Indoor's Q3 result recovering close to the comparison period was a relief, as its steady cash flows play a key role in Sievi’s entire capital allocation. The important KH-Koneet also continued to develop strongly as expected. The decrease seen in the valuation levels of listed companies has also depressed the valuation multiples we accept for Sievi’s unlisted holdings to conservative levels. Despite this, the share is clearly undervalued relative to the sum of the parts (EUR 1.38). A short-term driver for dissolving the undervaluation could, if successful, be the strategy update at the end of the year, as it aims to better reflect the hidden value of Sievi's holdings.
KH Group
Sievi Capital is now a conglomerate with a new name KH Group. Our medium-term objective is to become an industrial group built around the business of KH-Koneet Group. KH Group’s share is listed on Nasdaq Helsinki.
Read more on company pageKey Estimate Figures2022-11-04
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 11.5 | 2.0 | 2.0 |
growth-% | 259.38 % | -82.61 % | |
EBIT (adj.) | 20.2 | -8.5 | 11.3 |
EBIT-% (adj.) | 175.65 % | -425.00 % | 565.50 % |
EPS (adj.) | 0.32 | -0.12 | 0.16 |
Dividend | 0.05 | 0.05 | 0.06 |
P/E (adj.) | 6.05 | - | 5.37 |
EV/EBITDA | 5.28 | - | 4.31 |