Sievi Capital: Headwinds in furniture market grow stronger
By Olli Vilppo
We have lowered our estimates for Indoor for the next few quarters as the drop in the furniture market seems to have accelerated in Q4. We lowered Indoor’s estimates and value a bit. This lowered the sum of the parts we estimate for Sievi, which decreased with our target price. In all, Sievi’s investment story is unchanged and the new strategy (read this for more detail) offers a plausible route to bring out the hidden value of Sievi’s parts, in our opinion
KH Group
1.2
1.35
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 Figures20.02.2023
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 11.5 | 2.0 | 2.0 |
growth-% | 259.38 % | -82.61 % | |
EBIT (adj.) | 20.2 | -9.5 | 11.3 |
EBIT-% (adj.) | 175.65 % | -475.00 % | 565.50 % |
EPS (adj.) | 0.32 | -0.13 | 0.16 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | 6.05 | - | 3.43 |
EV/EBITDA | 5.28 | - | 2.32 |