Company Overview
Toivo Group is a Finnish public company specializing in real estate development, construction, and property management. The company was established in 2015 and has since become a leading player in the Finnish property market. Toivo Group's mission is to create value for its customers, employees, and shareholders through innovative and sustainable solutions. The company's core values include a commitment to excellence, customer satisfaction, and environmental responsibility.
Toivo Group offers a range of products and services, including residential and commercial properties, as well as property management and maintenance services. Their flagship product is the Toivo concept, which provides high-quality, affordable housing solutions for low-income families. The company's properties are designed to be energy-efficient and environmentally friendly, reducing carbon emissions and promoting sustainable living.
Toivo Group's primary focus is on developing and managing properties in Finland, with a particular emphasis on urban areas and growth regions. The company has a strong presence in the Helsinki metropolitan area and has developed several successful projects, including residential complexes, office buildings, and retail spaces.
The company's products and services are designed to meet the needs of its customers, who include low-income families, students, and young professionals. Toivo Group's properties offer affordable prices, modern amenities, and a range of services, including maintenance and repair support.
Toivo Group is committed to creating value for its stakeholders through sustainable and responsible business practices. The company has implemented several initiatives to reduce its environmental impact, including energy-efficient building designs and renewable energy sources.
Key Products/Services
Toivo Group's key products and services include:
- Residential properties: Toivo Group offers a range of affordable residential properties, including apartments and houses, designed for low-income families and young professionals.
- Commercial properties: The company also develops commercial properties, including office buildings and retail spaces, to meet the needs of businesses and entrepreneurs.
- Property management: Toivo Group provides property management services, including maintenance and repair support, to ensure that its properties remain in good condition.
- Sustainable solutions: The company has implemented several initiatives to reduce its environmental impact, including energy-efficient building designs and renewable energy sources.
Benefits
Toivo Group's products and services offer several benefits, including:
- Affordable prices: Toivo Group's properties are designed to be affordable for low-income families and young professionals, making them an attractive option for those looking for a place to live.
- Modern amenities: The company's properties offer modern amenities, including energy-efficient systems and sustainable design features.
- Sustainable solutions: Toivo Group has implemented several initiatives to reduce its environmental impact, promoting sustainable living and responsible business practices.
- Customer satisfaction: The company is committed to providing excellent customer service, ensuring that its customers are satisfied with their properties and services.
