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Tokmanni Group

10,4 EUR −1,52%
13 347 investerare följer bolaget.

Tokmanni Group är en återförsäljare av rabatter i Norden. Koncernen har butiker i Finland, Sverige och Danmark under varumärkena Tokmanni, Dollarstore, Big Dollar, Click Shoes och Miny. Dessutom har Tokmanni nätbutiker. Tokmannis huvudkontor och logistikcenter finns i Mäntsälä, Finland. Dollarstore har sitt huvudkontor i Kista, Stockholm med ett centrallager i Örebro. Koncernen äger ett upphandlingsbolag beläget i Shanghai tillsammans med en norsk lågprisbutikskedja Europris.

P/E (just.) (24e)
12,36
EV/EBIT (adj.) (24e)
13,61
P/B (24e)
2,28
Direktavkastnings- % (24e)
4,96 %
Riktkurs
13.00 EUR
Rekommendation
Öka
Uppdaterad
19.8.2024
NASDAQ Helsinki
TOKMAN
Dagens lägsta / högsta pris
10,38 / 10,57 EUR
Börsvärde
612,24 mn EUR
Omsatt (värde)
1,23 mn EUR
Omsatt (antal)
118 tn
Business risk
Valuation risk
Current
Previous

Senaste analyserna

Tokmanni Q2'24: Earnings potential to be proven in 2025-26
2024-08-19
Tokmanni: Market confidence pushed down
2024-08-08
Tokmanni Q1'24: Bumps in the growth story
2024-05-20

Analytiker

Arttu Heikura
Arttu Heikura
Analytiker

Senast publicerade videor

Tokmanni Q2’24: Soft in many aspects
2024-08-28
Tokmanni: Growth from Sweden and Denmark
2024-02-20
Vad säljer Tokmanni? Hur ser det ut inne i en affär?
2023-08-21

