contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


tokmanni-turnaround-eller-vardefalla-investeramera

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

At these prices, would it be better to buy back and cancel shares rather than paying out dividends?

I suppose even the Swedes are “Temu-ing” these trinkets nowadays, so the concept has to change. Dollarstore’s owners were very much on the ball. Temu was founded in 2022, and it was surely evident right away how effective it would be compared to previous “China shops.” One wonders what was on the Tokmanni board’s mind in August 2023 when they signed the deal. Hardly e-commerce, anyway—that much is clear when you visit Tokmanni’s website  I still think the Dollarstore name should be changed to the more familiar Tokmanni, using the same concept. Pushing into the Swedish and Danish markets with “Finnishness.”

The market was disappointed with Tokmanni’s results. My expectations were apparently so low that I was positively surprised by a couple of things. Gross margin % improved in Q4. Cash flow was very strong.  The dividend level is a bit of a disappointment. Likewise, Dollarstore’s difficulties. However, the valuation level is starting to be low. 2026E P/E around 10, EV/EBITDA 6 and P/FCF only 3. I sold everything last year, starting to consider buying back.

Yeah, they definitely don’t. Puuilo’s selection is of very good quality. In my opinion, Tokmanni’s quality is also good. I personally suspect the biggest problem is shaping consumer perceptions. I don’t know exactly what the Swedes think, but I’m speculating like this: A customer named Daniel walking into Dollarstore is used to the items being cheap and low-quality “China-ware.” He’s used to buying a kids’ slime toy for 10 kronor or a water gun that breaks quickly for 20 kronor. The customer has, of course, hoped they wouldn’t break immediately, but because of the low price, he’s willing to take the risk. Some items have even lasted for years. Now, when he goes back, it might be that the slime toy is no longer there or it’s twice as expensive, and the water gun is 2-3 times more expensive. The consumer then wonders if the quality has improved enough to make the items worth that price. What if the stuff lasts just as long as the previous one—say, 2 weeks? Do I take the risk that the quality isn’t actually any better, or do I buy a definitely cheaper, low-quality product elsewhere, thus avoiding the major disappointment of buying something expensive only to get junk? Neighboring Per nearby grumbles that prices have gone up because of the store’s greed. It doesn’t even cross his mind that the quality might have improved. How could it even improve when the perception is that it’s a cheap Dollarstore? Can you get quality from a place like this? How can Daniel and Per be convinced that the store has improved its quality and isn’t just the same old junk shop? This will definitely require advertising, and it will surely take a few years before customers internalize the change—if they internalize it at all. Do you buy plates from IKEA, which are guaranteed to be good, or do you buy Kotikulta from a “China shop”? The quality is certainly no worse than IKEA’s, but perceptions are strong, and changing them is difficult, expensive, and time-consuming. The plate example is why the concepts of IKEA and, for example, McDonald’s work. The customer can be sure that the quality is good and disappointments are avoided. Why take an unnecessary risk?

You can’t make growth/expansion through forced acquisitions profitable; even though I bought at 7.90, it crashed. I had a hunch when I looked into Dollarstore’s weak performance. Took a bit of a beating, holding.

That’s true. And that is the uncertainty the market is pricing in regarding Tokmanni.

What works here doesn’t necessarily work in Sweden. You can’t assume that it would work just by copying. If it were easy, there would be more companies expanding there. Many have tried with poor results. Tokmanni in Finland is probably heading in the right direction. I was mainly criticizing Dollarstore.

Tokmanni Group

En nordisk detaljhandelsjätte står inför ett vägskäl med stor potentiell uppsida om synergier från ett tidigare förvärv realiseras. Mot detta står en asymmetrisk nedsida där den höga skuldsä...

En nordisk detaljhandelsjätte står inför ett vägskäl med stor potentiell uppsida om synergier från ett tidigare förvärv realiseras. Mot detta står en asymmetrisk nedsida där den höga skuldsättningen utgör en tydlig riskfaktor.