Company Overview
Apetit is a Finnish food company that operates in the production and sale of food products. The company was founded in 1923 and has since become one of the leading food companies in Finland. Apetit's product portfolio includes a wide range of food products, such as meat, poultry, fish, dairy products, and baked goods.
Apetit's primary mission is to provide high-quality food products that meet the changing needs of its customers. The company's core values include a commitment to sustainability, quality, and customer satisfaction. Apetit aims to be a leader in the food industry by continuously innovating and improving its products and services.
Key Products/Services
Apetit's key products include:
- Frozen peas: Apetit is one of the leading producers of frozen peas in Europe. The company's frozen peas are known for their high quality and unique flavor.
- BlackGrain from Yellow Fields: Apetit's BlackGrain from Yellow Fields is a new range of rapeseed oil-based products that offer a sustainable alternative to traditional vegetable oils.
- Vegetable oil: Apetit offers a range of plant-based oils, including sunflower and canola oil, that are used in various food applications.
Apetit's services include:
- Food production: Apetit produces a wide range of food products, including meat, poultry, fish, dairy products, and baked goods.
- Food distribution: Apetit distributes its products to various channels, including retailers, wholesalers, and foodservice companies.
Benefits
Apetit's products offer several benefits, including:
- High quality: Apetit's products are known for their high quality and unique flavor.
- Sustainability: Apetit's products are made from sustainable ingredients and are produced using environmentally friendly methods.
- Innovation: Apetit is constantly innovating and improving its products and services to meet the changing needs of its customers.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 |
| Target Valuation (MEur) | 0.0 | 16.3 | 18.0 | 1.1 | 0.0 | 0.0 | 0.0 |
| Targer Price | 0.0 | 2.59 | 2.85 | 0.18 | 0.0 | 0.0 | 0.0 |
| Potential, % | -100.0 | -80.4 | -79.6 | -98.7 | -100.0 | -100.0 | -100.0 |
| Recommendation | Sell | Sell | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 64.4 | 83.1 | 88.1 | 87.5 | 78.3 | 78.3 | 78.3 |
| Price | 10.19 | 13.15 | 13.95 | 13.85 | 12.4 | 12.4 | 12.4 |
| EV | 52.0 | 77.0 | 91.0 | 103.0 | 89.0 | 85.0 | 77.0 |
| P/S | 0.35 | 0.47 | 0.54 | 0.52 | 0.46 | 0.48 | 0.5 |
| EV/S | 0.29 | 0.44 | 0.56 | 0.62 | 0.52 | 0.52 | 0.49 |
| EV/EBIT | 13.99 | 10.29 | 9.83 | 19.1 | -22.74 | -22.24 | -20.17 |
| P/E | 19.53 | 8.56 | 10.37 | 32.17 | -12.0 | -24.18 | -42.57 |
| P/B | 0.67 | 0.8 | 0.82 | 0.78 | 0.73 | 0.75 | 0.76 |
| P/OCF | 2.27 | 8.56 | 27.54 | 6.58 | 6.24 | 6.94 | 5.4 |
| EV/OCF | 1.82 | 7.96 | 28.57 | 7.75 | 7.12 | 7.51 | 5.3 |
| P/FCF | 1.61 | 25.17 | -23.82 | 43.75 | 11.87 | 16.93 | 9.95 |
| EV/FCF | 1.29 | 23.38 | -24.71 | 51.56 | 13.54 | 18.31 | 9.77 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 181.6 | 175.5 | 162.6 | 167.6 | 171.1 | 163.8 | 155.5 |
| Rev. Growth, % | 21.9 | -3.4 | -7.4 | 3.1 | 2.1 | -4.3 | -5.1 |
| Ebit | 3.7 | 7.5 | 9.3 | 5.4 | -3.9 | -3.8 | -3.8 |
| Ebit Growth, % | -39.3 | 102.7 | 24.0 | -41.9 | -172.2 | 2.6 | -0.0 |
| Ebit, % | 2.0 | 4.3 | 5.7 | 3.2 | -2.3 | -2.3 | -2.4 |
| Profit | 3.3 | 9.7 | 8.5 | 2.7 | -6.5 | -3.2 | -1.8 |
| EPS | 0.52 | 1.54 | 1.35 | 0.43 | -1.03 | -0.51 | -0.28 |
| Profit Growth, % | -40.0 | 193.9 | -12.4 | -68.2 | -340.7 | 50.8 | 43.8 |
| Profit, % | 1.8 | 5.5 | 5.2 | 1.6 | -3.8 | -2.0 | -1.2 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 30.1 | 34.8 | 46.6 | 49.5 | 53.1 | 56.4 | 59.4 |
| Acc. Receivable | 7.5 | 7.4 | 7.3 | 10.3 | 10.4 | 10.1 | 9.6 |
| Cash | 14.8 | 14.0 | 4.1 | 3.7 | 10.3 | 14.9 | 22.8 |
| Equity | 96.0 | 103.5 | 107.6 | 111.6 | 108.0 | 104.7 | 102.9 |
| ROE, % | 3.4 | 9.4 | 7.9 | 2.4 | -6.0 | -3.1 | -1.7 |
| ROCE, % | 3.8 | 6.7 | 8.1 | 4.1 | -3.0 | -3.0 | -3.1 |
| Net Debt | -12.7 | -5.9 | 3.3 | 15.6 | 11.0 | 6.4 | -1.5 |
| Gearing, % | -13.2 | -5.7 | 3.1 | 14.0 | 10.2 | 6.1 | -1.4 |
| Equity ratio, % | 81.8 | 78.9 | 79.8 | 74.8 | 74.6 | 67.9 | 64.3 |
| Acc. Payable | 18.9 | 19.3 | 19.4 | 16.9 | 15.0 | 15.0 | 14.8 |
| Total Assets | 117.3 | 131.1 | 134.9 | 149.2 | 144.7 | 154.3 | 160.1 |
| ROA, % | 2.8 | 7.4 | 6.3 | 1.8 | -4.5 | -2.1 | -1.1 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 28.4 | 9.7 | 3.2 | 13.3 | 12.5 | 11.3 | 14.5 |
| Investment Cash Flow | 11.7 | -6.4 | -6.9 | -11.3 | -6.0 | -6.7 | -6.6 |
| Free Cash Flow | 40.1 | 3.3 | -3.7 | 2.0 | 6.6 | 4.6 | 7.9 |
| OCF/CAPEX | 0.0 | 1.52 | 0.46 | 1.18 | 2.11 | 1.7 | 2.18 |
| Financial Cash Flow | -32.7 | -4.1 | -6.1 | -2.4 | 0.0 | 0.0 | 0.0 |
Disclaimer
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