Company Overview
KH-Group is a Finnish multinational conglomerate with a diverse range of businesses operating across various industries. Founded in 1995, the company has established itself as a leading player in the Nordic region, with a strong presence in Finland, Sweden, and Norway.
The company's headquarters are located in Helsinki, Finland, with operations spanning across several countries in the region. KH-Group is listed on the Nasdaq Helsinki stock exchange, providing its shareholders with a platform to invest in the company's growth and development.
The primary mission of KH-Group is to drive growth and innovation through its strategic partnerships and investments. The company's core values include a commitment to excellence, customer satisfaction, and sustainability. By embracing these values, KH-Group aims to create long-term value for its stakeholders and contribute to the well-being of society.
Key Products/Services
KH-Group offers a wide range of products and services across various sectors, including:
- Energy: KH-Group is involved in the production and distribution of renewable energy sources, such as wind power and biomass. This segment provides sustainable solutions for industries and households.
- Construction: The company's construction arm specializes in building and infrastructure projects, offering expertise in design, development, and management.
- Logistics: KH-Group's logistics division provides comprehensive supply chain management services, ensuring efficient and reliable transportation of goods.
- Manufacturing: The company has a strong presence in the manufacturing sector, producing high-quality products for various industries.
The benefits of KH-Group's products and services include:
- Sustainable solutions for energy and construction needs
- Reliable logistics and supply chain management
- High-quality manufacturing products
Valuation
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Number of Shares (million) | 58.1 | 58.1 | 58.1 | 58.1 | 58.1 | 58.1 |
| Target Valuation (MEur) | 182.1 | 83.6 | 68.4 | 43.5 | 30.9 | 30.9 |
| Targer Price | 3.14 | 1.44 | 1.18 | 0.75 | 0.53 | 0.53 |
| Potential, % | 285.0 | 167.9 | 154.3 | 38.1 | -1.9 | -1.9 |
| Recommendation | Buy | Buy | Buy | Buy | Hold | Hold |
| MCAP (MEur) | 47.3 | 31.2 | 26.9 | 31.5 | 31.5 | 31.5 |
| Price | 0.81 | 0.54 | 0.46 | 0.54 | 0.54 | 0.54 |
| EV | 140.0 | 118.0 | 85.0 | 99.0 | 78.0 | 88.0 |
| P/S | 0.14 | 0.13 | 0.13 | 0.15 | 0.15 | 0.13 |
| EV/S | 0.41 | 0.49 | 0.42 | 0.47 | 0.38 | 0.35 |
| EV/EBIT | -9.71 | 20.04 | 16.44 | -136.82 | -69.61 | 175.66 |
| P/E | -3.31 | -18.38 | 268.91 | -13.34 | -35.37 | 78.7 |
| P/B | 0.63 | 0.63 | 0.54 | 0.67 | 0.68 | 0.67 |
| P/OCF | 2.08 | 3.32 | 0.95 | 7.55 | 1.33 | -4.72 |
| EV/OCF | 6.16 | 12.58 | 3.03 | 23.62 | 3.28 | -13.17 |
| P/FCF | 0.95 | 1.44 | 1.2 | 32.45 | 1.53 | -3.19 |
| EV/FCF | 2.82 | 5.45 | 3.8 | 101.56 | 3.79 | -8.9 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 288.4 | 342.6 | 240.0 | 204.6 | 207.4 | 203.3 | 249.4 |
| Rev. Growth, % | 0.0 | 18.8 | -29.9 | -14.8 | 1.4 | -2.0 | 22.7 |
| Ebit | -10.1 | -14.4 | 5.9 | 5.2 | -0.7 | -1.1 | 0.5 |
| Ebit Growth, % | 0.0 | -42.6 | 141.0 | -11.9 | -113.5 | -57.1 | 145.5 |
| Ebit, % | -3.5 | -4.2 | 2.5 | 2.5 | -0.3 | -0.5 | 0.2 |
| Profit | -8.2 | -14.3 | -1.7 | 0.1 | -2.4 | -0.9 | 0.4 |
| EPS | -0.14 | -0.25 | -0.03 | 0.0 | -0.04 | -0.02 | 0.01 |
| Profit Growth, % | 0.0 | -74.4 | 88.1 | 105.9 | -2500.0 | 62.5 | 144.4 |
| Profit, % | -2.8 | -4.2 | -0.7 | 0.0 | -1.2 | -0.4 | 0.2 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.0 | 100.0 | 60.2 | 60.2 | 59.1 | 56.7 | 55.3 |
| Acc. Receivable | 0.0 | 19.3 | 15.8 | 17.2 | 18.1 | 17.7 | 17.7 |
| Cash | 2.2 | 11.1 | 9.8 | 3.6 | 17.7 | 38.2 | 28.3 |
| Equity | 85.1 | 74.6 | 49.7 | 49.7 | 47.2 | 46.3 | 46.7 |
| ROE, % | -9.6 | -19.2 | -3.4 | 0.2 | -5.1 | -1.9 | 0.9 |
| ROCE, % | -10.6 | -8.1 | 4.0 | 4.6 | -0.5 | -0.8 | 0.4 |
| Net Debt | 7.7 | 92.5 | 87.0 | 58.6 | 67.0 | 46.5 | 56.3 |
| Gearing, % | 9.0 | 124.0 | 175.1 | 117.9 | 141.9 | 100.3 | 120.5 |
| Equity ratio, % | 77.9 | 21.5 | 30.7 | 31.7 | 30.0 | 30.5 | 31.5 |
| Acc. Payable | 0.8 | 80.4 | 30.2 | 32.5 | 55.2 | 53.5 | 55.5 |
| Total Assets | 109.3 | 347.7 | 161.7 | 156.7 | 157.6 | 152.1 | 148.4 |
| ROA, % | -7.5 | -4.1 | -1.1 | 0.1 | -1.5 | -0.6 | 0.3 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -3.9 | 22.7 | 9.4 | 28.2 | 4.2 | 23.8 | -6.7 |
| Investment Cash Flow | 0.0 | 26.9 | 12.3 | -5.7 | -3.2 | -3.2 | -3.2 |
| Free Cash Flow | -3.9 | 49.6 | 21.7 | 22.5 | 1.0 | 20.6 | -9.9 |
| OCF/CAPEX | 0.0 | 0.0 | 0.0 | 4.95 | 1.3 | 7.42 | 0.0 |
| Financial Cash Flow | 4.3 | -40.7 | -23.1 | -28.7 | 13.1 | 0.0 | 0.0 |
Disclaimer
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