Wulff Group
2.85
EUR
-0.35 %
WUF1V
NASDAQ Helsinki
Industrial Goods & Services
Industrials
4,005 following
-0.35%
-6.86%
+10.47%
+10.47%
+46.15%
+56.59%
-40.13%
+60.11%
-52.5%
www.wulff.fi/en
Wulff Group is a reseller of office supplies. The range is wide and includes, for example, equipment, IT solutions, first aid equipment, and various ergonomic solutions. In addition, lighting and products for construction sites are offered. The company operates worldwide, with the largest presence in the Nordic market. The head office is located in Vantaa.
P/E (adj.) (24e)
8.54
EV/EBIT (adj.) (24e)
9.02
P/B (24e)
0.87
Dividend yield-% (24e)
5.26 %
Target price
3.10 EUR
Recommendation
Reduce
Updated
21.10.2024
NASDAQ Helsinki
WUF1V
Daily low / high price
2.85 / 2.9
EUR
Market cap
19.69M EUR
Turnover
2.2K EUR
Volume
760
Business risk
Valuation risk
Current
Previous
Analyst
Olli Koponen
Analyst
Income statement
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.5 | 90.4 | 102.2 | 93.8 | 103.1 | 110.0 | 113.4 | 116.5 |
| growth-% | 2.1 % | 57.2 % | 13.0 % | -8.2 % | 10.0 % | 6.6 % | 3.2 % | 2.6 % |
| EBITDA | 5.2 | 9.1 | 6.2 | 5.1 | 6.0 | 7.0 | 7.5 | 7.8 |
| EBIT (adj.) | 3.5 | 3.9 | 4.0 | 3.5 | 3.8 | 4.4 | 4.6 | 4.9 |
| EBIT | 3.5 | 6.9 | 4.0 | 3.2 | 3.6 | 4.4 | 4.6 | 4.9 |
| Profit before taxes | 3.1 | 6.5 | 3.3 | 2.1 | 2.5 | 3.2 | 3.5 | 3.8 |
| Net income | 2.2 | 5.9 | 3.1 | 2.1 | 2.1 | 2.2 | 2.4 | 2.6 |
| EPS (adj.) | 0.32 | 0.43 | 0.45 | 0.36 | 0.33 | 0.33 | 0.35 | 0.38 |
| growth-% | 90.7 % | 33.2 % | 4.2 % | -20.1 % | -6.4 % | -2.1 % | 7.9 % | 7.5 % |
| Dividend | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.17 | 0.18 |
| Dividend ratio | 37.3 % | 14.9 % | 31.4 % | 49.3 % | 48.3 % | 49.0 % | 48.2 % | 47.5 % |
Profitability and return on capital
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| EBITDA-% | 9.1 % | 10.1 % | 6.1 % | 5.4 % | 5.8 % | 6.3 % | 6.6 % | 6.7 % |
| EBIT-% (adj.) | 6.2 % | 4.3 % | 3.9 % | 3.8 % | 3.7 % | 4.0 % | 4.1 % | 4.2 % |
| EBIT-% | 6.2 % | 7.6 % | 3.9 % | 3.4 % | 3.5 % | 4.0 % | 4.1 % | 4.2 % |
| ROE | 17.0 % | 36.8 % | 15.7 % | 9.9 % | 9.7 % | 9.7 % | 9.9 % | 10.1 % |
| ROI | 16.1 % | 25.1 % | 11.8 % | 9.2 % | 10.0 % | 11.2 % | 11.9 % | 12.4 % |
Valuation
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| Share price (EUR) | 3.24 | 4.92 | 3.85 | 1.95 | 2.85 | 2.85 | 2.85 | 2.85 |
| Shares | 6.8 | 6.8 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 |
| Market cap | 21.9 | 33.3 | 26.4 | 13.4 | 19.6 | 19.6 | 19.6 | 19.6 |
| Enterprise value | 30.1 | 45.3 | 39.4 | 25.0 | 34.3 | 33.8 | 33.2 | 32.4 |
| EV/S | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| EV/EBITDA | 5.8 | 5.0 | 6.3 | 4.9 | 5.7 | 4.9 | 4.4 | 4.2 |
| EV/EBIT (adj.) | 8.5 | 11.6 | 9.9 | 7.1 | 9.0 | 7.7 | 7.1 | 6.6 |
| EV/EBIT | 8.5 | 6.6 | 9.9 | 7.9 | 9.4 | 7.7 | 7.1 | 6.6 |
| P/E (adj.) | 10.1 | 11.5 | 8.6 | 5.5 | 8.5 | 8.7 | 8.1 | 7.5 |
| P/E | 10.1 | 5.6 | 8.6 | 6.4 | 9.2 | 8.7 | 8.1 | 7.5 |
| P/B | 1.6 | 1.8 | 1.3 | 0.6 | 0.9 | 0.8 | 0.8 | 0.7 |
| P/S | 0.4 | 0.4 | 0.3 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 |
| Dividend yield | 3.7 % | 2.6 % | 3.6 % | 7.7 % | 5.3 % | 5.6 % | 6.0 % | 6.3 % |
| Equity ratio | 40.4 % | 37.2 % | 39.5 % | 44.5 % | 39.6 % | 41.3 % | 42.5 % | 44.1 % |
| Gearing ratio | 57.4 % | 62.1 % | 60.7 % | 53.0 % | 65.2 % | 59.7 % | 54.2 % | 48.3 % |
Quarter data
| Q4/23 | 2023 | Q1/24 | Q2/24 | Q3/24 | Q4/24e | 2024e | Q1/25e | Q2/25e | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 22.9 | 93.8 | 23.3 | 25.5 | 26.2 | 28.2 | 103.1 | 27.0 | 27.9 |
| EBITDA | 1.6 | 5.1 | 0.9 | 1.7 | 1.4 | 2.0 | 6.0 | 1.2 | 1.8 |
| EBIT | 1.1 | 3.2 | 0.4 | 1.2 | 0.8 | 1.3 | 3.6 | 0.6 | 1.2 |
| Profit before taxes | 0.8 | 2.1 | 0.1 | 1.1 | 0.4 | 0.9 | 2.5 | 0.3 | 0.9 |
| Net income | 0.8 | 2.1 | 0.2 | 1.0 | 0.3 | 0.6 | 2.1 | 0.2 | 0.6 |
ShowingAll content types
Wulff Group Plc's Interim Report January—September 2024: Wulff reports a strong quarter – net sales and operating profit increased
Wulff Group Plc's Half-Year Financial Report January-June 2024: Wulff had a successful quarter – net sales increased and profitability improved
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