Tokmanni Group

En nordisk detaljhandelsjätte står inför ett vägskäl med stor potentiell uppsida om synergier från ett tidigare förvärv realiseras. Mot detta står en asymmetrisk nedsida där den höga skuldsättningen utgör en tydlig riskfaktor.

The sales growth was driven by moderate growth in daily consumer goods, while the development in consumer durables was negative, following last year's trend.

November's performance was weaker than the year-to-date (January-November 2-3% y/y) but broadly in line with our expectations.

According to figures reported by PTY, the grocery consumer market relevant to Kesko grew by 4.5% in October, while the target market for Tokmanni, i.e., sales of non-grocery products in department store and hypermarket chains, increased by 5%.