contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


musti-we-are-not-letting-dogs-loose-current-valuation

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Olli Vilppo

Musti Group offers products and services for pets. The group manages stores focused on dogs, cats and other pets. The business is run through a franchise but also through several other brands. The largest operations are found in the Nordic market, with private customers as the largest customer base. In addition to the main business, training, education and service are offered.

News Powered by Cision              Musti Group Oyj tilinpäätöstiedote 1.1.2025–31.12.2025    Musti Group Oyj                        Tilinpäätöstiedote            10.2.2026 klo 8.30  Musti                              Musti reports a strong Q4 and achieved double-digit growth in the 2025 financial year October–December 2025 · Group net sales were EUR 140.0 (122.2) million and grew by 14.6 (5.6) percent. Growth was strong particularly in Norway. The acquisition of Pet City in the Baltics increased net sales by EUR 6.2 million. The acquisition of ZU in December 2025 increased net sales by EUR 3.1 million. Like-for-like Group sales growth was 2.8 (1.2) percent. · Gross margin improved to 45.1 (44.0) percent. This was mainly driven by investments made in profitability last year, particularly the higher share of own-brand food manufactured at the own factory. · Adjusted EBITDA (oikaistu EBITDA) was EUR 19.5 (17.2) million and the adjusted EBITDA margin was 13.9 (14.1) percent. Profitability was still affected by investments in growth, which increased operating expenses. · Adjusted EBITA was EUR 8.6 (7.3) million and the adjusted EBITA margin was 6.2 (6.0) percent. · Cash flow from operating activities was EUR 23.4 (7.6) million, which was particularly affected by timing effects in net working capital. · Operating profit was EUR 3.9 (4.5) million, the result for the period was EUR 0.5 (2.8) million and earnings per share, basic, was EUR 0.01 (0.08). · The number of stores increased to 497 (416), which was particularly affected by the acquisition of ZU. · The total number of customers increased to 1,870 (1,866) thousand*). *) Number of customers excluding the Baltics and ZU  In accordance with the dividend policy, no dividend is proposed to be distributed.

Notable in the release is: “Musti acquires ZU’s shares from MC, which is a company belonging to the Sonae Group, making the transaction a related party transaction.”

Musti Group is making an acquisition, this time the Portuguese ZU is joining the portfolio. The debt-free purchase price is 12.9 million euros, paid in cash. ”ZU operates 65 retail stores, 24 of which have veterinary clinics.” Strange that the company did not announce this with a stock exchange release                    Musti Group              Musti Group ostaa ZU:n - Musti Group    Musti Group Oyj            Lehdistötiedote  5.12.2025  12.00   Musti Group ostaa ZU:n   Musti Group Oyj ("Musti") ostaa 100% ZU:n osakekannasta, myyjänä yrityskaupassa on MCRetail...

Revenue grows even organically, profitability lags July - September 2025   Group revenue was 127.3 (111.5) million euros, growing by 14.2 (1.0) percent. Growth was strong particularly in Norway and Finland. The acquisition of Pet City in the Baltics increased revenue by 8.7 million euros. Comparable group sales growth was 2.3 (-0.9) percent.   Gross margin improved to 44.3 percent (43.2%). This was mainly influenced by investments made in profitability last year, particularly the higher share of own-brand foods manufactured in our own factory.   Adjusted operating profit (adjusted EBITDA) was 16.9 (16.5) million euros and adjusted EBITDA margin was 13.3 (14.8) percent. Profitability was negatively impacted by investments made in growth, which increased operating expenses.   Adjusted EBITA was 6.6 (7.8) million euros and adjusted EBITA margin was 5.2 (7.0) percent.   Cash flow from operations was 13.1 (19.9) million euros, which was particularly influenced by timing impacts on net working capital.   Operating profit was 2.5 (5.8) million euros, profit for the period was 0.2 (2.8) million euros and earnings per share, undiluted, was 0.01 (0.09) euros.   The number of stores increased to 425 (351), which was particularly influenced by the acquisition of Pet City.   The total number of customers grew to 1,870 (1,861) thousand*.                     Inderes              Musti Group Oyj osavuosikatsaus 1.1.2025-30.9.2025 - Inderes    Musti Group Oyj Osavuosikatsaus 12.11.2025 klo 8.30 Musti Group Oyj osavuosikatsaus 1.1.2025-30.9.2025Musti Groupin kolmas vuosineljännes jatkui positiivisena Heinäkuu - syyskuu 2025 Konsernin...

It’s probably already been said in this thread that it’s quite clear Sonae has clarified Varma’s absurd price expectation for the 10% stake they are missing. It’s therefore difficult to see this changing in just a few years. However, that remainder isn’t strictly needed yet, so let it hang around without a dividend. Those who have demonstrably made, and are making, money with these “arbs”

Thanks for the assessment, it’s certainly quite realistic if the company’s potential redemption indeed stretches out for years, but the short-term stock performance also seems negative in any case. Of course, the estimates can also be messed up by the company’s own actions (in both directions). I will follow this case with great interest and try to find a suitable moment that would trigger the acquisition of the stock, such as ownership changes (but not like the ones seen recently), a stock price drop versus the company’s own actions, etc.

Good question. It’s also a good question how to determine the value of something that produces nothing; it’s increasingly difficult to believe the numbers needed by future discounted mumbo-jumbo believers. The product’s price formation on the stock exchange is like that of an unlisted company, and there are fewer raw land-like comparable transactions  However, if we answer tongue-in-cheek, then the 2022 lows - liquidity premium is €13. I can nicely arrive at this figure also by mentally calculating a Finnlines-like 10-year expectation and, as a reward, a crowd-pleasing 7% annual return, when Varma finally gets its €26

Musti Group

Musti's net sales and market share continued to grow strongly in Q4, but similar to last quarter, earnings growth was more sluggish. We hardly made any adjustments to our forecasts. We estimate...

<p>Musti's net sales and market share continued to grow strongly in Q4, but similar to last quarter, earnings growth was more sluggish. We hardly made any adjustments to our forecasts. We estimate that the expected strong earnings growth will be largely lost in digesting the high multiples and that the low return expectation of the share over the next few years won’t exceed our return requirement</p> 

Musti: We are not letting the dogs loose with current valuation

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