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Research

Tokmanni: Dollarstore improves earnings growth outlook

By Olli VilppoAnalyst
Tokmanni Group
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Tokmanni's Q2 results were close to our expectations, and we finally saw positive development in comparable EBIT. Inflation continues to a burden on the company, especially in own costs, but we expect the sales margin to continue to recover, supporting the earnings growth outlook. We also remain cautiously positive on the acquisition of Dollarstore.

Tokmanni Group is a variety discount retailer in the Nordics. The group has stores in Finland, Sweden and Denmark under the brand names Tokmanni, Dollarstore, Big Dollar, Click Shoes and Miny. In addition, Tokmanni has online stores. Tokmanni's headquarter and logistics centres are located in Mäntsälä, Finland. Dollarstore is headquartered in Kista, Stockholm with a central warehouse in Örebro. The group own a procurement company located in Shanghai together with a Norwegian discount store chain Europris.

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Key Estimate Figures2023-08-04

202223e24e
Revenue1,168.01,402.81,707.4
growth-%2.3 %20.1 %21.7 %
EBIT (adj.)85.798.8126.0
EBIT-% (adj.)7.3 %7.0 %7.4 %
EPS (adj.)1.031.071.28
Dividend0.760.780.80
Dividend %6.7 %10.5 %10.8 %
P/E (adj.)11.06.95.8
EV/EBITDA6.76.14.9

Forum discussions

Could this imply that Goldman Sachs Group has aggressively accumulated a significant amount of short-sold shares (or even most of them), and...
4 hours ago
by Alamäki
3
From KL’s feed today (9.12):
12/9/2025, 9:02 PM
by TomiP
12
If forum members haven’t listened yet, Jari Simolin and Arhi Kivilahde provide a very commendable analysis of Tokmanni’s situation for about...
12/7/2025, 8:40 AM
by PerusPiensijoittaja
12
Has every Q4 been blamed on bad weather since the IPO? Lately, yes. What department store or shop generally wouldn’t sell products from different...
12/3/2025, 5:45 PM
by Haddock
2
Tokmanni always warns when Q4 is snowless in Southern Finland and the arrival of winter “is delayed.” That’s what will happen this time too....
12/3/2025, 4:14 PM
by TTTT
5
Management and owner purchases are always encouraging, absolutely Then there’s the other thought, that Saastamoinen & Co. have steadily increased...
12/3/2025, 3:53 PM
by Haddock
14
Yes, it is quite a delicious situation overall. The following persons have purchased Tokmanni shares so far during November - December: Timo...
12/3/2025, 2:11 PM
by slipslop
35
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