Kesla

3.48 EUR

0 %

KELAS

NASDAQ Helsinki

Industrial Goods & Services

Industrials

3,412 following

-6.95%

-6.45%

-14.29%

-11.9%

-20.73%

-43.32%

-29.27%

+93.98%

kesla.com/en/frontpage

Kesla is a manufacturing company. Operations are conducted in forest technology, which includes solutions such as truck and industrial cranes, harvester heads, wood chippers, and grapples. In addition to the main business, the company supplies wheelchairs and seating equipment. The products are sold worldwide, with the largest presence in Europe, North and South America. The company was founded in 1960 and is headquartered in Joensuu.

P/E (adj.) (24e)

-16.02

EV/EBIT (adj.) (24e)

-340.8

P/B (24e)

Dividend yield-% (24e)

1.44 %

Target price

3.50 EUR

Recommendation

Reduce

Updated

1.11.2024

NASDAQ Helsinki

KELAS

Daily low / high price

3.4 / 3.48 EUR

Market cap

11.77M EUR

Turnover

343.48 EUR

Volume

101

Business risk

Valuation risk

Current

Erkki Vesola

Analyst

Income statement

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Revenue	39.6	45.5	45.9	55.4	42.0	45.7	48.6	50.4
growth-%	-16.3 %	14.7 %	0.9 %	20.8 %	-24.2 %	9.0 %	6.2 %	3.7 %
EBITDA	1.7	3.6	0.2	3.0	1.5	3.4	4.1	4.6
EBIT (adj.)	1.1	1.9	-0.9	1.4	-0.1	1.7	2.5	3.1
EBIT	0.6	2.2	-1.3	1.4	-0.1	1.7	2.5	3.1
Profit before taxes	0.4	2.1	-1.5	0.7	-0.7	1.3	2.1	2.7
Net income	0.3	1.7	-1.2	0.5	-0.7	1.3	1.7	2.2
EPS (adj.)	0.20	0.41	-0.24	0.15	-0.22	0.38	0.50	0.65
growth-%	-54.2 %	101.2 %	-157.3 %		-244.1 %		31.9 %	30.2 %
Dividend	0.10	0.20	0.00	0.10	0.05	0.14	0.25	0.30
Dividend ratio	111.7 %	40.3 %		66.3 %	-23.0 %	37.2 %	50.3 %	46.4 %

Profitability and return on capital

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
EBITDA-%	4.3 %	7.8 %	0.4 %	5.4 %	3.6 %	7.4 %	8.5 %	9.2 %
EBIT-% (adj.)	2.7 %	4.2 %	-2.0 %	2.5 %	-0.2 %	3.8 %	5.2 %	6.2 %
EBIT-%	1.4 %	4.9 %	-2.9 %	2.5 %	-0.2 %	3.8 %	5.2 %	6.2 %
ROE	2.4 %	12.5 %	-8.9 %	4.1 %	-6.0 %	10.4 %	12.5 %	14.9 %
ROI	2.4 %	9.4 %	-4.5 %	5.0 %	-0.2 %	7.8 %	11.1 %	13.3 %

Valuation

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Share price (EUR)	4.27	5.88	4.13	3.95	3.48	3.48	3.48	3.48
Shares	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
Market cap	14.4	19.9	14.0	13.4	11.8	11.8	11.8	11.8
Enterprise value	22.1	28.4	30.4	26.4	21.7	21.2	20.5	19.6
EV/S	0.6	0.6	0.7	0.5	0.5	0.5	0.4	0.4
EV/EBITDA	13.0	8.0	158.6	8.8	14.3	6.2	4.9	4.2
EV/EBIT (adj.)	21.0	14.8	-	19.1	-	12.2	8.1	6.3
EV/EBIT	39.0	12.8	-	19.1	-	12.2	8.1	6.3
P/E (adj.)	20.9	14.3	-	26.2	-	9.2	7.0	5.4
P/E	47.7	11.8	-	26.2	-	9.2	7.0	5.4
P/B	1.1	1.4	1.1	1.0	1.0	0.9	0.8	0.8
P/S	0.4	0.4	0.3	0.2	0.3	0.3	0.2	0.2
Dividend yield	2.3 %	3.4 %		2.5 %	1.4 %	4.0 %	7.2 %	8.6 %
Equity ratio	41.5 %	41.1 %	32.1 %	35.9 %	39.6 %	41.7 %	44.4 %	47.5 %
Gearing ratio	59.9 %	60.3 %	134.1 %	102.1 %	84.9 %	73.5 %	61.9 %	51.0 %

Quarter data

	Q4/23	2023	Q1/24	Q2/24	Q3/24	Q4/24e	2024e	Q1/25e	Q2/25e
Revenue	13.3	55.4	10.7	12.9	7.5	10.8	42.0	11.3	11.8
EBITDA	0.3	3.0	0.5	0.7	-0.3	0.6	1.5	0.9	1.0
EBIT	-0.1	1.4	0.1	0.3	-0.7	0.2	-0.1	0.4	0.6
Profit before taxes	-0.4	0.7	-0.1	0.2	-0.9	0.1	-0.7	0.3	0.5
Net income	-0.4	0.5	-0.1	0.2	-0.9	0.1	-0.7	0.3	0.5

ShowingAll content types

Analyst Comment2/7/2024, 7:29 AM by

Erkki Vesola

Componenta and Kesla: AGCO confirmed weak market outlook for 2024

The American agricultural machinery manufacturer released its Q4’23 report yesterday, opening its market prospects for 2024. The comments were in line with what Deere said about the market already last year.

Componenta Kesla

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