Finansiell kalender

Business review
2024-11-15

Forum uppdateringar

Håll dig uppdaterad med de senaste diskussionerna om Tokmanni Group
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Had a discussion with @arttu.heikura about Tokmanni in light of the recent strategy update and internationalisation plans! Inderes Tokmanni: Growth from Sweden and Denmark - Inderes Tokmanni announced it’s updated strategy for 2024-25 and revealed that growth will be driven by Sweden and Denmark instead of Finland. Our analyst Arttu Heikura comments on these news and tells more about the company.
Sara Antonacci
2024-02-20 13:07💙 5
The private label accounts about 25 % of Dollarstore’s sales and about 30 % of Tokmanni’s, and focus is to increase that level. CEO Mika Rautiainen comment on the CMD that in Finland Tokmanni is not looking further retail chain acquisitions. In Finland, Tokmanni will grow by opening new stores. However, it is possible that Tokmanni buys some brands like they did last year when they bought Catmandoo, which is supporting Tokmanni’s clothing sales. I assume that in other markets they are open to M&A.
Antti Järvenpää
2024-02-16 10:37💙 4
Här ännu kommentarer angående hur den nu i höst höjda mervärdesskatten påverkar Tokmanni + att vi trots det “motiga helhetsläget” anser aktien vara köpvärd. Att momsen höjs är en diksussion i sig (och detta ej ett politiskt forum, men kan inte annat än sucka)… och måste tydligen skriva detta. Alla M&A’s tar sin tid, men kan inte hjälpa att undra, om detta ser ut att vara lite krångligt, dvs Dollarstore? Om jag inte missminner mig var det inte så mkt gnissel gällande Click shoes delen? Eller, correct me if I’m wrong… Att segmentet “billighetsbodar med brett sortiment” är på stor frammarsch har knappast undgått någon… men i ngt skede kommer säkert ytterligare konsolideringar att ske, kunde man anta… Eller? (Detta nu mest Isa som drar ur hatten). Men om man fortsätter på Tokmanni-Dollarstore, Europris-Ö&B, Puuilo - Hurrikaani linjen är detta inte otänkbart. Var passar Biltema, Motonet, Jula, Classe, Normal osv in i bilden? En personlig favorit i M&A pusslet är: när köps Halpa-Halli upp av någon av dessa? (Puuilo kunde vara en kandidat…) @Lillen och @Dividendseglaren : hur tänker ni? Äger ni? Vem är den vinnande hästen i billigbodsracet?
Isa Hudd
2024-09-04 05:25💙 1
Inderes’ Arttu Heikura and Isa Hudd discussed the company’s Q2 results and its future prospects. Content: 00:00 Intro 00:11 Soft Q2 01:18 Lack of organic growth 01:36 Dollarstore assortment 03:11 Dollatstore integration 04:02 Margins 05:02 Valuation 06:21 Recommendation
börsen84
2024-08-28 15:00💙 1
Här är en färsk analys av Tokmanni. Tokmanni’s Q2 result was soft in many respects, as indicated by the profit warning issued by the company in July. During the quarter, the company faced challenges in each of its markets, resulting in a decline in like-for-like sales. This, together with cost pressures, resulted in the Group’s profitability being lower than in the comparison period. The recently revised guidance was naturally repeated and the company’s outlook for the rest of the year looks challenging to us. We consider the valuation of the stock to be quite moderate and believe that the stock offers investors a sufficiently attractive risk/reward ratio to compensate for the market uncertainties. We reiterate our Accumulate recommendation and EUR 13.0 target price. Inderes Tokmanni Q2'24: Earnings potential to be proven in 2025-26 - Inderes Tokmanni's Q2 result was soft in many respects, as indicated by the profit warning issued by the company in July. During the quarter, the company faced challenges in each of its markets, resulting in a decline in like-for-like sales.
börsen84
2024-08-20 05:53💙 1
Hur gick det för butikerna i maj? The target market for Kesko’s daily goods trade, Tokmanni and Lindex (department store and hypermarket chains) increased by 6% in May to 797 MEUR. Food products continued to grow steadily by about 5%, while the durable goods market increased by almost 9%. Within durable goods, growth was split between clothing, up 9.4 %, and home and leisure, up 8.5 %. According to our estimate, the market development of durable goods has been supported by the warm weather in May and demand that moved from the weak April. Kespro’s Foodservice market decreased by one per cent, while delivery days remained at the level of the comparison period. Inderes Domestic trade progressed well in May - Inderes The target market for Kesko’s daily goods trade, Tokmanni and Lindex (department store and hypermarket chains) increased by 6% in May to 797 MEUR. Food products continued to grow steadily by about 5%, while the durable goods market increased by...
börsen84
2024-07-01 22:28💙 1
I den här artikeln gjord av analytiker nämns självklart också Tokmanni. Tokmanni’s quarter started weakly Inderes Finnish trade sales down in April - Inderes The target market for Kesko’s daily goods trade, Tokmanni and Lindex (department store and hypermarket chains) decreased by 3.4% in April.
börsen84
2024-06-01 23:51💙 1

Resultaträkning

20202021202220232024e2025e2026e2027e
Omsättning1 073,21 141,81 168,01 392,71 652,11 760,81 846,31 921,1
tillväxt-%13,6 %6,4 %2,3 %19,2 %18,6 %6,6 %4,9 %4,1 %
EBITDA163,6174,6157,2189,9224,3246,0257,5276,3
EBIT (adj.)99,6105,785,7100,2100,7118,6125,9140,2
EBIT99,0107,784,093,197,9115,6122,9137,2
Vinst före skatt89,097,573,368,559,080,688,2103,2
Nettoresultat71,378,058,854,146,763,769,781,5
EPS (adj.)1,221,291,031,040,841,131,231,44
tillväxt-%49,4 %5,6 %−20,4 %1,2 %−19,1 %34,6 %9,0 %16,3 %
Utdelning0,850,960,760,760,520,700,770,83
Utdelningskvot70,2 %72,5 %76,1 %82,6 %65,0 %65,0 %65,0 %60,0 %

