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Research

KH Group: It will do

By Thomas WesterholmAnalyst
KH Group
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The revenues of KH Group’s subsidiaries were under pressure as expected, but earnings developed favorably despite the challenges in the business environment. The result day was crowned by the announcement that Indoor Group’s Estonian property has been sold, which helps the company strengthen its leveraged balance sheet. With forecast changes, the value indicated by our sum of the parts calculation rose to EUR 1.04. We raise our target price to EUR 0.95 and reiterate our Accumulate recommendation.

KH Group

0.85EUR21.03.2024, 18.00
0.95EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:22.03.2024

Sievi Capital is now a conglomerate with a new name KH Group. Our medium-term objective is to become an industrial group built around the business of KH-Koneet Group. KH Group’s share is listed on Nasdaq Helsinki.

Read more on company page

Key Estimate Figures22.03.2024

202324e25e
Revenue403.2398.1415.7
growth-%-6.0 %-1.3 %4.4 %
EBIT (adj.)10.814.319.0
EBIT-% (adj.)2.7 %3.6 %4.6 %
EPS (adj.)0.12-0.000.09
Dividend0.000.000.00
Dividend %
P/E (adj.)6.5-6.0
EV/EBITDA6.33.23.6
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