Company Overview
Kemira is a global leader in water-based chemicals, specializing in innovative solutions for water-intensive industries. With its strong presence in Europe, the Middle East and Africa, the Americas, and Asia Pacific, Kemira provides expertise in applications and chemicals that improve customers' process and resource efficiency.
The company's primary mission is to enable sustainable growth and profitability by providing high-quality products and services that meet the evolving needs of its customers. At Kemira, we are guided by our core values of innovation, customer focus, and operational excellence.
Kemira's key products and services include water treatment solutions, packaging materials, and fiber-based chemicals. Water treatment solutions help customers reduce their environmental impact while maintaining or improving process efficiency. Packaging materials provide sustainable and innovative solutions for the food, beverage, and personal care industries. Fiber-based chemicals enable the production of high-quality fibers for the pulp, paper, board, and tissue industries.
Kemira's products and services are designed to improve customers' processes, reduce costs, and enhance their competitiveness in the market. By investing in Kemira, you can tap into our expertise, innovation, and global presence to drive your business forward.
Kemira have a strong commitment to sustainability, with a focus on reducing our environmental impact while promoting sustainable growth and profitability. Kemira's sustainability strategy is guided by the UN's Sustainable Development Goals (SDGs) and covers economical, environmental, and social topics.
At Kemira, we are dedicated to delivering high-quality products and services that meet the evolving needs of our customers. We strive for operational excellence, innovation, and customer focus in everything we do.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 155.3 | 155.3 | 155.3 | 150.3 | 150.3 | 150.3 | 150.3 |
| Target Valuation (MEur) | 2538.8 | 3154.0 | 3134.7 | 3264.4 | 2449.9 | 1357.2 | 1357.2 |
| Targer Price | 16.34 | 20.3 | 20.18 | 21.71 | 16.3 | 9.03 | 9.03 |
| Potential, % | 14.0 | 20.9 | 2.3 | 10.9 | -6.0 | -47.9 | -47.9 |
| Recommendation | Hold | Hold | Hold | Hold | Hold | Sell | Sell |
| MCAP (MEur) | 2226.1 | 2608.2 | 3064.9 | 2943.7 | 2605.4 | 2605.4 | 2605.4 |
| Price | 14.33 | 16.79 | 19.73 | 19.58 | 17.33 | 17.33 | 17.33 |
| EV | 2997.0 | 3143.0 | 3356.0 | 3450.0 | 3179.0 | 3087.0 | 3046.0 |
| P/S | 0.62 | 0.77 | 1.04 | 1.07 | 0.95 | 0.94 | 0.94 |
| EV/S | 0.84 | 0.93 | 1.14 | 1.25 | 1.16 | 1.11 | 1.09 |
| EV/EBIT | 8.62 | 7.02 | 9.24 | 12.59 | 15.25 | 21.92 | 41.43 |
| P/E | 9.29 | 8.68 | 11.67 | 15.16 | 17.1 | 23.13 | 44.3 |
| P/B | 1.33 | 1.55 | 1.72 | 1.75 | 1.59 | 1.48 | 1.44 |
| P/OCF | 5.56 | 4.78 | 6.32 | 7.78 | 8.82 | 9.16 | 11.18 |
| EV/OCF | 7.49 | 5.76 | 6.92 | 9.12 | 10.76 | 10.85 | 13.07 |
| P/FCF | 10.01 | 7.47 | 7.44 | 35.72 | 23.29 | 28.31 | 64.3 |
| EV/FCF | 13.48 | 9.0 | 8.15 | 41.87 | 28.41 | 33.55 | 75.18 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 3569.6 | 3383.6 | 2948.0 | 2753.6 | 2742.9 | 2776.3 | 2782.6 |
| Rev. Growth, % | 33.5 | -5.2 | -12.9 | -6.6 | -0.4 | 1.2 | 0.2 |
| Ebit | 347.6 | 447.8 | 363.2 | 274.1 | 208.5 | 140.8 | 73.5 |
| Ebit Growth, % | 104.5 | 28.8 | -18.9 | -24.5 | -23.9 | -32.5 | -47.8 |
| Ebit, % | 9.7 | 13.2 | 12.3 | 10.0 | 7.6 | 5.1 | 2.6 |
| Profit | 239.7 | 300.3 | 262.7 | 194.2 | 152.3 | 112.7 | 58.8 |
| EPS | 1.54 | 1.93 | 1.69 | 1.29 | 1.01 | 0.75 | 0.39 |
| Profit Growth, % | 108.3 | 25.3 | -12.5 | -26.1 | -21.6 | -26.0 | -47.8 |
| Profit, % | 6.7 | 8.9 | 8.9 | 7.1 | 5.6 | 4.1 | 2.1 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 433.7 | 281.8 | 307.9 | 306.9 | 320.3 | 325.7 | 331.3 |
| Acc. Receivable | 603.7 | 468.2 | 420.1 | 399.3 | 434.7 | 456.2 | 470.4 |
| Cash | 250.6 | 402.5 | 519.2 | 242.3 | 220.3 | 312.3 | 352.8 |
| Equity | 1669.9 | 1684.2 | 1785.4 | 1678.0 | 1643.7 | 1756.4 | 1815.2 |
| ROE, % | 14.4 | 17.8 | 14.7 | 11.6 | 9.3 | 6.4 | 3.2 |
| ROCE, % | 12.9 | 17.1 | 14.0 | 11.3 | 8.6 | 5.5 | 2.8 |
| Net Debt | 771.2 | 535.2 | 291.5 | 506.1 | 573.6 | 481.6 | 441.1 |
| Gearing, % | 46.2 | 31.8 | 16.3 | 30.2 | 34.9 | 27.4 | 24.3 |
| Equity ratio, % | 45.7 | 48.3 | 52.8 | 53.5 | 53.0 | 55.1 | 56.4 |
| Acc. Payable | 635.2 | 489.4 | 517.8 | 463.0 | 433.5 | 426.5 | 428.3 |
| Total Assets | 3651.1 | 3489.3 | 3381.0 | 3133.8 | 3100.2 | 3189.2 | 3215.7 |
| ROA, % | 6.6 | 8.6 | 7.8 | 6.2 | 4.9 | 3.5 | 1.8 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 400.4 | 546.0 | 484.7 | 378.2 | 295.4 | 284.6 | 233.0 |
| Investment Cash Flow | -178.0 | -196.9 | -72.9 | -295.8 | -183.5 | -192.5 | -192.5 |
| Free Cash Flow | 222.4 | 349.1 | 411.8 | 82.4 | 111.9 | 92.0 | 40.5 |
| OCF/CAPEX | 2.25 | 2.77 | 6.65 | 1.28 | 1.61 | 1.48 | 1.21 |
| Financial Cash Flow | -116.4 | -191.3 | -296.5 | -351.4 | -135.7 | 0.0 | 0.0 |
Disclaimer
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Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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