Marimekko: After digesting multiples its time to jump back on board
The Q1 report was very strong and easily exceeded our estimates. We raised our earnings estimates and expect clear earnings growth in the coming years, even though uncertainty in the operating environment has increased. The valuation picture has improved clearly as the share price has dropped and the valuation level is neutral considering the situation. We feel the expected return consisting of clear earnings growth and a healthy dividend has become sufficiently attractive.
Marimekko is a textile and clothing company. The range includes clothing, bags, accessories and household items ranging from upholstery fabrics to porcelain. The products are sold through physical stores under the company's brand throughout the global market, primarily in Europe, North America and Asia. Marimekko was founded in 1951 and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures2022-05-15
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 152.2 | 171.8 | 189.2 |
| growth-% | 23.2 % | 12.9 % | 10.1 % |
| EBIT (adj.) | 31.2 | 33.8 | 38.1 |
| EBIT-% (adj.) | 20.5 % | 19.7 % | 20.1 % |
| EPS (adj.) | 0.60 | 0.64 | 0.73 |
| Dividend | 0.72 | 0.42 | 0.48 |
| Dividend % | 4.3 % | 4.1 % | 4.6 % |
| P/E (adj.) | 28.2 | 16.2 | 14.2 |
| EV/EBITDA | 15.3 | 9.1 | 8.1 |
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