Company Overview
Olvi Group is a leading Finnish beverage company that has been a part of the country's food and drink culture for over 90 years. With its rich history and commitment to quality, Olvi has established itself as a trusted brand in the Nordic region. The company's primary mission is to create high-quality beverages that bring people together and make life more enjoyable. At the heart of Olvi's values are its core principles of innovation, sustainability, and customer satisfaction. By embracing these values, Olvi aims to become the most popular beverage company in the Nordic region.
Key Products/Services
Olvi Group offers a wide range of beverages that cater to different tastes and preferences. Its flagship brands include Olvi, Le Coq, CÄ“su Alus, and Volfas Engelman, among others. These brands are known for their high-quality ingredients, unique flavor profiles, and commitment to sustainability. Some of the key products/services offered by Olvi include:
- Olvi: A popular Finnish beer brand that is known for its crisp taste and refreshing quality.
- Le Coq: A French-inspired beer brand that offers a range of flavors and styles.
- CÄ“su Alus: A Latvian-style lager that is brewed using traditional methods and high-quality ingredients.
- Volfas Engelman: A Lithuanian-style beer brand that offers a range of flavors and styles.
These beverages are available in various formats, including bottles, cans, and draught. Olvi also offers a range of soft drinks, juices, and other beverages that cater to different tastes and preferences.
Benefits
Olvi's products and services offer several benefits to customers, including:
- High-quality ingredients: Olvi uses only the finest ingredients in its beverages, ensuring a consistent taste and quality experience.
- Innovation: Olvi is committed to innovation and has introduced several new products and flavors over the years, keeping its offerings fresh and exciting.
- Sustainability: Olvi prioritizes sustainability and has implemented various initiatives to reduce its environmental impact, such as using eco-friendly packaging and reducing waste.
- Customer satisfaction: Olvi is committed to customer satisfaction and has a strong focus on delivering excellent customer service and support.
Overall, Olvi Group offers a wide range of high-quality beverages that cater to different tastes and preferences. With its commitment to innovation, sustainability, and customer satisfaction, Olvi is well-positioned for long-term success in the Nordic region.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 20.7 | 20.7 | 20.7 | 20.7 | 20.7 | 20.7 | 20.7 |
| Target Valuation (MEur) | 248.3 | 407.2 | 443.3 | 453.7 | 330.6 | 208.2 | 208.2 |
| Targer Price | 11.98 | 19.65 | 21.39 | 21.89 | 15.95 | 10.05 | 10.05 |
| Potential, % | -63.9 | -30.0 | -27.2 | -30.2 | -51.4 | -69.4 | -69.4 |
| Recommendation | Sell | Sell | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 686.9 | 581.3 | 609.2 | 649.6 | 679.7 | 679.7 | 679.7 |
| Price | 33.15 | 28.05 | 29.4 | 31.35 | 32.8 | 32.8 | 32.8 |
| EV | 630.0 | 557.0 | 569.0 | 636.0 | 643.0 | 592.0 | 523.0 |
| P/S | 1.31 | 0.92 | 0.93 | 0.98 | 1.01 | 1.02 | 1.03 |
| EV/S | 1.2 | 0.88 | 0.87 | 0.96 | 0.95 | 0.89 | 0.79 |
| EV/EBIT | 14.2 | 8.29 | 6.99 | 7.77 | 7.78 | 7.08 | 6.32 |
| P/E | 20.22 | 12.05 | 9.76 | 10.02 | 10.7 | 10.15 | 10.26 |
| P/B | 2.44 | 2.01 | 1.88 | 1.76 | 1.59 | 1.37 | 1.21 |
| P/OCF | 10.23 | 20.79 | 7.08 | 8.04 | 6.9 | 6.94 | 5.9 |
| EV/OCF | 9.38 | 19.91 | 6.61 | 7.87 | 6.53 | 6.04 | 4.54 |
| P/FCF | 22.71 | 1943.99 | 12.83 | 24.17 | 36.72 | 13.23 | 9.91 |
| EV/FCF | 20.82 | 1861.73 | 11.98 | 23.66 | 34.74 | 11.52 | 7.63 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 522.8 | 630.6 | 656.9 | 665.3 | 675.1 | 667.9 | 661.9 |
| Rev. Growth, % | 13.1 | 20.6 | 4.2 | 1.3 | 1.5 | -1.1 | -0.9 |
| Ebit | 44.3 | 67.1 | 81.4 | 81.8 | 82.7 | 83.6 | 82.8 |
| Ebit Growth, % | -25.4 | 51.5 | 21.3 | 0.5 | 1.1 | 1.1 | -1.0 |
| Ebit, % | 8.5 | 10.6 | 12.4 | 12.3 | 12.3 | 12.5 | 12.5 |
| Profit | 34.0 | 48.2 | 62.4 | 64.8 | 63.5 | 67.0 | 66.3 |
| EPS | 1.64 | 2.33 | 3.01 | 3.13 | 3.06 | 3.23 | 3.2 |
| Profit Growth, % | -29.8 | 41.8 | 29.5 | 3.8 | -2.0 | 5.5 | -1.0 |
| Profit, % | 6.5 | 7.6 | 9.5 | 9.7 | 9.4 | 10.0 | 10.0 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 70.9 | 74.2 | 76.2 | 78.0 | 75.7 | 76.1 | 76.3 |
| Acc. Receivable | 109.7 | 125.8 | 131.5 | 162.5 | 163.8 | 165.4 | 166.9 |
| Cash | 61.2 | 31.5 | 50.8 | 56.3 | 138.8 | 190.2 | 258.7 |
| Equity | 281.7 | 289.3 | 324.2 | 369.4 | 428.6 | 495.6 | 561.9 |
| ROE, % | 12.1 | 16.7 | 19.2 | 17.5 | 14.8 | 13.5 | 11.8 |
| ROCE, % | 15.5 | 22.7 | 24.3 | 19.9 | 15.6 | 14.0 | 12.5 |
| Net Debt | -57.2 | -24.6 | -40.2 | -13.7 | -36.6 | -87.9 | -156.5 |
| Gearing, % | -20.3 | -8.5 | -12.4 | -3.7 | -8.5 | -17.7 | -27.9 |
| Equity ratio, % | 57.5 | 59.0 | 60.1 | 60.8 | 59.9 | 62.8 | 65.5 |
| Acc. Payable | 186.4 | 178.8 | 187.1 | 182.5 | 199.4 | 202.6 | 203.4 |
| Total Assets | 489.7 | 490.0 | 539.6 | 607.8 | 715.6 | 788.8 | 857.6 |
| ROA, % | 6.9 | 9.8 | 11.6 | 10.7 | 8.9 | 8.5 | 7.7 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 67.2 | 28.0 | 86.1 | 80.8 | 98.5 | 97.9 | 115.1 |
| Investment Cash Flow | -36.9 | -27.7 | -38.6 | -53.9 | -80.0 | -46.6 | -46.6 |
| Free Cash Flow | 30.2 | 0.3 | 47.5 | 26.9 | 18.5 | 51.4 | 68.6 |
| OCF/CAPEX | 1.82 | 1.01 | 2.23 | 1.5 | 1.23 | 2.1 | 2.47 |
| Financial Cash Flow | -26.2 | -27.5 | -27.4 | -22.8 | 63.8 | 0.0 | 0.0 |
Disclaimer
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