contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls {
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

alternatePageUrls

imgUrl

description

Analyst

Olli Vilppo

KH Group is a financial group. The company operates as a conglomerate with diversified business activities. Within the group, there are companies in various sectors with a wide range of products and services. The business is run on a global level with the largest presence in Europe. The customers consist of both private players and business customers, where sales take place via own brands. The company was founded in 2012 and has its headquarters in Helsinki.

KH Group

KH Group's H1 report turned to disappointment as the previously strong-performing crown jewel, KH-Koneet Group, started to suffer more than expected from the weak construction cycle. As a result, we adjusted our sum-of-the-parts calculation downwards. We still see clear value in the parts relative to the low current price, but it is realistic to expect value unwinding to occur only when the target markets for Indoor and KH-Koneet Group start to recover from their downturn. 

<p>KH Group's H1 report turned to disappointment as the previously strong-performing crown jewel, KH-Koneet Group, started to suffer more than expected from the weak construction cycle. As a result, we adjusted our sum-of-the-parts calculation downwards. We still see clear value in the parts relative to the low current price, but it is realistic to expect value unwinding to occur only when the target markets for Indoor and KH-Koneet Group start to recover from their downturn. </p> 

Inderes

KH Group: We still believe in the long term

Probabilities of success in drug development

Return on capital (ROE, ROI, ROIC, RONIC)

Valuation methods: DCF model

What a stock picker should understand about the new mandatory corporate sustainability (CSRD) reports, part 1.

Valuation methods: Valuation multiples

	2022	23e	24e
Revenue	2.0	2.0	3.0
growth-%	-82.61 %		50.00 %
EBIT (adj.)	-10.1	7.7	12.0
EBIT-% (adj.)	-505.00 %	382.50 %	400.00 %
EPS (adj.)	-0.14	0.10	0.15
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	-	4.83	3.32
EV/EBITDA	-	5.91	3.89

KH Group

Key Estimate Figures17.08.2023