Company Overview
Tokmanni Group Oyj is a Finnish retail company that operates in the Nordic region, specializing in variety stores and discount retailers. The company was founded in 1992 and has since grown to become one of the leading retail companies in Finland.
Tokmanni's primary mission is to provide high-quality products at competitive prices to its customers, while maintaining a strong focus on customer satisfaction and loyalty. The company's core values include a commitment to excellence, innovation, and sustainability.
The company's product portfolio includes a wide range of categories, including clothing, home goods, electronics, and more. Tokmanni's products are designed to meet the needs of its customers, with a focus on quality, style, and affordability.
Tokmanni's services include in-store shopping, online shopping, and a loyalty program that rewards customers for their purchases. The company also offers a range of value-added services, including gift wrapping and product demonstrations.
Key Products/Services
Tokmanni's key products include:
- Clothing: Tokmanni offers a wide range of clothing for men, women, and children, from casual wear to formal attire.
- Home Goods: The company offers a variety of home goods, including furniture, bedding, and kitchenware.
- Electronics: Tokmanni carries a selection of electronics, including smartphones, laptops, and tablets.
Tokmanni's services include:
- In-Store Shopping: Customers can shop in-store or online, with the option to reserve products for in-store pickup.
- Online Shopping: Tokmanni offers a user-friendly online shopping platform with fast and secure checkout.
- Loyalty Program: The company's loyalty program rewards customers for their purchases, offering points that can be redeemed for discounts and other rewards.
Benefits
Tokmanni's products and services offer a range of benefits to its customers, including:
- Competitive Prices: Tokmanni offers high-quality products at competitive prices, making it an attractive option for budget-conscious consumers.
- Wide Selection: The company's wide selection of products ensures that customers can find what they need, whether it's clothing, home goods, or electronics.
- Convenient Shopping Options: Tokmanni's in-store and online shopping options make it easy for customers to shop from the comfort of their own homes.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 58.9 | 58.9 | 58.9 | 58.9 | 58.9 | 58.9 | 58.9 |
| Target Valuation (MEur) | 1003.2 | 862.8 | 813.5 | 813.0 | 948.9 | 1140.8 | 1140.8 |
| Target Price | 17.04 | 14.65 | 13.82 | 13.81 | 16.12 | 19.38 | 19.38 |
| Potential, % | 50.9 | 0.2 | 14.1 | 78.6 | 136.2 | 183.9 | 183.9 |
| Recommendation | Buy | Hold | Hold | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 664.6 | 860.9 | 713.0 | 455.1 | 401.8 | 401.8 | 401.8 |
| Price | 11.29 | 14.62 | 12.11 | 7.73 | 6.83 | 6.83 | 6.83 |
| EV | 765.0 | 1026.0 | 968.0 | 701.0 | 558.0 | 412.0 | 268.0 |
| P/S | 0.57 | 0.62 | 0.43 | 0.26 | 0.23 | 0.23 | 0.22 |
| EV/S | 0.65 | 0.74 | 0.58 | 0.41 | 0.31 | 0.23 | 0.15 |
| EV/EBIT | 9.1 | 11.02 | 9.73 | 8.38 | 6.69 | 5.26 | 3.61 |
| P/E | 11.32 | 15.91 | 14.73 | 12.57 | 9.03 | 6.41 | 6.76 |
| P/B | 2.69 | 3.24 | 2.71 | 1.59 | 1.4 | 1.15 | 0.98 |
| P/OCF | 7.7 | 3.91 | 8.0 | 3.26 | 2.35 | 2.32 | 2.35 |
| EV/OCF | 8.86 | 4.66 | 10.87 | 5.02 | 3.26 | 2.38 | 1.57 |
| P/FCF | 21.03 | 16.18 | 14.04 | 3.46 | 2.79 | 2.75 | 2.8 |
| EV/FCF | 24.21 | 19.29 | 19.06 | 5.33 | 3.87 | 2.82 | 1.87 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 1168.0 | 1392.6 | 1674.8 | 1728.3 | 1778.5 | 1757.6 | 1787.7 |
| Rev. Growth, % | 0.4 | 19.2 | 20.3 | 3.2 | 2.9 | -1.2 | 1.7 |
| Ebit | 84.1 | 93.1 | 99.5 | 83.6 | 83.4 | 78.4 | 74.3 |
| Ebit Growth, % | -8.6 | 10.7 | 6.9 | -16.0 | -0.2 | -6.0 | -5.2 |
| Ebit, % | 7.2 | 6.7 | 5.9 | 4.8 | 4.7 | 4.5 | 4.2 |
| Profit | 58.7 | 54.1 | 48.4 | 36.2 | 44.5 | 62.7 | 59.4 |
| EPS | 1.0 | 0.92 | 0.82 | 0.61 | 0.76 | 1.07 | 1.01 |
| Profit Growth, % | -10.0 | -7.8 | -10.5 | -25.2 | 22.9 | 40.9 | -5.3 |
| Profit, % | 5.0 | 3.9 | 2.9 | 2.1 | 2.5 | 3.6 | 3.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 281.3 | 342.9 | 428.4 | 424.8 | 404.4 | 420.0 | 422.6 |
| Acc. Receivable | 26.4 | 31.0 | 29.1 | 38.6 | 30.9 | 31.5 | 30.5 |
| Cash | 9.1 | 133.7 | 15.9 | 69.4 | 137.9 | 284.1 | 427.6 |
| Equity | 247.0 | 265.4 | 263.1 | 286.0 | 286.4 | 349.1 | 408.5 |
| ROE, % | 23.8 | 20.4 | 18.4 | 12.7 | 15.5 | 18.0 | 14.5 |
| ROCE, % | 23.6 | 16.5 | 18.6 | 13.9 | 14.4 | 12.2 | 10.6 |
| Net Debt | 100.4 | 165.3 | 255.3 | 245.6 | 156.4 | 10.2 | -133.3 |
| Gearing, % | 40.6 | 62.3 | 97.0 | 85.9 | 54.6 | 2.9 | -32.6 |
| Equity ratio, % | 31.1 | 18.8 | 19.1 | 19.1 | 18.5 | 22.2 | 24.3 |
| Acc. Payable | 148.5 | 259.9 | 266.6 | 240.0 | 268.2 | 255.2 | 265.9 |
| Total Assets | 793.8 | 1410.3 | 1376.3 | 1495.9 | 1550.5 | 1575.0 | 1682.8 |
| ROA, % | 7.4 | 3.8 | 3.5 | 2.4 | 2.9 | 4.0 | 3.5 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 86.3 | 220.2 | 89.1 | 139.5 | 171.3 | 173.4 | 170.8 |
| Investment Cash Flow | -54.7 | -167.0 | -38.3 | -8.1 | -27.2 | -27.2 | -27.2 |
| Free Cash Flow | 31.6 | 53.2 | 50.8 | 131.4 | 144.1 | 146.2 | 143.6 |
| OCF/CAPEX | 1.58 | 1.32 | 2.33 | 17.22 | 6.3 | 6.37 | 6.28 |
| Financial Cash Flow | -103.7 | 70.7 | -168.2 | -78.8 | -87.3 | 0.0 | 0.0 |
Disclaimer
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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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