companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

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

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

HKFoods

Changes in HKFoods' own shares

Notice of the Annual General Meeting of HKFoods Plc

Proposal of HKFoods Plc's Shareholders' Nomination Board to the following Annual General Meeting

HKFoods' share buy-back programme of own shares has been completed

HKFoods Plc: Share repurchase 24 February 2026

HKFoods Plc: Share repurchase 23 February 2026

HKFoods Plc: Share repurchase 20 February 2026

HKFoods Plc: Share repurchase 19 February 2026

CORRECTION: HKFoods Plc: Share repurchase

HKFoods Plc: Share repurchase 18 February 2026

HKFoods Q4'25: Value boosted by earnings growth and leverage

HKFoods Q4'25 flash comment: Profitability developed well

HKFoods commences a share buy-back program

HKFoods Plc's Financial Statements Bulletin 2025: Good profitability development continued in 2025

HKFoods Q4'25 preview: Stable development

HKFoods publishes its Financial Statements Bulletin 2025 on 13 February 2026

HKFoods: In the right direction

HKFoods: Attractive valuation supports stronger view

HKFoods: Board resolves second return of capital installment

Change in the HKFoods Plc's Board of Directors: Outi Henriksson will leave HKFoods Plc's Board at the end of December 2025

HKFoods Plc distributes EUR 0.05 per share as a second return of capital instalment

HKFoods Plc - Managers' transactions - Toivola

HKFoods Plc - Managers' transactions - Henriksson

HKFoods Plc - Managers' transactions - Uusitalo

Analyst

Pauli Lohi

NASDAQ Helsinki

HKFoods operates in the food industry. The group includes several subsidiaries with business activities in the sale, marketing and production of meat products from pork, beef and poultry. The group operates the entire value chain, from slaughtering, cutting to processing and resale of the raw materials. HKFoods has the largest operations in the Nordic market. The head office is located in Turku.

Analysts’ price targets rose by approx. 10%, but at the same time, recommendations dropped from the buy level. It’s understandable; perhaps a sufficient target for 2026 is for the share price to head towards 2, as that price can be justified by EV/EBIT or P/E metrics and HK should have a discount of about 10% compared to peers. Because of the debt. In the market this year, there will certainly also be a need for profit-taking by those who got in at prices <1 EUR and, on the other hand, by those who are now reaching break-even after a long wilderness period – “never again.” And funds and institutions will likely stay away. However, HK still looks cheap. The discount to peers may disappear as financing costs decrease, first when the bond (Jvk) maturing in 2027 is rolled over or replaced with bank loans, whereby the interest on 90m changes from 10 → 5-6%. This would mean annual savings of at least 3m. And then when the hybrid is paid off in 2028, this will save at least 1m, even if part of it is paid with other debt financing. Financing costs from the aforementioned will drop by 4-6m/year. Looking a few years ahead, when the company’s revenue exceeds 1.1 billion, assuming the operating profit is 4% for the full year, financing costs are 6m, the hybrid is gone, and assuming a corporate tax rate of 18%, the EPS is approx. 30c/share. Half of this is paid out as a dividend, and if, for example, a 5% dividend yield is the valuation basis, then the base case price for the share is 3 EUR. The biggest question mark is the operating profit %; it’s not worth putting the company’s 5% target into the calculator, but it’s good that the target exists to keep eyes firmly on the ball, and one could assume that a 4% level is not satisfactory, making it a viable base case assumption. HK’s investments, or lack thereof, have been criticized; now it seems that since depreciation equals investments, over 30m/year remains for investments. Is that enough? I don’t know. Probably and hopefully, the current management won’t start making any major adventure investments; those have been bitterly experienced by the company. Organic growth is no more than 2-3%/year, but with good operational execution, HK has the potential even with that growth to be what it’s supposed to be – a defensive dividend machine.

That bottom-up simulation is one option, and you’ve arrived at the same EPS of 0.2 as in OP’s analysis. OP, however, has assumed an improvement in operating profit to a level of 40m, and taxes are rising to 5m (was 4m), so if there were an additional tax benefit of 2-3m on top of the increase in operating profit, the EPS would rise even more. The biggest question mark is the development of margin levels—is there still a chance to improve, and what levels can the company defend in the future now that the major turnaround has been completed? Monitoring the cash position is a good point; I personally believe the company will pay off the 90m bond this year with some combination of a new bond/bank loan and possibly use cash to reduce the debt. Debt amount maybe -15m on an annual basis? And the next cash accumulation for the redemption of the hybrid loan. The dividend and potential extra dividend are approx. 13.5m – whether that is too much relative to cash and debt, each investor should decide for themselves. And regarding the valuation of such a low-growth defensive company. P/E or EV/EBIT are decent metrics for what the company’s maximum value can be at any given time. You can crunch numbers endlessly, but the current share price of 1.82 and this year’s EPS of 0.2 do not include any growth assumption (PVGO); it is even negative. A DCF model can easily be made to show a value of 3 EUR if you assume that margin levels hold. The DCF currently results in a value of 2 EUR only if you dial down the residual margin level significantly. Not very useful to run those numbers for a company like this. In my opinion, the dividend yield % represents a floor for the company’s valuation if the market believes that the dividend level is permanent and perhaps slowly but surely growing. Thus, the floor could be 5% in a “normal situation”, 6% if uncertainty increases, and 4% or below if performance is good for several years in a row and confidence is thus high.

