Company Overview
Wetteri Plc is a Finnish public limited company that operates in the automotive trade sector, providing a range of products and services to both corporate and private customers. The company's business operations cover multi-brand representation of new passenger and commercial vehicles, nationwide spare parts, maintenance and repair operations, and used car business operations. Wetteri is one of Finland's largest car dealerships, with a customer base that spans across the country. The company has undergone significant transformations in recent years, including the acquisition of several subsidiaries and the sale of its heavy equipment business. Today, Wetteri continues to grow and expand its operations, driven by its commitment to providing excellent customer service and innovative solutions.
Primary Mission and Core Values
The primary mission of Wetteri Plc is to become a leading player in the Finnish automotive market, while maintaining a strong focus on customer satisfaction and operational excellence. The company's core values include:
- A commitment to providing excellent customer service and support.
- A passion for innovation and continuous improvement.
- A dedication to building long-term relationships with customers, suppliers, and partners.
- A focus on operational efficiency and sustainability.
- A culture of transparency, integrity, and accountability.
Key Products/Services and Their Benefits
Wetteri Plc offers a range of products and services that cater to the needs of both corporate and private customers. Some of the key products and services include:
- New passenger and commercial vehicles: Wetteri offers a wide range of new vehicles from leading manufacturers, providing customers with access to the latest models and technologies.
- Spare parts and maintenance services: The company provides nationwide spare parts and maintenance services, ensuring that customers can get back on the road quickly and efficiently.
- Used car business operations: Wetteri's used car business offers customers a range of pre-owned vehicles at competitive prices, providing an affordable alternative to new cars.
- Heavy vehicle sales and maintenance operations: Although the company has sold its heavy equipment business, it still maintains a presence in this market, offering customers access to a range of heavy-duty vehicles and services.
The benefits of Wetteri's products and services include:
- Convenience: Wetteri offers a one-stop-shop experience for customers, providing access to a wide range of products and services under one roof.
- Quality: The company's commitment to quality ensures that customers receive high-quality products and services that meet their needs.
- Value: Wetteri's prices are competitive, offering customers value for money without compromising on quality.
- Innovation: The company's focus on innovation ensures that customers have access to the latest technologies and solutions.
Sustainability and Social Responsibility
Wetteri Plc is committed to sustainability and social responsibility, with a focus on:
- Environmental sustainability: The company aims to reduce its environmental impact through the use of sustainable practices and technologies.
- Social responsibility: Wetteri prioritizes social responsibility, ensuring that its operations are fair and equitable for all stakeholders.
- Community engagement: The company engages with local communities, supporting initiatives that promote economic growth and development.
Wetteri Plc is a leading player in the Finnish automotive market, with a strong focus on customer satisfaction and operational excellence. The company's commitment to sustainability and social responsibility ensures that it remains a responsible business partner and contributor to the community. With its solid financial position and access to financing options, Wetteri Plc is well-positioned for long-term success.
