KH Group: We still believe in the long term
By Olli Vilppo
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.
KH Group
0.95
1.05
Accumulate
Buy
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 pageKey Estimate Figures17.08.2023
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.) | - | 5.44 | 3.75 |
EV/EBITDA | - | 6.39 | 4.20 |