Tokmanni: Integration is underway, but Finland is hiccuping

TOKMANResearch2023-11-20 10:07

Inderes

Tokmanni reported its first quarter as a Nordic discount retailer. Overall, the Q3 report was weak, with revenue and EPS below our expectations. According to the company, the Dollarstore integration is well underway, and the first significant synergies are expected from the beginning of 2024.

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.

Key Estimate Figures2023-11-20

	2022	23e	24e
Revenue	1,168.0	1,379.4	1,658.6
growth-%	2.3 %	18.1 %	20.2 %
EBIT (adj.)	85.7	96.2	119.2
EBIT-% (adj.)	7.3 %	7.0 %	7.2 %
EPS (adj.)	1.03	1.00	1.19
Dividend	0.76	0.78	0.80
Dividend %	6.7 %	11.4 %	11.7 %
P/E (adj.)	11.0	6.9	5.8
EV/EBITDA	6.7	6.0	5.0

Forum discussions

Tokmanni is starting to pilot electronic shelf labels in two stores: Tokmanni pilots electronic shelf labels with EWQ I think this is quite ...

19 hours ago

by Needles

Looking at Tokmanni’s share price over the full year on average, despite the roller coaster, it has remained pretty much flat since the beginning...

10/21/2026, 2:52 PM

by Alamäki

Tokmanni’s end of the year is strong. Regarding sales, the guidance seems realistic. Regarding operating profit, it might be challenging.

10/2/2026, 6:48 AM

by Sergio

Earnings guidance was given for the entire group, so a profit warning requires the overall result to fall short of the lower-end €85M figure...

10/1/2026, 5:40 PM

by StockTycoon

If they still manage to push out a profit warning for Dollarstore, you really have to wonder if it’s time for some serious soul-searching: https...

10/1/2026, 5:02 PM

by James Bondi

The Tokmanni segment is actually doing pretty okay, so based on that, I wouldn’t expect any major negative surprises. Dollarstore is the one...

10/1/2026, 7:00 AM

Personally, I’m still expecting a profit warning from Tokmanni before the next quarterly report. There’s so much competition in the market and...

10/1/2026, 6:54 AM

by Buccaneer

Tokmanni: Integration is underway, but Finland is hiccuping

TOKMANResearch2023-11-20 10:07

Inderes

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Key Estimate Figures2023-11-20

	2022	23e	24e
Revenue	1,168.0	1,379.4	1,658.6
growth-%	2.3 %	18.1 %	20.2 %
EBIT (adj.)	85.7	96.2	119.2
EBIT-% (adj.)	7.3 %	7.0 %	7.2 %
EPS (adj.)	1.03	1.00	1.19
Dividend	0.76	0.78	0.80
Dividend %	6.7 %	11.4 %	11.7 %
P/E (adj.)	11.0	6.9	5.8
EV/EBITDA	6.7	6.0	5.0