Koskisen

6.5 EUR -1.22 %

315 investors are following this company

Koskisen is active in the forest industry. The company specializes in the manufacture and distribution of industrial wood products. The company's product portfolio is broad and mainly includes wood products such as sawn wood, plywood, chipboard, and veneer. The business is run via various business segments and the customers can be found in a number of industries around the global market. The largest presence is found in Finland. The company was founded in 1909 and has its headquarters in Järvelä, Finland.

P/E (23e)

8.87

EV/EBIT (23e)

5.45

P/B (23e)

1.05

Dividend yield-% (23e)

3.95 %

Target price

6.00 EUR

Recommendation

Reduce

Updated

17.3.2023

NASDAQ Helsinki

KOSKI

Daily low / high price

6.5 / 6.59 EUR

Market cap

149.58M EUR

Turnover

9.87K EUR

Volume

1.5K

Risk and recommendation

HighRiskLow

SellRecommendationBuy

Latest research

Koskisen: Valuation not attractive yet

2023-03-17

Koskisen: Wood processing with over 100 years of experience

2023-03-06

Analyst

Eemeli Oikarainen

Analyst

Antti Viljakainen

Analyst

Financial calendar

General meeting

2023-05-11

Annual dividend

2023-05-12

Interim report

2023-08-25

Interim report

2023-11-17

Income statement

	2019	2020	2021	2022	2023e	2024e	2025e	2026e
Revenue	264.16	219.96	311.47	317.68	277.39	277.74	284.00	291.42
growth-%	-1.83 %	-16.73 %	41.60 %	2.00 %	-12.68 %	0.12 %	2.26 %	2.61 %
EBITDA	11.27	11.34	62.24	66.28	32.59	27.43	28.06	28.83
EBIT (adj.)	3.21	2.23	52.68	58.50	24.09	15.43	16.02	17.45
EBIT	3.21	2.23	52.71	58.20	24.09	15.43	16.02	17.45
Profit before taxes	-0.81	-4.36	47.94	57.79	21.09	12.57	13.16	14.59
Net income	-1.04	-3.28	29.24	39.78	16.87	10.05	10.53	11.67
EPS (adj.)		-0.26	2.32	1.74	0.73	0.44	0.46	0.51
growth-%				-24.90 %	-57.91 %	-40.40 %	4.71 %	10.88 %
Dividend	0.00	0.00	0.00	0.43	0.26	0.22	0.41	0.46
Dividend ratio				25.14 %	35.00 %	50.00 %	90.00 %	90.00 %

Profitability and return on capital

	2019	2020	2021	2022	2023e	2024e	2025e	2026e
EBITDA-%	4.27 %	5.16 %	19.98 %	20.86 %	11.75 %	9.88 %	9.88 %	9.89 %
EBIT-% (adj.)	1.22 %	1.02 %	16.91 %	18.41 %	8.68 %	5.55 %	5.64 %	5.99 %
EBIT-%	1.22 %	1.02 %	16.92 %	18.32 %	8.68 %	5.55 %	5.64 %	5.99 %
ROE	-8.03 %	-39.59 %	138.81 %	46.41 %	12.12 %	6.95 %	7.04 %	7.61 %
ROI	3.48 %	2.21 %	45.23 %	35.80 %	12.73 %	8.17 %	8.28 %	8.84 %

Valuation

	2019	2020	2021	2022	2023e	2024e	2025e	2026e
Share price (EUR)				6.28	6.50	6.50	6.50	6.50
Shares		12.60	12.60	23.02	23.02	23.02	23.02	23.02
Market cap				144.57	149.63	149.63	149.63	149.63
Enterprise value				116.11	131.17	137.53	126.77	122.74
EV/S	-	-	-	0.37	0.47	0.50	0.45	0.42
EV/EBITDA	-	-	-	1.75	4.02	5.01	4.52	4.26
EV/EBIT (adj.)	-	-	-	1.98	5.45	8.91	7.91	7.03
EV/EBIT	-	-	-	2.00	5.45	8.91	7.91	7.03
P/E (adj.)	-	-	-	3.61	8.87	14.88	14.21	12.82
P/E	-	-	-	3.63	8.87	14.88	14.21	12.82
P/B	-	-	-	1.06	1.05	1.02	0.98	0.97
P/S	-	-	-	0.46	0.54	0.54	0.53	0.51
Dividend yield				6.92 %	3.95 %	3.36 %	6.33 %	7.02 %
Equity ratio	15.87 %	13.43 %	29.36 %	52.52 %	59.75 %	60.42 %	61.05 %	61.10 %
Gearing ratio	264.69 %	350.41 %	57.93 %	-20.96 %	-12.94 %	-8.24 %	-15.01 %	-17.41 %

Quarter data

	Q3/22	Q4/22	2022	Q1/23e	Q2/23e	Q3/23e	Q4/23e
Revenue	240.13	77.55	317.68	71.93	69.02	67.91	68.53
EBITDA	56.44	9.84	66.28	9.96	8.41	8.06	6.16
EBIT	50.32	7.88	58.20	7.96	6.41	6.06	3.66
Profit before taxes	50.86	6.93	57.79	7.21	5.66	5.31	2.91
Net income	34.73	5.05	39.78	5.77	4.52	4.25	2.32

Showing All content types

Research

Koskisen: Valuation not attractive yet

Koskisen

2023-03-17 by Eemeli Oikarainen, Antti Viljakainen

Analyst Comment

Koskisen Q4 morning result: Better than expected start on the stock market

Translation: Original comment published in Finnish on 3/16/2023 at 9:21 am. Koskisen’s Q4 result, published this morning, was better than we expected and the full-year result was the best in the company's history. Koskisen repeated the guidance given...

Koskisen

2023-03-16 by Eemeli Oikarainen, Antti Viljakainen

Analyst Comment

Koskisen Q4 Thursday: Record year comes to an end with demand outlook covered in sawdust

Translation: Original comment published in Finnish on 3/14/2023 at 6:04 am. Koskisen, the wood processing company listed at the end of 2022, will report its first financial statements release as a listed company next Thursday. We estimate that Koskinen...

Koskisen

2023-03-14 by Eemeli Oikarainen, Antti Viljakainen

Extensive research

Koskisen: Wood processing with over 100 years of experience

Koskisen

2023-03-06 by Eemeli Oikarainen, Antti Viljakainen