Marimekko: After digesting multiples its time to jump back on board
The Q1 report was very strong and easily exceeded our estimates. We raised our earnings estimates and expect clear earnings growth in the coming years, even though uncertainty in the operating environment has increased. The valuation picture has improved clearly as the share price has dropped and the valuation level is neutral considering the situation. We feel the expected return consisting of clear earnings growth and a healthy dividend has become sufficiently attractive.
Marimekko
Marimekko is a textile and clothing company. The range includes clothes, bags, accessories, and household items that touch on everything from furniture fabrics to porcelain. The products are sold via physical stores under the company's brand worldwide, mainly in Europe, North America and Asia. Marimekko was originally founded in 1951 and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures15.05.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 152.2 | 171.8 | 189.2 |
growth-% | 23.19 % | 12.87 % | 10.11 % |
EBIT (adj.) | 31.2 | 33.8 | 38.1 |
EBIT-% (adj.) | 20.53 % | 19.67 % | 20.11 % |
EPS (adj.) | 0.60 | 0.64 | 0.73 |
Dividend | 0.72 | 0.42 | 0.48 |
Dividend % | 4.25 % | 3.54 % | 4.04 % |
P/E (adj.) | 28.21 | 18.56 | 16.30 |
EV/EBITDA | 15.33 | 10.52 | 9.31 |