Sievi Capital: Journey to materialize hidden value started
Yesterday, Sievi announced a new strategy that offers a plausible route to bring out the hidden value of Sievi’s parts. We believe the change in reporting that takes place in H1'23 will move the share toward the value our sum of the parts indicates (now EUR 1.38). After this, the sum of the parts will be gradually dissolved by exiting from other holdings apart from KH-Koneet. During its investment period (since 2017), KH-Koneet has developed convincingly and we believe that it would be valued with significantly higher valuation multiples as a listed company than our current estimate. A considerable international growth path can also be drawn for it over the next few years which upholds strong longer term growth drivers.
KH Group
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 Figures15.12.2022
2021 | 22e | 23e | |
---|---|---|---|
Omsætning | 11,5 | 2,0 | 2,0 |
vækst-% | 259,38 % | -82,61 % | |
EBIT (adj.) | 20,2 | -8,5 | 11,3 |
EBIT-% (adj.) | 175,65 % | -425,00 % | 565,50 % |
EPS (adj.) | 0,32 | -0,12 | 0,16 |
Udbytte | 0,00 | 0,00 | 0,00 |
Udbytte % | |||
P/E (adj.) | 6,05 | - | 3,52 |
EV/EBITDA | 5,28 | - | 2,32 |