The current year could also be evaluated by taking the 2025 operating profit as a starting level and seeing what could happen in the income statement in 2026. Of course, it’s not certain that the same absolute operating profit will be achieved in 2026, but the future always involves more or less uncertainty. 0.20 euros / share means a net profit of about 18 million euros. The 2025 profit before taxes is 18.7 million, and among the costs following that in 2025, a larger item was the write-down of discontinued operations, which I understand should no longer occur at all. Tax expenses in 2025 were 4.5 million. Regarding 2026, not much is known about taxes other than my own estimate that there will be a credit of the 2.92 million euros I calculated earlier (assuming HK can fully utilize previous losses), but the final amount of tax cannot, of course, be known yet, as the tax credit coming through losses is then deducted from the accrued taxes. So, if the same operating result were achieved in 2026 as in 2025, and financing costs were 2.4 million lower through the renewed hybrid, the taxable income would be 21.1 million. From that, only taxes would then be deducted. Viewed this way, an earnings per share of 0.20 could already be achieved in 2026 if taxes are 3 million or less. But this is, of course, based on assumptions that the business otherwise performs at least as well as in 2025, and then financing costs decrease by those 2.4 million. Regarding financing, I am following the cash position with interest. If the aim is to systematically accumulate it, my interpretation leans heavily toward the idea that they aim to get rid of that 90 million bond to as large an extent as possible with the cash accumulated before redemption or the end of the term. The reality regarding the cash position, however, is likely that it cannot be accumulated every quarter, as I understand that goods must be produced for inventory for the seasons.

A 30c EPS for HK is perhaps a few years away, not now, but by then the track record will either have been established or it won’t. By then, the amount of debt will have decreased; that is also the company’s goal. The company will not distribute the entire profit; instead, a portion of it will be used for debt repayment—this is included in both the forecasts made for the company and in the company’s strategy. Earnings fluctuate cyclically? Here I completely disagree; HK is a defensive company that has now improved its earnings for 12 (?) consecutive quarters in Europe’s worst operating environment, namely the Finnish market, in a country with record unemployment. Of course, the national economy could be even worse, but HK is still a defensive company. Margins are thin and that is reflected in the valuation; P/S is around 0.16. Due to its non-cyclicality and defensive nature, a 5% dividend yield could be quite a relevant valuation. Atria is currently at 4.2%, and for the European industry leader Cranswick, the dividend yield is 2% and the P/E is 20. Its operating profit margin is about 7%. The share price could well stay around two euros in the short term (<1 yr); there are so many different factors involved besides the company’s own performance that it is pointless to predict it. Over a timeframe of a few years, the company has the potential to become a defensive dividend machine.

If EPS is €0.30 Dividend scenario: 50 % payout → €0.15 5 % yield requirement → €3.00 Mathematically perfectly consistent. But… The food industry doesn’t usually get a 5 % dividend yield requirement if:  debt is high margins are thin earnings fluctuate cyclically  In that case, the market may price it with a 6–7 % yield requirement → share price €2.1–2.5. So, €3 requires:  a clear reduction in debt risk stabilization of earnings a credible track record for 2–3 years  The above is a partial quote from an AI analysis. Although HKFoods has been able to improve its performance, a “limit” is reached somewhere. That debt and its servicing are encountered in almost every analysis, including those made by the “machine.” The results definitely need to improve quite a bit so that funds remain for debt repayment while “generous” dividends are paid at the same time. My own guess is that the rise will stall around this two-euro stage. There, HKFoods can develop its operations and pay off debts. And most importantly, react to potential changes in consumer habits.

Pauli has written a new analysis of HKFoods following the company’s Q4 results  The streak of earnings improvements from recent years continued in Q4, with earnings and cash flow exceeding our forecasts. We see the company as well-positioned to continue improving its performance in the current year as well. Furthermore, the company will consider options for refinancing its current expensive bond, which is likely to significantly lower financing costs starting next year. Despite the recent rise in the share price, we still view the valuation as quite attractive.                   Inderes              HKFoods Q4'25: Hyvä tuloskehitys välittyy vivulla arvostukseen - Inderes    Toimintaympäristö ja oma tekeminen tukevat tuloskasvua vuonna 2026.

Apparently, there was a reading comprehension error regarding that first paragraph. I indeed interpreted it as if that 17.7 million was entirely from losses, and the rest then from deferred depreciation and non-deductible interest expenses, but of course, that’s not how it is. Well, I had to read more of that Note 5, and the last paragraph has a breakdown of the expiration of losses: “Tax losses from Finnish operations expire as follows: 3.0 million euros in 2028, 10.0 million euros in 2029, and 1.6 million euros in 2031.” In total, those would be 14.6 million. But those seem to be indeed deductible losses, meaning they can be used to reduce taxable income. Consequently, the tax benefit would be, for example, with a 20% tax rate: 0.2 * 14.6 million = 2.92 million.

LSO Osuuskunta

Apteekkien Eläkekassa

Pia Maljanen

HKFoods

1.85 EUR

+0.82 %