Company Overview
Orthex Group is a leading Finnish company specializing in kitchen organization solutions and storage products. With over 40 years of experience, the company has established itself as a trusted partner for homeowners and professionals alike.
The primary mission of Orthex Group is to provide high-quality, functional, and sustainable kitchen organization solutions that enhance the user's experience and promote a healthy lifestyle. The core values of the company include innovation, quality, customer satisfaction, and environmental responsibility.
Key Products/Services
Orthex Group offers a wide range of products and services designed to meet the needs of various customers, including homeowners, professionals, and businesses. Some of the key products and services include:
- SmartStore - a comprehensive kitchen organization system featuring modular storage solutions, shelves, and cabinets.
- GastroMax - a range of kitchen utensils designed for efficient cooking and food preparation.
- Orthex - a brand of codin ja indoor and outdoor furniture that combines functionality with style.
- KökskungenTM - a premium kitchen utensil brand offering high-quality products for professional chefs and home cooks alike.
The benefits of Orthex Group's products and services include improved kitchen organization, increased efficiency, enhanced cooking experience, and sustainable design. By choosing Orthex, customers can enjoy a healthier lifestyle, reduced waste, and a more environmentally friendly product.
Investment Highlights
As an investment opportunity, Orthex Group presents several attractive features:
- Established brand with over 40 years of experience in the market.
- Diversified product portfolio catering to various customer segments.
- Strong presence in the Nordic region and growing international sales.
- Commitment to innovation, quality, and environmental responsibility.
The company's financial performance has been consistently strong, with a solid track record of growth and profitability. Orthex Group is well-positioned for continued success in the kitchen organization and storage products market.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 17.8 | 17.8 | 17.8 | 17.8 | 17.8 | 17.8 | 17.8 |
| Target Valuation (MEur) | 84.5 | 90.9 | 99.0 | 101.5 | 77.7 | 52.8 | 52.8 |
| Targer Price | 4.76 | 5.12 | 5.57 | 5.72 | 4.37 | 2.97 | 2.97 |
| Potential, % | 1.8 | -5.2 | 11.5 | 23.2 | 2.2 | -30.5 | -30.5 |
| Recommendation | Hold | Hold | Hold | Buy | Hold | Sell | Sell |
| MCAP (MEur) | 83.0 | 95.9 | 88.8 | 82.4 | 76.0 | 76.0 | 76.0 |
| Price | 4.67 | 5.4 | 5.0 | 4.64 | 4.28 | 4.28 | 4.28 |
| EV | 109.0 | 118.0 | 109.0 | 99.0 | 84.0 | 72.0 | 57.0 |
| P/S | 0.99 | 1.12 | 0.99 | 0.94 | 0.88 | 0.87 | 0.88 |
| EV/S | 1.3 | 1.38 | 1.22 | 1.14 | 0.98 | 0.82 | 0.66 |
| EV/EBIT | 17.61 | 10.99 | 11.09 | 10.14 | 7.92 | 6.39 | 5.24 |
| P/E | 28.41 | 13.92 | 14.53 | 12.16 | 9.23 | 8.47 | 8.72 |
| P/B | 2.79 | 2.78 | 2.48 | 2.04 | 1.57 | 1.33 | 1.15 |
| P/OCF | 13.44 | 9.43 | 7.52 | 6.68 | 5.05 | 4.13 | 3.78 |
| EV/OCF | 17.65 | 11.62 | 9.24 | 8.03 | 5.61 | 3.89 | 2.84 |
| P/FCF | 31.31 | 12.66 | 11.76 | 8.51 | 7.26 | 5.27 | 4.71 |
| EV/FCF | 41.11 | 15.6 | 14.45 | 10.23 | 8.06 | 4.96 | 3.54 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 84.0 | 85.9 | 89.7 | 87.2 | 86.0 | 87.0 | 86.5 |
| Rev. Growth, % | -5.3 | 2.3 | 4.4 | -2.8 | -1.4 | 1.2 | -0.6 |
| Ebit | 6.2 | 10.8 | 9.8 | 9.8 | 10.7 | 11.2 | 10.9 |
| Ebit Growth, % | -32.6 | 74.2 | -9.3 | 0.0 | 9.2 | 4.7 | -2.7 |
| Ebit, % | 7.4 | 12.6 | 10.9 | 11.2 | 12.4 | 12.9 | 12.6 |
| Profit | 2.9 | 6.9 | 6.1 | 6.8 | 8.2 | 9.0 | 8.7 |
| EPS | 0.16 | 0.39 | 0.34 | 0.38 | 0.46 | 0.51 | 0.49 |
| Profit Growth, % | -51.7 | 137.9 | -11.6 | 11.5 | 20.6 | 9.8 | -3.3 |
| Profit, % | 3.5 | 8.0 | 6.8 | 7.8 | 9.5 | 10.3 | 10.1 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 14.3 | 12.1 | 12.5 | 12.1 | 12.1 | 12.3 | 12.4 |
| Acc. Receivable | 13.4 | 17.9 | 18.0 | 16.0 | 16.4 | 16.9 | 17.2 |
| Cash | 10.3 | 11.6 | 10.5 | 11.8 | 19.5 | 32.3 | 46.8 |
| Equity | 29.7 | 34.4 | 35.8 | 40.4 | 48.4 | 57.4 | 66.1 |
| ROE, % | 9.8 | 20.1 | 17.0 | 16.8 | 16.9 | 15.7 | 13.2 |
| ROCE, % | 9.4 | 15.8 | 14.7 | 14.2 | 14.0 | 13.1 | 11.6 |
| Net Debt | 26.0 | 22.3 | 20.3 | 16.6 | 8.4 | -4.4 | -18.9 |
| Gearing, % | 87.5 | 64.8 | 56.6 | 41.2 | 17.3 | -7.7 | -28.6 |
| Equity ratio, % | 36.3 | 40.2 | 41.9 | 46.8 | 54.9 | 63.4 | 71.8 |
| Acc. Payable | 14.0 | 15.7 | 17.4 | 15.2 | 15.1 | 14.7 | 14.2 |
| Total Assets | 81.8 | 85.6 | 85.6 | 86.3 | 88.1 | 90.5 | 92.0 |
| ROA, % | 3.5 | 8.1 | 7.1 | 7.9 | 9.3 | 9.9 | 9.5 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 6.2 | 10.2 | 11.8 | 12.3 | 15.0 | 18.4 | 20.1 |
| Investment Cash Flow | -3.5 | -2.6 | -4.3 | -2.7 | -4.6 | -4.0 | -4.0 |
| Free Cash Flow | 2.7 | 7.6 | 7.6 | 9.7 | 10.5 | 14.4 | 16.1 |
| OCF/CAPEX | 1.75 | 3.92 | 2.77 | 4.64 | 3.29 | 4.62 | 5.05 |
| Financial Cash Flow | -6.0 | -6.3 | -8.3 | -8.6 | -1.7 | -1.6 | -1.6 |
Disclaimer
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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