Valuation
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Number of Shares (million) | 140.9 | 157.1 | 160.0 | 160.0 | 160.0 | 160.0 |
| Target Valuation (MEur) | 100.8 | 62.8 | 18.2 | 13.0 | 16.4 | 16.4 |
| Targer Price | 0.72 | 0.4 | 0.11 | 0.08 | 0.1 | 0.1 |
| Potential, % | 29.6 | 42.7 | -34.5 | -53.9 | -41.8 | -41.8 |
| Recommendation | Buy | Buy | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 77.8 | 44.0 | 27.8 | 28.2 | 28.2 | 28.2 |
| Price | 0.55 | 0.28 | 0.17 | 0.18 | 0.18 | 0.18 |
| EV | 209.0 | 171.0 | 111.0 | 110.0 | 115.0 | 123.0 |
| P/S | 0.19 | 0.09 | 0.06 | 0.07 | 0.07 | 0.07 |
| EV/S | 0.5 | 0.34 | 0.26 | 0.26 | 0.27 | 0.31 |
| EV/EBIT | 59.51 | -343.66 | -12.17 | -13.2 | -12.89 | -11.47 |
| P/E | -17.49 | -6.07 | -2.02 | -3.45 | -3.94 | -3.29 |
| P/B | 2.29 | 1.35 | 0.86 | 1.04 | 1.41 | 2.46 |
| P/OCF | 7.04 | 2.12 | 1.87 | 2.2 | 4.42 | 7.07 |
| EV/OCF | 18.96 | 8.23 | 7.49 | 8.59 | 18.06 | 30.84 |
| P/FCF | -13.18 | 1.53 | 0.72 | 2.65 | 6.44 | 14.19 |
| EV/FCF | -35.5 | 5.93 | 2.88 | 10.35 | 26.31 | 61.87 |
Income Statement
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Revenue | 417.4 | 496.7 | 434.1 | 425.3 | 421.8 | 401.6 |
| Rev. Growth, % | 0.0 | 19.0 | -12.6 | -2.0 | -0.8 | -4.8 |
| Ebit | 3.5 | -0.5 | -9.2 | -8.3 | -8.9 | -10.7 |
| Ebit Growth, % | 0.0 | -114.3 | -1740.0 | 9.8 | -7.2 | -20.2 |
| Ebit, % | 0.8 | -0.1 | -2.1 | -2.0 | -2.1 | -2.7 |
| Profit | -4.4 | -7.2 | -13.7 | -8.2 | -7.2 | -8.6 |
| EPS | -0.03 | -0.05 | -0.09 | -0.05 | -0.05 | -0.05 |
| Profit Growth, % | 0.0 | -63.6 | -90.3 | 40.1 | 12.2 | -19.4 |
| Profit, % | -1.1 | -1.4 | -3.2 | -1.9 | -1.7 | -2.1 |
Balance Sheet
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Inventory | 77.8 | 77.9 | 55.8 | 56.4 | 54.8 | 49.6 |
| Acc. Receivable | 28.2 | 20.3 | 19.0 | 22.9 | 23.1 | 22.7 |
| Cash | 0.9 | 1.5 | 1.2 | 1.7 | -3.6 | -11.3 |
| Equity | 33.9 | 32.5 | 32.2 | 27.2 | 20.0 | 11.5 |
| ROE, % | -13.0 | -22.2 | -42.5 | -30.1 | -36.0 | -74.8 |
| ROCE, % | 2.1 | -0.3 | -7.9 | -7.5 | -8.6 | -11.3 |
| Net Debt | 131.7 | 126.8 | 83.6 | 81.6 | 86.9 | 94.6 |
| Gearing, % | 388.2 | 390.3 | 259.2 | 300.4 | 434.1 | 825.2 |
| Equity ratio, % | 15.8 | 14.6 | 18.6 | 16.3 | 11.7 | 7.0 |
| Acc. Payable | 42.5 | 47.2 | 38.5 | 39.0 | 39.4 | 39.9 |
| Total Assets | 214.3 | 223.1 | 173.4 | 166.3 | 170.6 | 164.9 |
| ROA, % | -2.1 | -3.2 | -7.9 | -4.9 | -4.2 | -5.2 |
Cash Flow
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Operating Cash Flow | 11.0 | 20.7 | 14.9 | 12.8 | 6.4 | 4.0 |
| Investment Cash Flow | -16.9 | 8.1 | 23.8 | -2.2 | -2.0 | -2.0 |
| Free Cash Flow | -5.9 | 28.8 | 38.7 | 10.6 | 4.4 | 2.0 |
| OCF/CAPEX | 0.65 | 0.0 | 0.0 | 5.89 | 3.19 | 1.99 |
| Financial Cash Flow | 5.6 | -28.2 | -39.0 | -10.2 | -9.7 | -9.7 |
Disclaimer
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