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Research

Tokmanni: Weakening of margins will ease toward the end of the year

By Olli VilppoAnalyst
Tokmanni Group
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Tokmanni's Q4 result was close to our expectations, but the 2023 guidance and the underlying comments on the development of the different cost items were more positive than we expected. Inflation still holds consumers' purchasing power hostage, but increased price awareness in customer behavior seems to have strengthened, which we believe supports Tokmanni's development. The company's own strategic work also remained good.

Tokmanni Group

12.98EUR10.02.2023, 18.00
14EURTarget price
Accumulate
Recommendation updated:13.02.2023

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.

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Key Estimate Figures13.02.2023

202223e24e
Revenue1,168.01,215.71,289.1
growth-%2.3 %4.1 %6.0 %
EBIT (adj.)85.790.0101.7
EBIT-% (adj.)7.3 %7.4 %7.9 %
EPS (adj.)1.031.071.23
Dividend0.760.780.80
Dividend %6.7 %7.1 %7.3 %
P/E (adj.)11.010.28.9
EV/EBITDA6.76.15.1
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