We clearly cut Indoor’s valuation in our sum of the parts calculation due to very weak development. KH-Koneet continued to develop excellently which resulted in it becoming Sievi’s key holding. The share is still undervalued relative to both our sum of the parts (EUR 1.5) and Sievi’s equity (EUR 1.53). We still believe it is worth staying on board and the strategy update this fall will be interesting as the company aims to better highlight the hidden value of its holdings.
KH Group
1.29
1.5
Accumulate
Buy
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 Figures2022-08-17
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 11.5 | 2.0 | 2.0 |
growth-% | 259.38 % | -82.61 % | |
EBIT (adj.) | 20.2 | 2.2 | 17.2 |
EBIT-% (adj.) | 175.65 % | 111.27 % | 860.00 % |
EPS (adj.) | 0.32 | 0.03 | 0.24 |
Dividend | 0.05 | 0.05 | 0.06 |
Dividend % | 2.61 % | 6.14 % | 7.37 % |
P/E (adj.) | 6.05 | 25.38 | 3.44 |
EV/EBITDA | 5.28 | 16.49 | 1.97 |