Company Overview
Fodelia Oyj is a Finnish food service company that has undergone significant transformation in recent years, positioning itself as a leading player in the food service industry. With its strong focus on innovation and customer satisfaction, Fodelia aims to provide high-quality food solutions to its customers.
Fodelia's primary mission is to become the most popular food service company in Finland, known for its innovative products and excellent customer service. The company's core values include a commitment to quality, sustainability, and customer satisfaction. By prioritizing these values, Fodelia strives to create long-term value for its customers, employees, and shareholders.
Key Products/Services
Fodelia offers a range of food products and services, including:
- Feelia's ready-to-eat food solutions are designed to provide customers with convenient and healthy meal options.
- Oikia's snack products are made from high-quality ingredients and are designed to be both tasty and nutritious.
- Fodelia provides a range of food service solutions, including catering services and restaurant operations.
The benefits of Fodelia's products and services include:
- Convenience: Fodelia's ready-to-eat food solutions provide customers with convenient meal options.
- Quality: Oikia's snack products are made from high-quality ingredients, ensuring a delicious and nutritious experience.
- Sustainability: Fodelia prioritizes sustainability in its operations, reducing waste and minimizing environmental impact.
Business Model
Fodelia operates through two main business segments:
- Food Service: This segment includes catering services, restaurant operations, and other food service-related activities.
- Snacks: This segment focuses on the production and distribution of snack products.
The company's business model is based on a combination of organic and inorganic growth strategies. Fodelia has invested heavily in research and development, introducing new products and services to its portfolio. The company has also expanded its operations through strategic acquisitions, including the acquisition of Fodbar Oy.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 8.0 | 8.1 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 |
| Target Valuation (MEur) | 26.1 | 25.9 | 27.2 | 29.2 | 26.9 | 22.1 | 22.1 |
| Targer Price | 3.25 | 3.19 | 3.33 | 3.58 | 3.3 | 2.71 | 2.71 |
| Potential, % | -23.7 | -42.1 | -45.8 | -33.6 | -23.4 | -37.0 | -37.0 |
| Recommendation | Sell | Sell | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 34.2 | 44.7 | 50.2 | 44.0 | 35.1 | 35.1 | 35.1 |
| Price | 4.25 | 5.52 | 6.16 | 5.4 | 4.31 | 4.31 | 4.31 |
| EV | 40.0 | 51.0 | 53.0 | 48.0 | 39.0 | 39.0 | 38.0 |
| P/S | 0.82 | 0.91 | 0.94 | 0.81 | 0.62 | 0.61 | 0.59 |
| EV/S | 0.96 | 1.04 | 0.98 | 0.87 | 0.69 | 0.67 | 0.64 |
| EV/EBIT | 44.4 | 20.27 | 17.58 | 18.84 | 19.0 | 24.74 | 35.02 |
| P/E | -51.87 | 37.11 | 25.15 | 27.26 | 23.14 | 28.1 | 40.38 |
| P/B | 2.65 | 3.31 | 4.0 | 3.56 | 2.63 | 2.41 | 2.27 |
| P/OCF | 25.88 | 17.09 | 11.59 | 30.37 | 20.78 | 13.99 | 14.16 |
| EV/OCF | 30.32 | 19.55 | 12.17 | 32.9 | 23.1 | 15.37 | 15.39 |
| P/FCF | 13.23 | 357.43 | 10.61 | -100.94 | -98.95 | 78.06 | 83.63 |
| EV/FCF | 15.5 | 408.89 | 11.14 | -109.33 | -109.97 | 85.75 | 90.88 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 41.9 | 49.0 | 53.6 | 54.5 | 56.5 | 57.8 | 59.2 |
| Rev. Growth, % | 23.6 | 16.9 | 9.4 | 1.7 | 3.7 | 2.3 | 2.4 |
| Ebit | 0.9 | 2.5 | 3.0 | 2.5 | 2.1 | 1.6 | 1.1 |
| Ebit Growth, % | -30.8 | 177.8 | 20.0 | -16.7 | -16.0 | -23.8 | -31.2 |
| Ebit, % | 2.1 | 5.1 | 5.6 | 4.6 | 3.7 | 2.8 | 1.9 |
| Profit | -0.7 | 1.2 | 2.0 | 1.6 | 1.5 | 1.2 | 0.9 |
| EPS | -0.09 | 0.15 | 0.25 | 0.2 | 0.18 | 0.15 | 0.11 |
| Profit Growth, % | -250.0 | 271.4 | 66.7 | -20.0 | -6.2 | -20.0 | -25.0 |
| Profit, % | -1.7 | 2.4 | 3.7 | 2.9 | 2.7 | 2.1 | 1.5 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 3.8 | 3.7 | 3.4 | 3.9 | 3.4 | 3.5 | 3.5 |
| Acc. Receivable | 4.9 | 5.2 | 5.4 | 5.6 | 5.4 | 5.3 | 5.3 |
| Cash | 1.5 | 0.6 | 2.9 | 0.4 | 0.0 | 0.5 | 0.9 |
| Equity | 12.9 | 13.5 | 12.5 | 12.4 | 13.4 | 14.6 | 15.5 |
| ROE, % | -5.4 | 8.9 | 16.0 | 12.9 | 11.2 | 8.2 | 5.8 |
| ROCE, % | 4.4 | 12.2 | 16.8 | 15.2 | 12.1 | 8.6 | 5.7 |
| Net Debt | 5.9 | 6.4 | 2.5 | 3.7 | 3.9 | 3.5 | 3.0 |
| Gearing, % | 45.5 | 47.7 | 19.7 | 29.6 | 29.3 | 23.7 | 19.7 |
| Equity ratio, % | 46.8 | 50.4 | 52.0 | 57.3 | 63.9 | 70.2 | 74.5 |
| Acc. Payable | 6.9 | 5.8 | 5.6 | 4.5 | 3.6 | 2.8 | 1.7 |
| Total Assets | 27.5 | 26.7 | 24.1 | 21.5 | 20.9 | 20.8 | 20.8 |
| ROA, % | -2.5 | 4.5 | 8.3 | 7.4 | 7.2 | 5.8 | 4.3 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1.3 | 2.6 | 4.3 | 1.4 | 1.7 | 2.5 | 2.5 |
| Investment Cash Flow | 1.3 | -2.5 | 0.4 | -1.9 | -2.0 | -2.1 | -2.1 |
| Free Cash Flow | 2.6 | 0.1 | 4.7 | -0.4 | -0.4 | 0.5 | 0.4 |
| OCF/CAPEX | 0.0 | 1.05 | 0.0 | 0.77 | 0.83 | 1.22 | 1.2 |
| Financial Cash Flow | -1.2 | -1.1 | -2.4 | -2.1 | 0.0 | 0.0 | 0.0 |
Disclaimer
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