Company Overview
Honkarakenne is a Finnish company that specializes in designing, manufacturing, and selling massive wooden package products as well as providing design and construction services for wooden buildings. The company was founded in 2003 and has since become a leading player in the European market for massive wooden constructions.
Honkarakenne's primary mission is to provide high-quality, sustainable, and innovative building solutions that meet the needs of its customers while minimizing environmental impact. The company's core values include a commitment to excellence, customer satisfaction, and responsible business practices.
Key Products/Services
Honkarakenne offers a range of products and services, including:
- Massive wooden package products for residential and commercial buildings
- Design and construction services for wooden buildings
- Wooden building systems and components
- Consulting and planning services for sustainable building solutions
The company's products and services are designed to provide customers with high-quality, durable, and environmentally friendly building solutions that meet their specific needs.
Benefits of Honkarakenne's Products/Services
Honkarakenne's products and services offer several benefits, including:
- High-quality, sustainable, and innovative building solutions
- Durable and long-lasting products
- Environmental benefits through the use of natural materials
- Customized solutions to meet specific customer needs
- Expertise in design and construction services for wooden buildings
The company's commitment to excellence, customer satisfaction, and responsible business practices ensures that its products and services meet the highest standards of quality and performance.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 |
| Target Valuation (MEur) | 67.0 | 44.9 | 24.7 | 17.9 | 14.0 | 8.7 | 8.7 |
| Targer Price | 10.79 | 7.23 | 3.98 | 2.89 | 2.25 | 1.4 | 1.4 |
| Potential, % | 148.1 | 124.5 | 71.5 | 0.0 | -7.9 | -42.8 | -42.8 |
| Recommendation | Buy | Buy | Buy | Hold | Hold | Sell | Sell |
| MCAP (MEur) | 27.0 | 20.0 | 14.4 | 17.9 | 15.2 | 15.2 | 15.2 |
| Price | 4.35 | 3.22 | 2.32 | 2.88 | 2.45 | 2.45 | 2.45 |
| EV | 17.0 | 17.0 | 14.0 | 19.0 | 21.0 | 27.0 | 31.0 |
| P/S | 0.37 | 0.43 | 0.39 | 0.48 | 0.44 | 0.56 | 0.73 |
| EV/S | 0.23 | 0.37 | 0.38 | 0.51 | 0.61 | 1.0 | 1.49 |
| EV/EBIT | 4.18 | 0.0 | -5.8 | -4.72 | -5.63 | -5.63 | -5.26 |
| P/E | 9.98 | 33.33 | -6.55 | -4.36 | -4.73 | -3.82 | -3.18 |
| P/B | 1.48 | 1.21 | 1.05 | 1.86 | 2.38 | 6.32 | -6.4 |
| P/OCF | 5.86 | -8.33 | -36.02 | -44.72 | -3.51 | -2.75 | -4.56 |
| EV/OCF | 3.73 | -7.08 | -34.77 | -47.22 | -4.84 | -4.9 | -9.29 |
| P/FCF | 7.7 | -5.0 | -10.29 | -11.18 | -3.22 | -2.48 | -3.86 |
| EV/FCF | 4.9 | -4.25 | -9.94 | -11.8 | -4.43 | -4.42 | -7.87 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 73.7 | 46.3 | 36.7 | 37.1 | 34.3 | 27.0 | 20.8 |
| Rev. Growth, % | 5.7 | -37.2 | -20.7 | 1.1 | -7.5 | -21.3 | -23.0 |
| Ebit | 4.1 | 0.0 | -2.4 | -4.0 | -3.7 | -4.8 | -5.9 |
| Ebit Growth, % | 10.8 | nan | 0.0 | -66.7 | 7.5 | -29.7 | -22.9 |
| Ebit, % | 5.6 | 0.0 | -6.5 | -10.8 | -10.8 | -17.8 | -28.4 |
| Profit | 2.7 | 0.6 | -2.2 | -4.1 | -3.2 | -4.0 | -4.8 |
| EPS | 0.43 | 0.1 | -0.35 | -0.66 | -0.52 | -0.64 | -0.77 |
| Profit Growth, % | -18.2 | -77.8 | -466.7 | -86.4 | 22.0 | -25.0 | -20.0 |
| Profit, % | 3.7 | 1.3 | -6.0 | -11.1 | -9.3 | -14.8 | -23.1 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 6.5 | 5.3 | 4.5 | 4.3 | 4.4 | 3.8 | 3.1 |
| Acc. Receivable | 3.8 | 3.8 | 2.6 | 1.6 | 1.1 | 0.4 | 0.0 |
| Cash | 12.6 | 6.3 | 5.0 | 2.5 | -2.0 | -8.2 | -12.1 |
| Equity | 18.2 | 16.5 | 13.7 | 9.6 | 6.4 | 2.4 | -2.4 |
| ROE, % | 14.8 | 3.6 | -16.1 | -42.7 | -50.0 | -166.7 | 200.0 |
| ROCE, % | 19.5 | 0.0 | -13.2 | -30.5 | -36.6 | -78.7 | -453.8 |
| Net Debt | -9.8 | -3.0 | -0.5 | 1.0 | 5.7 | 11.9 | 15.8 |
| Gearing, % | -53.8 | -18.2 | -3.6 | 10.4 | 89.8 | 492.5 | -665.0 |
| Equity ratio, % | 49.7 | 55.0 | 51.5 | 44.0 | 35.5 | 16.0 | -20.5 |
| Acc. Payable | 14.7 | 9.9 | 8.2 | 8.5 | 6.2 | 5.9 | 6.2 |
| Total Assets | 36.6 | 30.0 | 26.6 | 21.8 | 18.0 | 15.1 | 11.6 |
| ROA, % | 7.4 | 2.0 | -8.3 | -18.8 | -17.8 | -26.5 | -41.4 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4.6 | -2.4 | -0.4 | -0.4 | -4.3 | -5.5 | -3.3 |
| Investment Cash Flow | -1.1 | -1.6 | -1.0 | -1.2 | -0.4 | -0.6 | -0.6 |
| Free Cash Flow | 3.5 | -4.0 | -1.4 | -1.6 | -4.7 | -6.1 | -3.9 |
| OCF/CAPEX | 4.18 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Financial Cash Flow | -2.2 | -2.3 | 0.1 | -3.2 | 0.3 | 0.0 | 0.0 |
Disclaimer
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