3 |
| P/E | 18.83 | 15.41 | 14.79 |
| P/B | 1.47 | 1.41 | 1.29 |
| P/OCF | 101.14 | 9.67 | 8.48 |
| EV/OCF | 85.15 | 8.78 | 8.06 |
| P/FCF | -7.91 | -25.08 | -39.49 |
| EV/FCF | -6.66 | -22.78 | -37.54 |
Income Statement
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | |
|---|---|---|---|---|---|
| Revenue | 10.2 | 11.9 | 13.0 | 14.0 | 14.7 |
| Rev. Growth, % | 0.0 | 16.7 | 9.2 | 7.7 | 5.0 |
| Ebit | 1.0 | 1.7 | 1.5 | 2.1 | 2.1 |
| Ebit Growth, % | 0.0 | 70.0 | -11.8 | 40.0 | 0.0 |
| Ebit, % | 9.8 | 14.3 | 11.5 | 15.0 | 14.3 |
| Profit | 0.8 | 1.1 | 1.3 | 1.6 | 1.7 |
| EPS | 0.08 | 0.11 | 0.13 | 0.16 | 0.17 |
| Profit Growth, % | 0.0 | 37.5 | 18.2 | 23.1 | 6.2 |
| Profit, % | 7.8 | 9.2 | 10.0 | 11.4 | 11.6 |
Balance Sheet
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | |
|---|---|---|---|---|---|
| Inventory | 1.0 | 1.0 | 1.4 | 1.5 | 1.5 |
| Acc. Receivable | 1.6 | 1.8 | 2.2 | 2.4 | 2.6 |
| Cash | 0.1 | 0.1 | 8.6 | 7.1 | 6.0 |
| Equity | 5.4 | 6.4 | 16.3 | 18.0 | 19.7 |
| ROE, % | 14.8 | 17.2 | 8.0 | 8.9 | 8.6 |
| ROCE, % | 15.3 | 14.3 | 7.1 | 9.2 | 8.6 |
| Net Debt | 1.1 | 5.4 | -3.8 | -2.3 | -1.3 |
| Gearing, % | 20.1 | 83.8 | -23.2 | -13.0 | -6.4 |
| Equity ratio, % | 49.9 | 51.4 | 67.8 | 71.3 | 79.2 |
| Acc. Payable | 0.5 | 1.0 | 0.7 | 0.1 | 0.1 |
| Total Assets | 10.8 | 12.5 | 24.1 | 25.2 | 24.9 |
| ROA, % | 7.4 | 8.8 | 5.4 | 6.3 | 6.8 |
Cash Flow
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | |
|---|---|---|---|---|---|
| Operating Cash Flow | 1.2 | 2.1 | 0.2 | 2.6 | 3.0 |
| Investment Cash Flow | -0.5 | -2.0 | -3.3 | -3.6 | -3.6 |
| Free Cash Flow | 0.7 | 0.1 | -3.0 | -1.0 | -0.6 |
| OCF/CAPEX | 2.28 | 1.05 | 0.07 | 0.72 | 0.82 |
| Financial Cash Flow | -0.6 | -0.1 | 11.5 | -0.4 | -0.4 |
Disclaimer
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