Company Overview
Lumo is a Finnish real estate company that specializes in providing innovative and sustainable housing solutions to its customers. With a strong focus on digitalization, Lumo aims to create a better living experience for its residents by offering modern and efficient apartments, as well as a range of services to support their daily lives.
The primary mission of Lumo is to become the leading provider of urban living experiences in Finland, while maintaining a strong commitment to sustainability and digitalization. This is achieved through the company's core values, which include innovation, customer focus, and social responsibility.
Key Products/Services
Lumo offers a range of key products and services that cater to the needs of its customers. These include:
- Modern apartments with advanced smart home technology, designed to provide a comfortable and efficient living experience.
- A range of services, including online booking and management systems, to support residents in managing their daily lives.
- Strategic partnerships with local businesses and organizations to create a vibrant and dynamic community around each Lumo project.
- A commitment to sustainability, through the use of renewable energy sources and eco-friendly building materials in all new developments.
Risk Analysis
Lumo faces several risks, including:
- market volatility, particularly in the Finnish housing market.
- regulatory changes, which could impact the company's ability to operate efficiently.
- environmental and social risks, associated with the use of renewable energy sources and eco-friendly building materials.
- a dependence on a small number of large customers, which could impact the company's revenue and profitability.
Conclusion
Lumo is a Finnish real estate company that offers innovative and sustainable housing solutions to its customers. With a strong focus on digitalization and sustainability, Lumo aims to create a better living experience for its residents while maintaining a commitment to social responsibility. As an investment opportunity, Lumo presents several benefits, including access to modern and efficient apartments with advanced smart home technology, as well as a range of services designed to support residents in managing their daily lives.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 247.1 | 247.1 | 247.1 | 247.1 | 264.8 | 264.8 | 264.8 |
| Target Valuation (MEur) | 4088.1 | 3281.9 | 2872.4 | 2956.2 | 4292.8 | 5121.9 | 5121.9 |
| Targer Price | 16.54 | 13.28 | 11.62 | 11.96 | 16.21 | 19.34 | 19.34 |
| Potential, % | 19.9 | 11.6 | 23.8 | 18.4 | 100.3 | 138.9 | 138.9 |
| Recommendation | Hold | Hold | Buy | Hold | Buy | Buy | Buy |
| MCAP (MEur) | 3410.6 | 2941.0 | 2320.7 | 2497.0 | 2143.6 | 2143.6 | 2143.6 |
| Price | 13.8 | 11.9 | 9.39 | 10.1 | 8.09 | 8.09 | 8.09 |
| EV | 6969.0 | 6527.0 | 5832.0 | 5707.0 | 5893.0 | 5795.0 | 5717.0 |
| P/S | 8.25 | 6.65 | 5.13 | 5.49 | 4.38 | 4.2 | 4.39 |
| EV/S | 16.86 | 14.76 | 12.89 | 12.54 | 12.05 | 11.36 | 11.7 |
| EV/EBIT | 19.91 | 25.15 | 20.83 | 25.4 | 19.75 | 16.26 | 21.3 |
| P/E | 14.55 | 19.43 | 16.44 | 28.05 | 9.91 | 7.52 | 9.98 |
| P/B | 0.89 | 0.81 | 0.64 | 0.69 | 0.54 | 0.5 | 0.48 |
| P/OCF | 21.45 | 19.18 | 14.67 | 16.6 | 14.13 | 9.91 | 10.94 |
| EV/OCF | 43.83 | 42.57 | 36.86 | 37.95 | 38.84 | 26.8 | 29.19 |
| P/FCF | -10.62 | 49.26 | 22.23 | 7.41 | -4.4 | 21.8 | 27.49 |
| EV/FCF | -21.7 | 109.32 | 55.86 | 16.94 | -12.09 | 58.92 | 73.31 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 413.3 | 442.1 | 452.4 | 455.2 | 489.1 | 510.3 | 488.4 |
| Rev. Growth, % | 5.5 | 7.0 | 2.3 | 0.6 | 7.4 | 4.3 | -4.3 |
| Ebit | 350.1 | 259.5 | 280.0 | 224.7 | 298.4 | 356.3 | 268.4 |
| Ebit Growth, % | 42.4 | -25.9 | 7.9 | -19.8 | 32.8 | 19.4 | -24.7 |
| Ebit, % | 84.7 | 58.7 | 61.9 | 49.4 | 61.0 | 69.8 | 55.0 |
| Profit | 234.3 | 151.4 | 141.1 | 89.0 | 216.3 | 285.1 | 214.7 |
| EPS | 0.95 | 0.61 | 0.57 | 0.36 | 0.82 | 1.08 | 0.81 |
| Profit Growth, % | 53.0 | -35.4 | -6.8 | -36.9 | 143.0 | 31.8 | -24.7 |
| Profit, % | 56.7 | 34.2 | 31.2 | 19.6 | 44.2 | 55.9 | 44.0 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acc. Receivable | 11.1 | 17.0 | 14.6 | 10.6 | 15.8 | 15.7 | 10.6 |
| Cash | 119.4 | 15.0 | 333.6 | 181.3 | 76.5 | 174.8 | 252.8 |
| Equity | 3842.7 | 3625.9 | 3629.2 | 3593.0 | 3982.2 | 4267.3 | 4482.0 |
| ROE, % | 6.1 | 4.2 | 3.9 | 2.5 | 5.4 | 6.7 | 4.8 |
| ROCE, % | 4.7 | 3.6 | 3.7 | 3.2 | 3.8 | 4.4 | 3.2 |
| Net Debt | 3558.8 | 3585.5 | 3511.0 | 3210.0 | 3749.5 | 3651.2 | 3573.2 |
| Gearing, % | 92.6 | 98.9 | 96.7 | 89.3 | 94.2 | 85.6 | 79.7 |
| Equity ratio, % | 45.3 | 44.4 | 43.2 | 45.3 | 46.4 | 50.5 | 52.5 |
| Acc. Payable | 78.5 | 75.4 | 86.1 | 83.8 | 91.2 | 88.5 | 88.1 |
| Total Assets | 8482.3 | 8158.3 | 8405.5 | 7926.1 | 8589.1 | 8441.8 | 8537.3 |
| ROA, % | 2.8 | 1.9 | 1.7 | 1.1 | 2.5 | 3.4 | 2.5 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 159.0 | 153.3 | 158.2 | 150.4 | 151.7 | 216.2 | 195.9 |
| Investment Cash Flow | -480.2 | -93.6 | -53.8 | 186.5 | -639.1 | -117.9 | -117.9 |
| Free Cash Flow | -321.2 | 59.7 | 104.4 | 336.9 | -487.4 | 98.4 | 78.0 |
| OCF/CAPEX | 0.33 | 1.64 | 2.94 | 0.0 | 0.24 | 1.83 | 1.66 |
| Financial Cash Flow | 243.5 | -164.1 | 214.2 | -489.2 | 382.5 | 0.0 | 0.0 |
Disclaimer
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