Toivo Group presents an attractive investment opportunity for those looking to invest in the Finnish property market. The company's affordable prices, modern amenities, and sustainable solutions make it an attractive option for investors seeking long-term value creation.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 55.0 | 58.5 | 58.7 | 59.0 | 59.0 | 59.0 | 59.0 |
| Target Valuation (MEur) | 193.0 | 122.0 | 71.2 | 67.8 | 102.6 | 139.5 | 139.5 |
| Target Price | 3.51 | 2.08 | 1.21 | 1.15 | 1.74 | 2.37 | 2.37 |
| Potential, % | 171.1 | 81.3 | 20.1 | 21.9 | 102.0 | 174.6 | 174.6 |
| Recommendation | Buy | Buy | Hold | Hold | Buy | Buy | Buy |
| MCAP (MEur) | 71.2 | 67.3 | 59.3 | 55.6 | 50.8 | 50.8 | 50.8 |
| Price | 1.29 | 1.15 | 1.01 | 0.94 | 0.86 | 0.86 | 0.86 |
| EV | 164.0 | 170.0 | 95.0 | 111.0 | 135.0 | 151.0 | 164.0 |
| P/S | 3.5 | 1.54 | 1.49 | 0.9 | 0.68 | 0.57 | 0.55 |
| EV/S | 8.05 | 3.89 | 2.39 | 1.81 | 1.8 | 1.7 | 1.77 |
| EV/EBIT | 10.45 | 17.73 | 20.9 | 17.77 | 24.63 | 34.64 | 42.68 |
| P/E | 5.86 | 12.17 | 80.76 | 19.33 | 15.57 | 14.57 | 16.56 |
| P/B | 1.02 | 0.98 | 0.86 | 0.75 | 0.68 | 0.65 | 0.63 |
| P/OCF | -7.44 | 13.67 | 17.64 | -15.4 | -2.8 | -11.22 | -25.81 |
| EV/OCF | -17.08 | 34.53 | 28.25 | -30.9 | -7.44 | -33.3 | -83.2 |
| P/FCF | -1.45 | -4.55 | 7.22 | -2.98 | -2.07 | -3.26 | -3.9 |
| EV/FCF | -3.33 | -11.49 | 11.57 | -5.98 | -5.49 | -9.67 | -12.57 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 20.3 | 43.7 | 39.8 | 61.7 | 75.2 | 88.6 | 92.6 |
| Rev. Growth, % | 49.3 | 115.3 | -8.9 | 55.0 | 21.9 | 17.8 | 4.5 |
| Ebit | 15.6 | 9.6 | 4.5 | 6.3 | 5.5 | 4.4 | 3.8 |
| Ebit Growth, % | -1.3 | -38.5 | -53.1 | 40.0 | -12.7 | -20.0 | -13.6 |
| Ebit, % | 76.8 | 22.0 | 11.3 | 10.2 | 7.3 | 5.0 | 4.1 |
| Profit | 12.1 | 5.5 | 0.7 | 2.9 | 3.3 | 3.5 | 3.1 |
| EPS | 0.22 | 0.09 | 0.01 | 0.05 | 0.06 | 0.06 | 0.05 |
| Profit Growth, % | 0.0 | -54.5 | -87.3 | 314.3 | 13.8 | 6.1 | -11.4 |
| Profit, % | 59.6 | 12.6 | 1.8 | 4.7 | 4.4 | 4.0 | 3.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 15.0 | 13.3 | 10.5 | 25.7 | 42.6 | 50.5 | 52.6 |
| Acc. Receivable | 9.7 | 8.6 | 11.6 | 15.4 | 15.3 | 15.8 | 14.6 |
| Cash | 6.4 | 5.4 | 11.7 | 13.2 | -0.2 | -15.8 | -28.9 |
| Equity | 69.8 | 68.6 | 69.2 | 73.6 | 74.4 | 77.9 | 81.0 |
| ROE, % | 17.3 | 8.0 | 1.0 | 3.9 | 4.4 | 4.5 | 3.8 |
| ROCE, % | 9.3 | 5.4 | 3.9 | 4.4 | 3.5 | 2.7 | 2.3 |
| Net Debt | 92.3 | 102.7 | 35.7 | 55.9 | 84.4 | 100.0 | 113.1 |
| Gearing, % | 132.2 | 149.7 | 51.6 | 75.9 | 113.4 | 128.4 | 139.6 |
| Equity ratio, % | 37.2 | 35.7 | 47.9 | 43.7 | 41.9 | 44.0 | 49.7 |
| Acc. Payable | 12.3 | 9.6 | 11.6 | 19.7 | 4.1 | 1.0 | 0.4 |
| Total Assets | 187.7 | 192.1 | 144.5 | 168.6 | 177.4 | 177.0 | 162.9 |
| ROA, % | 6.4 | 2.9 | 0.5 | 1.7 | 1.9 | 2.0 | 1.9 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -9.6 | 4.9 | 3.4 | -3.6 | -18.2 | -4.5 | -2.0 |
| Investment Cash Flow | -39.5 | -19.7 | 4.8 | -15.0 | -6.4 | -11.1 | -11.1 |
| Free Cash Flow | -49.0 | -14.8 | 8.2 | -18.7 | -24.6 | -15.6 | -13.0 |
| OCF/CAPEX | 0.0 | 0.25 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Financial Cash Flow | 40.2 | 13.7 | -1.9 | 20.2 | 11.2 | 0.0 | 0.0 |
Disclaimer
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