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Research

Tokmanni: Weakening of margins will ease toward the end of the year

By Olli VilppoAnalyst
Tokmanni Group
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Tokmanni's Q4 result was close to our expectations, but the 2023 guidance and the underlying comments on the development of the different cost items were more positive than we expected. Inflation still holds consumers' purchasing power hostage, but increased price awareness in customer behavior seems to have strengthened, which we believe supports Tokmanni's development. The company's own strategic work also remained good.

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 Figures2023-02-13

202223e24e
Revenue1,168.01,215.71,289.1
growth-%2.3 %4.1 %6.0 %
EBIT (adj.)85.790.0101.7
EBIT-% (adj.)7.3 %7.4 %7.9 %
EPS (adj.)1.031.071.23
Dividend0.760.780.80
Dividend %6.7 %10.4 %10.7 %
P/E (adj.)11.07.06.1
EV/EBITDA6.74.94.0

Forum discussions

Tokmanni’s communication is shapeless and faceless. And once again, Kyösti Kakkonen’s face is in the news. In Ilta-Sanomat, at least there’s...
14 hours ago
by Vanerihands
7
Tokmanni itself now had the opportunity to mention Kakkonen and gain free visibility, sometimes even vice versa. Additionally, during the peak...
15 hours ago
by Wallet Buffet, Omahanonennuste
14
Tabloids haven’t yet named Kyösti as Finland’s Goldfinger, even though it would be more fitting for Endomines’ largest owner.
15 hours ago
by StockTycoon
0
The media mentions Tokmanni every time Kyösti Kakkonen speaks.
15 hours ago
by Vanerihands
11
Do people live in such a news blackout that they think Kakkonen is still Tokmanni’s owner or somehow involved in its operations? Good statement...
16 hours ago
by enska
6
Interesting tweet from Tokmanni’s X-account https://x.com/tokmanni/status/2001222557731594271 ![image|400x500](upload://s7WvaV6OimkYsQ1gS39BytnOl2q
22 hours ago
by Sijoittaja-alokas
17
Foreign investors have been selling recently
yesterday
by Arttu Heikura
24
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