Lönsamhet och avkastning på kapital

20202021202220232024e2025e2026e2027e
EBITDA-%15,2 %15,3 %13,5 %13,6 %13,6 %14,0 %13,9 %14,4 %
EBIT-%9,3 %9,3 %7,3 %7,2 %6,1 %6,7 %6,8 %7,3 %
EBIT-%9,2 %9,4 %7,2 %6,7 %5,9 %6,6 %6,7 %7,1 %
ROE35,4 %33,8 %23,9 %21,1 %17,5 %22,4 %22,1 %23,4 %
ROI16,2 %17,0 %13,1 %10,5 %8,7 %10,3 %10,8 %11,8 %

Värdering

20202021202220232024e2025e2026e2027e
Pris per aktie (EUR)16,2419,6511,2915,4210,4010,4010,4010,40
Aktier58,858,958,958,858,958,958,958,9
Börsvärde955,61 156,8664,6907,1612,3612,3612,3612,3
Rörelsevärde1 288,41 471,11 047,91 637,61 370,11 362,71 359,81 348,0
EV/S1,21,30,91,20,80,80,70,7
EV/EBITDA7,98,46,78,66,15,55,34,9
EV/EBIT (adj.)12,913,912,216,413,611,510,89,6
EV/EBIT13,013,712,517,614,011,811,19,8
P/E (just.)13,315,211,014,812,49,28,47,2
P/E13,414,811,316,813,19,68,87,5
P/B4,44,72,73,42,32,01,91,7
P/S0,91,00,60,70,40,30,30,3
Direktavkastning5,2 %4,9 %6,7 %4,9 %5,0 %6,8 %7,4 %8,0 %
Soliditet27,7 %30,0 %31,1 %18,8 %18,8 %20,6 %21,9 %23,7 %
Skuldsättning153,1 %128,5 %155,2 %275,3 %282,7 %249,0 %226,7 %201,0 %

Kvartalsuppgifter

Q3/23Q4/232023Q1/24Q2/24Q3/24eQ4/24e2024eQ1/25e
Omsättning364,4471,21 392,7339,1422,5401,5489,01 652,1
EBITDA49,674,3189,926,859,555,982,1224,3
EBIT23,043,493,1−5,127,826,049,297,9
Vinst före skatt16,233,168,5−14,218,016,039,259,0
Nettoresultat12,726,154,1−12,214,812,831,446,7
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VisarAlla typer av innehåll
Trade developed steadily in July
Analytikerkommentar av
Arttu Heikura, Rauli Juva

Trade developed steadily in July

The target market of Kesko, Tokmanni and Lindex’ Stockmann, i.e., the department store and hypermarket chains, remained at the level of the comparison period (+0.4%) in July. The development was positive for food (+2%), but revenue in the consumer goods market continued its downward trend (-3.3%).

KeskoTokmanni GroupLindex Group
Tokmanni Q2’24: Soft in many aspects
Video av
Isa Hudd, Arttu Heikura

Tokmanni Q2’24: Soft in many aspects

The Q2 was proceeded by a profit warning in July. Even though revenue grew on group level, this was mainly inorganic because of the acquisition of Dollarstore. Like-for-like sales declined. There are uncertainties in the short term, but the valuation is moderate. Analyst Arttu Heikura summarizes.

Tokmanni Group

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Aktieanalys av
Arttu Heikura

Tokmanni: Market confidence pushed down

Tokmanni will release its Q2 results on Friday, August 16 at around 8:00 am EEST. We lowered our forecasts following the recent profit warning. The rest of the year looks challenging for the company and the rest of the retail sector as consumer spending remains selective and the critical low price point for discount retailers is threatened by the VAT increase in Finland in September.

Tokmanni Group
Analytikerkommentar av
Arttu Heikura

Tokmanni's expansion in Denmark continues

Tokmanni announced new store openings in Denmark during 2024-25. Considering the objectives stated in connection with the strategy update the announced store openings were expected, and thus do not cause any forecast changes.

Tokmanni Group