Tokmanni: Dollarstore improves earnings growth outlook
Tokmanni's Q2 results were close to our expectations, and we finally saw positive development in comparable EBIT. Inflation continues to a burden on the company, especially in own costs, but we expect the sales margin to continue to recover, supporting the earnings growth outlook. We also remain cautiously positive on the acquisition of Dollarstore.
Tokmanni Group
Tokmanni Group is a variety discount retailer in the Nordics. The group has stores in Finland, Sweden and Denmark under the brand names Tokmanni, Dollarstore, Big Dollar, Click Shoes and Miny. In addition, Tokmanni has online stores. Tokmanni's headquarter and logistics centres are located in Mäntsälä, Finland. Dollarstore is headquartered in Kista, Stockholm with a central warehouse in Örebro. The group own a procurement company located in Shanghai together with a Norwegian discount store chain Europris.
Read more on company pageKey Estimate Figures04.08.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 1,168.0 | 1,402.8 | 1,707.4 |
growth-% | 2.30 % | 20.10 % | 21.72 % |
EBIT (adj.) | 85.7 | 98.8 | 126.0 |
EBIT-% (adj.) | 7.34 % | 7.04 % | 7.38 % |
EPS (adj.) | 1.03 | 1.07 | 1.28 |
Dividend | 0.76 | 0.78 | 0.80 |
Dividend % | 6.73 % | 6.39 % | 6.55 % |
P/E (adj.) | 10.99 | 11.42 | 9.50 |
EV/EBITDA | 6.66 | 7.57 | 6.07 |