Company Overview
Nurminen Logistics is a Finnish logistics company that specializes in rail transportation and supply chain management. With its strong presence in the Nordic region, the company aims to provide efficient and reliable services to its customers. Nurminen Logistics' primary mission is to offer high-quality logistics solutions that enhance customer competitiveness. The company's core values include innovation, sustainability, and customer satisfaction. By focusing on these principles, Nurminen Logistics strives to become a leading player in the Nordic logistics market.
Key Products/Services
Nurminen Logistics offers a range of products and services that cater to the needs of its customers. Some of its key offerings include:
- Rail transportation services: Nurminen Logistics provides efficient rail transportation solutions for goods, including containerized cargo and bulk materials.
- Supply chain management: The company offers comprehensive supply chain management services, including warehousing, inventory management, and freight forwarding.
- Logistics consulting: Nurminen Logistics provides expert logistics consulting services to help customers optimize their supply chains and improve operational efficiency.
The benefits of using Nurminen Logistics' products and services include improved delivery times, reduced costs, and enhanced customer satisfaction. By leveraging the company's expertise in rail transportation and supply chain management, businesses can gain a competitive edge in the market.
Overall, Nurminen Logistics is well-positioned for long-term success and offers investors an attractive opportunity to participate in the growth of a leading logistics company in the Nordic region.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 78.0 | 78.1 | 78.2 | 80.7 | 80.7 | 80.7 | 80.7 |
| Target Valuation (MEur) | 134.8 | 192.1 | 188.1 | 139.4 | 109.1 | 72.5 | 72.5 |
| Targer Price | 1.73 | 2.46 | 2.41 | 1.73 | 1.35 | 0.9 | 0.9 |
| Potential, % | 188.0 | 95.2 | 129.1 | 82.5 | 127.8 | 51.4 | 51.4 |
| Recommendation | Buy | Buy | Buy | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 46.8 | 98.4 | 82.1 | 76.4 | 47.9 | 47.9 | 47.9 |
| Price | 0.6 | 1.26 | 1.05 | 0.95 | 0.59 | 0.59 | 0.59 |
| EV | 76.0 | 134.0 | 112.0 | 98.0 | 68.0 | 61.0 | 59.0 |
| P/S | 0.38 | 0.77 | 0.78 | 0.7 | 0.47 | 0.52 | 0.58 |
| EV/S | 0.62 | 1.05 | 1.07 | 0.89 | 0.66 | 0.66 | 0.72 |
| EV/EBIT | 22.23 | 4.05 | 5.79 | 6.71 | 6.49 | 18.79 | -11.85 |
| P/E | 31.81 | 4.23 | 6.28 | 11.71 | 7.52 | 18.65 | -12.01 |
| P/B | 3.63 | 3.58 | 2.52 | 2.22 | 1.22 | 1.14 | 1.27 |
| P/OCF | 8.95 | 3.88 | 6.92 | 3.8 | 5.01 | 3.16 | 5.03 |
| EV/OCF | 14.48 | 5.28 | 9.41 | 4.87 | 7.06 | 3.99 | 6.21 |
| P/FCF | 10.5 | 3.53 | 5.44 | 5.73 | 10.44 | 6.8 | 34.43 |
| EV/FCF | 16.99 | 4.81 | 7.39 | 7.34 | 14.72 | 8.58 | 42.47 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 122.5 | 128.0 | 104.8 | 109.4 | 102.6 | 91.7 | 82.5 |
| Rev. Growth, % | -13.3 | 4.5 | -18.1 | 4.4 | -6.2 | -10.6 | -10.0 |
| Ebit | 3.4 | 33.1 | 19.3 | 14.6 | 10.4 | 3.2 | -5.0 |
| Ebit Growth, % | -64.6 | 873.5 | -41.7 | -24.4 | -28.8 | -69.2 | -256.2 |
| Ebit, % | 2.8 | 25.9 | 18.4 | 13.3 | 10.1 | 3.5 | -6.1 |
| Profit | 1.5 | 23.3 | 13.1 | 6.5 | 6.4 | 2.6 | -4.0 |
| EPS | 0.02 | 0.3 | 0.17 | 0.08 | 0.08 | 0.03 | -0.05 |
| Profit Growth, % | -89.1 | 1453.3 | -43.8 | -50.4 | -1.5 | -59.4 | -253.8 |
| Profit, % | 1.2 | 18.2 | 12.5 | 5.9 | 6.2 | 2.8 | -4.8 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.2 | 1.1 | 1.1 | 1.1 | 1.8 | 1.9 | 2.4 |
| Acc. Receivable | 9.1 | 11.9 | 12.9 | 10.4 | 12.5 | 14.5 | 16.1 |
| Cash | 6.1 | 12.8 | 16.3 | 20.3 | 19.2 | 26.3 | 27.6 |
| Equity | 12.9 | 27.5 | 32.6 | 34.4 | 39.3 | 41.9 | 37.9 |
| ROE, % | 11.6 | 84.7 | 40.2 | 18.9 | 16.3 | 6.2 | -10.6 |
| ROCE, % | 7.1 | 43.6 | 24.6 | 19.2 | 13.3 | 4.0 | -6.5 |
| Net Debt | 28.9 | 35.6 | 29.5 | 21.4 | 19.6 | 12.6 | 11.2 |
| Gearing, % | 224.4 | 129.5 | 90.7 | 62.3 | 49.9 | 30.0 | 29.5 |
| Equity ratio, % | 18.5 | 24.2 | 32.1 | 35.4 | 37.2 | 38.8 | 39.9 |
| Acc. Payable | 10.3 | 16.5 | 11.7 | 10.7 | 9.4 | 6.4 | 3.0 |
| Total Assets | 69.7 | 113.8 | 101.5 | 97.3 | 105.6 | 108.0 | 94.9 |
| ROA, % | 2.2 | 20.5 | 12.9 | 6.7 | 6.1 | 2.4 | -4.2 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5.2 | 25.4 | 11.9 | 20.1 | 9.6 | 15.2 | 9.5 |
| Investment Cash Flow | -0.8 | 2.5 | 3.2 | -6.8 | -5.0 | -8.1 | -8.1 |
| Free Cash Flow | 4.5 | 27.9 | 15.1 | 13.3 | 4.6 | 7.1 | 1.4 |
| OCF/CAPEX | 6.76 | 0.0 | 0.0 | 2.97 | 1.92 | 1.87 | 1.17 |
| Financial Cash Flow | -5.3 | -21.2 | -11.6 | -9.3 | -5.7 | 0.0 | 0.0 |
Disclaimer
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