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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Arttu Heikura

Puuilo operates in the retail sector. The company operates and manages several stores and trading locations. The range is broad and includes household and pet products that are resold under its own or other brands. Customers mainly consist of private players around the global market. The largest presence is found in Finland.

OP also moved to an Accumulate recommendation (Reduce) and maintained the target price at 14.50 euros.  Despite a slight Q3 earnings disappointment, the company is still progressing in the right direction in Finland and is successfully implementing its strategy.  The moderation of valuation multiples relative to our almost unchanged earnings estimates has improved the risk/reward ratio, and in our opinion, the valuation now offers a better entry point into a high-quality growth story than before.

Puuilo opens its third store in Jyväskylä: Puuilo Opens a New Store in Vaajakoski, Jyväskylä PUUILO PLC, PRESS RELEASE, December 11, 2025, at 8:00 AM Puuilo will open a new store in Vaajakoski, Jyväskylä, in spring 2026. The store will be located on Haapaniementie, in the premises of the current Marine machinery store. Marine will move to adjacent premises on the same plot. The retail space will undergo renovations, during which a garden store will also be built. The store will employ approximately 15 people upon opening, and recruitment will begin early next year.

Arttu says hello to the table, because here’s a new company report from Puuilo after Q3.  Puuilo reported a well-anticipated result with revenue and profit growing at a good 10% rate. We still see the company’s long-term growth and value creation potential as strong, in addition to which the stock’s valuation has also moderated. We raise our recommendation to add (previously reduce) and reiterate our target price of 14.5 euros. Quoted from the report: Cash flow at a healthy level, and balance sheet in strong condition For Q1-Q3, the company has accumulated 65 MEUR in cash flow, which is an increase compared to the reference period (44 MEUR) due to higher profit. Precise figures for calculating free cash flow are not provided in the Q3 report, but the investment pace for the current year has been moderate. With the expanded store network, rental payments have naturally increased, but free cash flow is likely still at a healthy level. Puuilo’s good balance sheet position is reflected by a net debt/EBITDA ratio (IFRS 16 adj.) of 0.5x, while the company’s self-imposed upper limit is 2.5x. This also secures financing for a faster growth pace (e.g., internationalization or acquisitions) if needed. So far, however, the company has been able to expand through self-financing, which reflects the business model’s strong cash flow profile and low investment needs.                   Inderes              Puuilo Q3'25: Paluu kasvutarinan kyytiin - Inderes    Näemme yhtiön pitkän ajan kasvu- ja arvonluontiedellytykset edelleen vahvoina, joiden lisäksi myös osakkeen arvostus on maltillistunut.

Arttu interviewed Puuilo’s CEO Juha Saarela regarding Q3.                    Inderes              Puuilo Q3'25: Odotusten mukaista kehitystä - Inderes    Aika: 10.12.2025 klo 15.22 Puuilon Q3:n numerot osuivat odotuksiimme etenkin tuloksen osalta. Myynnin ripeän kasvun taustalla vaikutti ennätysnopea myymäläverkoston laajentumistahti. Puuilon toimitusjohtaja Juha Saarela haastattelussa.                             Topics: 00:00 Introduction  00:10 Q3 development  00:46 Average purchase decreases  03:20 Online sales  05:24 Profitability weakened  06:19 New stores at a record pace  08:30 Changes in the competitive environment  10:45 Guidance refined

In my opinion, the guidance looks cautious (the midpoint means approximately 0-growth in adj. EBITA for Q4). There might, of course, be a reason for it, if consumer demand is indeed weak. We’ll see then. If the gross margin had been under pressure, I would be more concerned.

The market seemed to have predicted a positive surprise for Puuilo, which resulted in a negative share price reaction. I personally don’t see any business weakness in the big picture. Feel free to challenge. I wouldn’t be worried about the decline in online sales. In @Arttu_Heikura’s interview, this was justified, for example, by the fact that stores have opened in smaller localities, which has enabled direct store visits. And as stated, there is often an immediate need for the product.

Impressive figures from Puuilo, however, the market situation is genuinely challenging. When the company achieves such results during a downturn, what can be expected when the economy has tailwinds? I personally visit Puuilo weekly; there are always plenty of customers, and finding a parking spot is often difficult. The price perception is affordable, but there are indeed products that are very expensive; the exorbitant profit margin must come from somewhere. This is a top company on par with Harvia; a small dip in the share price doesn’t matter.

Puuilo

Puuilo gave strong guidance indicating growth and improved profitability, ignoring the below-forecast Q4 operational figures. The outlook for 2024 is good on the basis of announced store openings and a good start to the financial year, although temporary supply chain disruptions and weak consumer confidence create uncertainty.

<p>Puuilo gave strong guidance indicating growth and improved profitability, ignoring the below-forecast Q4 operational figures. The outlook for 2024 is good on the basis of announced store openings and a good start to the financial year, although temporary supply chain disruptions and weak consumer confidence create uncertainty.</p> 

	2023	24e	25e
Revenue	338.5	390.2	421.2
growth-%	14.2 %	15.3 %	7.9 %
EBIT (adj.)	52.8	63.5	70.8
EBIT-% (adj.)	15.6 %	16.3 %	16.8 %
EPS (adj.)	0.46	0.56	0.63
Dividend	0.38	0.44	0.50
Dividend %	4.3 %	3.5 %	3.9 %
P/E (adj.)	19.6	22.9	20.4
EV/EBITDA	12.7	14.6	12.6

Puuilo: A promising future ahead

Key Estimate Figures2024-03-28

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