Company Overview
Marimekko is a Finnish fashion brand that has been a leader in the design and production of high-quality, functional clothing since its founding in 1951. With a strong focus on sustainability and a commitment to innovative design, Marimekko has established itself as a premium fashion brand with a global presence.
The company's primary mission is to create clothing that is both beautiful and functional, while also promoting a sustainable and responsible approach to fashion. This is reflected in its core values of innovation, sustainability, and quality, which guide the company's design and production processes.
Key Products/Services
Marimekko's product range includes a wide variety of clothing items for women, men, and children, as well as home textiles and accessories. The company's products are known for their high quality, functionality, and attention to detail, making them popular among fashion-conscious consumers.
The benefits of Marimekko's products include their durability, comfort, and versatility, which make them suitable for a wide range of occasions and lifestyles. Additionally, the company's commitment to sustainability ensures that its products are made from environmentally friendly materials and produced using responsible manufacturing practices.
Benefits
Investing in Marimekko offers several benefits, including exposure to a growing and profitable fashion industry, access to a strong brand with a global presence, and the opportunity to support a company that is committed to sustainability and social responsibility.
The company's financial performance has been strong in recent years, with increasing revenue and profitability driven by its successful product range and expanding distribution channels. Additionally, Marimekko's commitment to innovation and sustainability provides a competitive edge in the market and opportunities for future growth.
Marimekko is a premium fashion brand that offers a unique combination of style, functionality, and sustainability. With its strong focus on innovation and social responsibility, the company is well-positioned for long-term success and provides investors with a compelling opportunity to participate in the growth of a leading fashion brand.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 40.6 | 40.6 | 40.6 | 40.6 | 40.6 | 40.6 | 40.6 |
| Target Valuation (MEur) | 319.9 | 288.9 | 289.5 | 304.9 | 299.1 | 371.3 | 371.3 |
| Targer Price | 7.88 | 7.11 | 7.12 | 7.5 | 7.36 | 9.13 | 9.13 |
| Potential, % | -10.0 | -46.6 | -41.2 | -42.0 | -29.7 | -12.7 | -12.7 |
| Recommendation | Hold | Sell | Sell | Sell | Sell | Hold | Hold |
| MCAP (MEur) | 355.4 | 541.0 | 492.7 | 526.0 | 425.2 | 425.2 | 425.2 |
| Price | 8.76 | 13.31 | 12.12 | 12.94 | 10.46 | 10.46 | 10.46 |
| EV | 357.0 | 537.0 | 483.0 | 519.0 | 409.0 | 370.0 | 325.0 |
| P/S | 2.13 | 3.11 | 2.7 | 2.77 | 2.18 | 2.2 | 2.28 |
| EV/S | 2.14 | 3.08 | 2.64 | 2.74 | 2.1 | 1.91 | 1.75 |
| EV/EBIT | 11.79 | 17.1 | 15.39 | 16.32 | 11.36 | 9.3 | 7.84 |
| P/E | 15.65 | 22.92 | 20.21 | 21.56 | 14.71 | 13.35 | 12.82 |
| P/B | 6.41 | 8.23 | 6.52 | 7.08 | 4.16 | 3.17 | 2.54 |
| P/OCF | 17.65 | 18.39 | 16.93 | 15.25 | 25.8 | 10.23 | 8.9 |
| EV/OCF | 17.71 | 18.25 | 16.59 | 15.05 | 24.8 | 8.9 | 6.81 |
| P/FCF | 18.57 | 19.74 | 18.4 | 16.65 | 31.08 | 10.97 | 9.46 |
| EV/FCF | 18.63 | 19.59 | 18.04 | 16.43 | 29.88 | 9.55 | 7.23 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 166.5 | 174.1 | 182.6 | 189.6 | 195.1 | 193.7 | 186.2 |
| Rev. Growth, % | 9.4 | 4.6 | 4.9 | 3.8 | 2.9 | -0.7 | -3.9 |
| Ebit | 30.2 | 31.4 | 31.4 | 31.8 | 36.0 | 39.8 | 41.4 |
| Ebit Growth, % | -5.6 | 4.0 | 0.0 | 1.3 | 13.2 | 10.6 | 4.0 |
| Ebit, % | 18.1 | 18.0 | 17.2 | 16.8 | 18.5 | 20.5 | 22.2 |
| Profit | 22.7 | 23.6 | 24.4 | 24.4 | 28.9 | 31.8 | 33.2 |
| EPS | 0.56 | 0.58 | 0.6 | 0.6 | 0.71 | 0.78 | 0.82 |
| Profit Growth, % | -9.2 | 4.0 | 3.4 | 0.0 | 18.4 | 10.0 | 4.4 |
| Profit, % | 13.6 | 13.6 | 13.4 | 12.9 | 14.8 | 16.4 | 17.8 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 33.8 | 29.3 | 35.4 | 35.6 | 47.2 | 50.1 | 56.7 |
| Acc. Receivable | 12.0 | 19.7 | 17.7 | 20.7 | 24.2 | 26.4 | 27.3 |
| Cash | 32.7 | 37.0 | 40.4 | 36.6 | 47.3 | 86.0 | 131.0 |
| Equity | 55.4 | 65.7 | 75.5 | 74.3 | 102.2 | 134.0 | 167.2 |
| ROE, % | 41.0 | 35.9 | 32.3 | 32.8 | 28.3 | 23.7 | 19.9 |
| ROCE, % | 33.8 | 31.8 | 29.6 | 30.6 | 27.1 | 24.1 | 20.9 |
| Net Debt | 1.2 | -4.1 | -9.7 | -6.9 | -16.4 | -55.2 | -100.1 |
| Gearing, % | 2.2 | -6.3 | -12.9 | -9.3 | -16.1 | -41.2 | -59.9 |
| Equity ratio, % | 48.4 | 53.3 | 57.9 | 57.0 | 68.2 | 76.6 | 81.8 |
| Acc. Payable | 24.8 | 24.6 | 24.2 | 26.4 | 21.3 | 13.1 | 8.8 |
| Total Assets | 114.6 | 123.3 | 130.3 | 130.4 | 149.9 | 175.0 | 204.4 |
| ROA, % | 19.8 | 19.1 | 18.7 | 18.7 | 19.3 | 18.2 | 16.2 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 20.1 | 29.4 | 29.1 | 34.5 | 16.5 | 41.6 | 47.8 |
| Investment Cash Flow | -1.0 | -2.0 | -2.3 | -2.9 | -2.8 | -2.8 | -2.8 |
| Free Cash Flow | 19.1 | 27.4 | 26.8 | 31.6 | 13.7 | 38.8 | 45.0 |
| OCF/CAPEX | 20.16 | 14.53 | 12.49 | 11.9 | 5.89 | 14.84 | 17.05 |
| Financial Cash Flow | -45.9 | -22.6 | -23.6 | -35.0 | -3.3 | 0.0 | 0.0 |
Disclaimer
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