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Research

Sievi Capital: Indoor's Christmas sales was a bust

By Olli VilppoAnalyst
KH Group
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Indoor’s Q4 development was clearly disappointing and far below our low estimates. KH-Koneet was reasonably good, but its performance did not compensate for Indoor's weakness this time. After the estimate changes we made, the sum of the parts that determines our target price fell to EUR 1.20 per share and we still see a clear value in the share compared to the current low price and expect the value to gradually be released as the new strategy progresses.

KH Group

1.08EUR28.02.2023, 18.00
1.20EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:28.02.2023

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 Figures28.02.2023

202223e24e
Revenue2.02.03.0
growth-%-82.6 %50.0 %
EBIT (adj.)-10.16.512.0
EBIT-% (adj.)-505.0 %323.8 %400.0 %
EPS (adj.)-0.140.090.15
Dividend0.000.000.00
Dividend %
P/E (adj.)-6.33.6
EV/EBITDA-7.54.2
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