Company Overview
Raisio is a Finnish multinational food company that operates in the industrial and consumer sectors. With a strong presence in Europe, the company has established itself as a leading innovator in the food industry, focusing on creating healthy and sustainable products for its customers.
The company's primary mission is to become a leading European food company, known for its commitment to innovation, sustainability, and customer satisfaction. Raisio's core values include a strong sense of responsibility, a passion for innovation, and a focus on delivering high-quality products that meet the needs of its customers.
Key Products/Services
Raisio offers a wide range of key products and services that cater to various customer segments. Some of its notable products include:
- Benicol, Elovena, and Sunnuntai: These are Raisio's flagship brands in the heart health and breakfast food categories, offering consumers healthy and delicious options.
- Plant-based solutions: Raisio's plant-based solutions provide customers with sustainable and innovative alternatives to traditional food products.
- Plant protein business: This business segment offers a range of protein-rich products that cater to the growing demand for healthy and sustainable food options.
Raisio's products are designed to meet the evolving needs of its customers, who prioritize health, sustainability, and taste. By offering a diverse portfolio of products, Raisio aims to become the go-to choice for consumers seeking high-quality and innovative food solutions.
Business Model
Raisio's business model is built around its industrial and consumer sectors, with a strong focus on innovation, sustainability, and customer satisfaction. The company operates through various channels, including:
- Raisio sells its products directly to consumers through various channels, including online platforms and retail stores.
- The company also produces its products in partnership with other manufacturers, expanding its reach and capacity.
- Raisio's business model is designed to be flexible and adaptable, allowing the company to respond quickly to changing market trends and customer needs.
By leveraging its industrial and consumer sectors, Raisio aims to become a leading European food company, known for its commitment to innovation, sustainability, and customer satisfaction.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 158.5 | 158.7 | 158.0 | 158.0 | 158.0 | 158.0 | 158.0 |
| Target Valuation (MEur) | 39.7 | 17.7 | 17.9 | 45.2 | 86.2 | 202.3 | 202.3 |
| Targer Price | 0.25 | 0.11 | 0.11 | 0.29 | 0.55 | 1.28 | 1.28 |
| Potential, % | -90.4 | -94.8 | -94.9 | -89.0 | -79.1 | -51.0 | -51.0 |
| Recommendation | Sell | Sell | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 415.3 | 341.3 | 353.9 | 410.8 | 413.2 | 413.2 | 413.2 |
| Price | 2.62 | 2.15 | 2.24 | 2.6 | 2.62 | 2.62 | 2.62 |
| EV | 374.0 | 285.0 | 284.0 | 335.0 | 312.0 | 280.0 | 243.0 |
| P/S | 1.86 | 1.55 | 1.56 | 1.83 | 1.83 | 1.84 | 1.84 |
| EV/S | 1.68 | 1.3 | 1.25 | 1.49 | 1.38 | 1.25 | 1.08 |
| EV/EBIT | 22.53 | 14.91 | 14.18 | 11.95 | 10.35 | 8.42 | 6.95 |
| P/E | 37.75 | 19.61 | 20.94 | 17.71 | 17.07 | 16.35 | 15.01 |
| P/B | 1.58 | 1.31 | 1.37 | 1.61 | 1.47 | 1.35 | 1.24 |
| P/OCF | 37.08 | 9.27 | 9.01 | 14.94 | 11.58 | 10.26 | 8.82 |
| EV/OCF | 33.39 | 7.74 | 7.22 | 12.17 | 8.73 | 6.96 | 5.18 |
| P/FCF | 296.61 | 9.45 | 10.96 | 14.78 | 15.04 | 12.34 | 10.32 |
| EV/FCF | 267.13 | 7.89 | 8.78 | 12.04 | 11.34 | 8.38 | 6.06 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 222.7 | 219.5 | 226.8 | 224.2 | 226.3 | 224.5 | 224.4 |
| Rev. Growth, % | 10.2 | -1.4 | 3.3 | -1.1 | 0.9 | -0.8 | -0.0 |
| Ebit | 16.6 | 19.1 | 20.0 | 28.0 | 30.1 | 33.3 | 34.9 |
| Ebit Growth, % | -12.6 | 15.1 | 4.7 | 40.0 | 7.5 | 10.6 | 4.8 |
| Ebit, % | 7.5 | 8.7 | 8.8 | 12.5 | 13.3 | 14.8 | 15.6 |
| Profit | 11.0 | 17.4 | 16.9 | 23.2 | 24.2 | 25.3 | 27.5 |
| EPS | 0.07 | 0.11 | 0.11 | 0.15 | 0.15 | 0.16 | 0.17 |
| Profit Growth, % | -40.2 | 58.2 | -2.9 | 37.3 | 4.3 | 4.5 | 8.7 |
| Profit, % | 4.9 | 7.9 | 7.5 | 10.3 | 10.7 | 11.3 | 12.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 42.8 | 34.3 | 29.8 | 32.8 | 34.1 | 35.4 | 36.3 |
| Acc. Receivable | 31.0 | 28.9 | 26.5 | 28.1 | 28.1 | 28.0 | 28.0 |
| Cash | 68.1 | 81.2 | 88.9 | 94.0 | 119.2 | 150.3 | 187.9 |
| Equity | 262.9 | 260.1 | 258.2 | 255.7 | 280.8 | 306.1 | 333.6 |
| ROE, % | 4.2 | 6.7 | 6.5 | 9.1 | 8.6 | 8.3 | 8.2 |
| ROCE, % | 5.7 | 6.7 | 7.2 | 10.2 | 10.1 | 10.3 | 9.9 |
| Net Debt | -41.3 | -56.4 | -70.2 | -76.2 | -101.7 | -132.8 | -170.4 |
| Gearing, % | -15.7 | -21.7 | -27.2 | -29.8 | -36.2 | -43.4 | -51.1 |
| Equity ratio, % | 79.2 | 80.3 | 80.3 | 79.9 | 84.4 | 87.7 | 90.1 |
| Acc. Payable | 31.1 | 26.5 | 28.8 | 31.2 | 31.4 | 27.7 | 24.2 |
| Total Assets | 331.9 | 323.8 | 321.4 | 319.9 | 332.7 | 348.9 | 370.1 |
| ROA, % | 3.3 | 5.4 | 5.3 | 7.3 | 7.3 | 7.3 | 7.4 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 11.2 | 36.8 | 39.3 | 27.5 | 35.7 | 40.3 | 46.8 |
| Investment Cash Flow | -9.8 | -0.7 | -7.0 | 0.3 | -8.2 | -6.8 | -6.8 |
| Free Cash Flow | 1.4 | 36.1 | 32.3 | 27.8 | 27.5 | 33.5 | 40.0 |
| OCF/CAPEX | 1.14 | 52.57 | 5.61 | 0.0 | 4.35 | 5.92 | 6.89 |
| Financial Cash Flow | -24.3 | -25.2 | -26.9 | -24.6 | -1.5 | -2.4 | -2.4 |
Disclaimer
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