KH Group: A structural change worth waiting for
The transformation of KH Group toward a conglomerate to be built around KH-Koneet is progressing, but we estimate that the current difficult business environment can slow down the unlocking of value and expose Indoor Group in particular to balance sheet risks. Our SOTP calculation indicates a clear upside potential for the stock, although its realization is conditional on dissolving the current ownership structure and avoiding materialization of balance sheet risks.
KH Group Plc is a Nordic corporation supporting sustainable construction and society’s critical functions with two business areas: KH-Koneet, supplier of construction and earthmoving machinery, and Nordic Rescue Group, rescue vehicle manufacturer. KH Group’s share is listed on Nasdaq Helsinki.
Read more on company pageKey Estimate Figures2024-03-10
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 441.3 | 416.3 | 400.4 |
| growth-% | 3,737.4 % | -5.7 % | -3.8 % |
| EBIT (adj.) | 12.2 | 11.6 | 10.1 |
| EBIT-% (adj.) | 2.8 % | 2.8 % | 2.5 % |
| EPS (adj.) | 0.24 | 0.16 | -0.01 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | 4.9 | 3.2 | neg. |
| EV/EBITDA | 18.6 | 5.6 | 5.2 |
Forum discussions
