Company Overview
Martela Oyj is a Finnish multinational company specializing in workplace solutions and lifecycle services. Founded in 1945, the company has established itself as one of the leading players in the industry, with a strong presence in the Nordic region.
The primary mission of Martela is to create better workplaces and provide customers with tailored solutions that meet their specific needs. This is achieved through its core values of innovation, customer focus, and operational excellence. By combining these elements, Martela aims to deliver high-quality products and services that enhance the well-being and productivity of its customers.
Key Products/Services
Martela's product portfolio includes a wide range of workplace solutions, such as office furniture, workstations, and storage systems. The company's products are designed to be functional, sustainable, and adaptable to different environments. Some of the key benefits of Martela's products include:
- High-quality materials and craftsmanship
- Sustainable and eco-friendly solutions
- Adaptable designs for various work settings
- Customizable options to meet individual customer needs
- Long-lasting products with minimal maintenance requirements
In addition to its product offerings, Martela also provides lifecycle services that support customers throughout the entire lifecycle of their assets. These services include asset management, maintenance, and refurbishment, ensuring that customers can make the most of their investments.
Benefits and Value Proposition
Martela's products and services offer a range of benefits to customers, including improved workplace efficiency, enhanced employee well-being, and reduced environmental impact. By partnering with Martela, customers can enjoy:
- Increased productivity and focus
- Improved employee satisfaction and engagement
- Reduced costs through optimized asset utilization
- Enhanced brand reputation through association with a trusted partner
- A sustainable and responsible approach to workplace design and management
Martela's commitment to innovation, customer focus, and operational excellence has enabled the company to establish itself as a leader in the workplace solutions industry. With its comprehensive product portfolio and lifecycle services, Martela is well-positioned to support customers in achieving their goals and improving their workplaces.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 4.5 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 |
| Target Valuation (MEur) | 37.8 | 25.0 | 14.5 | 9.5 | 11.7 | 17.1 | 17.1 |
| Targer Price | 8.37 | 5.46 | 3.13 | 2.04 | 2.52 | 3.69 | 3.69 |
| Potential, % | 240.5 | 331.0 | 253.7 | 187.9 | 431.8 | 677.3 | 677.3 |
| Recommendation | Buy | Buy | Buy | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 11.1 | 5.8 | 4.1 | 3.3 | 2.2 | 2.2 | 2.2 |
| Price | 2.46 | 1.27 | 0.88 | 0.71 | 0.47 | 0.47 | 0.47 |
| EV | 19.0 | 19.0 | 21.0 | 22.0 | 18.0 | 23.0 | 28.0 |
| P/S | 0.1 | 0.06 | 0.05 | 0.04 | 0.03 | 0.03 | 0.03 |
| EV/S | 0.18 | 0.2 | 0.24 | 0.23 | 0.27 | 0.33 | 0.39 |
| EV/EBIT | 7.69 | -7.95 | -3.21 | -20.4 | -5.54 | 99.53 | 123.45 |
| P/E | 4.34 | -1.66 | -0.47 | -0.97 | -0.53 | 12.24 | 11.6 |
| P/B | 0.8 | 0.61 | 3.5 | -1.69 | -0.36 | -0.37 | -0.38 |
| P/OCF | 5.34 | 18.22 | -9.09 | 0.81 | 1.52 | -0.55 | -0.52 |
| EV/OCF | 9.25 | 59.16 | -46.98 | 5.22 | 12.67 | -5.72 | -6.54 |
| P/FCF | 0.9 | -2.9 | -3.05 | 0.91 | 0.97 | -0.48 | -0.46 |
| EV/FCF | 1.56 | -9.41 | -15.76 | 5.86 | 8.04 | -5.03 | -5.79 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 106.7 | 94.4 | 86.7 | 93.7 | 69.0 | 70.3 | 70.9 |
| Rev. Growth, % | 16.1 | -11.5 | -8.2 | 8.1 | -26.4 | 1.9 | 0.9 |
| Ebit | 2.5 | -2.4 | -6.5 | -1.1 | -3.3 | 0.2 | 0.2 |
| Ebit Growth, % | 292.3 | -196.0 | -170.8 | 83.1 | -200.0 | 106.1 | 0.0 |
| Ebit, % | 2.3 | -2.5 | -7.5 | -1.2 | -4.8 | 0.3 | 0.3 |
| Profit | 2.6 | -3.5 | -8.7 | -3.5 | -4.2 | 0.2 | 0.2 |
| EPS | 0.58 | -0.77 | -1.88 | -0.75 | -0.91 | 0.04 | 0.04 |
| Profit Growth, % | 208.3 | -234.6 | -148.6 | 59.8 | -20.0 | 104.8 | 0.0 |
| Profit, % | 2.4 | -3.7 | -10.0 | -3.7 | -6.1 | 0.3 | 0.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 11.8 | 9.2 | 10.9 | 7.8 | 7.4 | 7.7 | 7.9 |
| Acc. Receivable | 18.2 | 19.1 | 18.6 | 15.2 | 9.8 | 9.6 | 10.4 |
| Cash | 11.3 | 5.1 | 3.9 | 2.6 | 1.3 | -3.2 | -8.0 |
| Equity | 13.8 | 9.6 | 1.2 | -2.0 | -6.2 | -6.0 | -5.8 |
| ROE, % | 18.8 | -36.5 | -725.0 | 175.0 | 67.7 | -3.3 | -3.4 |
| ROCE, % | 7.5 | -8.6 | -29.5 | -5.9 | -29.3 | 1.7 | 1.7 |
| Net Debt | 8.1 | 13.1 | 16.9 | 18.2 | 16.1 | 20.7 | 25.5 |
| Gearing, % | 58.5 | 137.1 | 1458.2 | -920.6 | -260.4 | -344.0 | -436.5 |
| Equity ratio, % | 22.2 | 17.2 | 2.1 | -4.3 | -17.6 | -18.3 | -19.0 |
| Acc. Payable | 28.8 | 27.7 | 32.4 | 26.6 | 23.9 | 23.9 | 23.1 |
| Total Assets | 62.3 | 55.7 | 54.7 | 45.8 | 35.3 | 32.9 | 30.7 |
| ROA, % | 4.2 | -6.3 | -15.9 | -7.6 | -11.9 | 0.6 | 0.7 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2.1 | 0.3 | -0.4 | 4.1 | 1.4 | -4.0 | -4.2 |
| Investment Cash Flow | 10.2 | -2.3 | -0.9 | -0.4 | 0.8 | -0.6 | -0.6 |
| Free Cash Flow | 12.3 | -2.0 | -1.3 | 3.7 | 2.3 | -4.6 | -4.8 |
| OCF/CAPEX | 0.0 | 0.14 | 0.0 | 9.17 | 0.0 | 0.0 | 0.0 |
| Financial Cash Flow | -5.6 | -4.3 | -3.7 | -4.9 | -3.5 | 0.0 | 0.0 |
Disclaimer
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