Purmo Group
11.45 EUR 0%Purmo Group develops solutions for indoor climate. The company provides heating and cooling solutions for residential buildings and premises, including radiators, towel warmers, underfloor heating, convectors, valves, and controls. The business is divided into a number of business areas and the solutions are used in industry and the real estate industry. Customers are found on a global level with the largest concentration in Europe. The products are aimed at corporate and private customers.
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Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Rettig Oy Ab | 61.8 % | 61.8 % |
Virala Oy Ab | 15.2 % | 15.2 % |
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Insider Transactions
Insider | Date | Total value |
---|---|---|
Erik Hedin | 13.02.2024 | 13,876EUR |
Erik Hedin | 07.08.2023 | 13,925EUR |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 671.2 | 843.6 | 904.1 | 743.2 | 715.9 | 741.6 | 762.3 | 783.9 |
growth-% | -3.7 % | 25.7 % | 7.2 % | -17.8 % | -3.7 % | 3.6 % | 2.8 % | 2.8 % |
EBITDA | 71.9 | 33.6 | 78.4 | 46.6 | 78.8 | 93.0 | 103.9 | 105.2 |
EBIT (adj.) | 55.2 | 73.7 | 60.7 | 55.4 | 65.1 | 73.8 | 74.2 | 74.9 |
EBIT | 42.0 | 3.5 | 39.0 | 9.7 | 50.2 | 63.8 | 74.2 | 74.9 |
Profit before taxes | 31.9 | -5.1 | 21.6 | -9.6 | 29.8 | 47.8 | 57.7 | 59.3 |
Net income | 24.9 | -18.8 | 13.2 | -13.2 | 16.3 | 32.0 | 43.6 | 45.7 |
EPS (adj.) | 0.94 | 1.78 | 0.85 | 0.68 | 0.73 | 0.98 | 1.02 | 1.07 |
growth-% | 52.7 % | 90.8 % | -52.5 % | -19.5 % | 7.1 % | 34.8 % | 3.9 % | 4.8 % |
Dividend | 0.00 | 0.36 | 0.35 | 0.35 | 0.35 | 0.37 | 0.40 | 0.43 |
Dividend ratio | -77.8 % | 112.9 % | -112.9 % | 91.6 % | 49.2 % | 39.1 % | 40.0 % |
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Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 10.7 % | 4.0 % | 8.7 % | 6.3 % | 11.0 % | 12.5 % | 13.6 % | 13.4 % |
EBIT-% (adj.) | 8.2 % | 8.7 % | 6.7 % | 7.5 % | 9.1 % | 10.0 % | 9.7 % | 9.6 % |
EBIT-% | 6.3 % | 0.4 % | 4.3 % | 1.3 % | 7.0 % | 8.6 % | 9.7 % | 9.6 % |
ROE | 4.8 % | -4.2 % | 3.3 % | -3.1 % | 3.7 % | 7.2 % | 9.9 % | 10.4 % |
ROI | 6.2 % | 0.5 % | 5.1 % | 1.3 % | 6.7 % | 8.7 % | 10.4 % | 10.7 % |
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Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 14.20 | 8.22 | 6.70 | 11.45 | 11.45 | 11.45 | 11.45 | |
Shares | 40.7 | 40.7 | 42.7 | 42.7 | 42.7 | 42.7 | 42.6 | 42.6 |
Market cap | 577.5 | 350.7 | 285.8 | 488.5 | 488.5 | 487.8 | 487.8 | |
Enterprise value | 816.9 | 627.5 | 560.7 | 725.5 | 713.3 | 689.2 | 664.8 | |
EV/S | - | 1.0 | 0.7 | 0.8 | 1.0 | 1.0 | 0.9 | 0.8 |
EV/EBITDA | - | 24.3 | 8.0 | 12.0 | 9.2 | 7.7 | 6.6 | 6.3 |
EV/EBIT (adj.) | - | 11.1 | 10.3 | 10.1 | 11.1 | 9.7 | 9.3 | 8.9 |
EV/EBIT | - | 236.1 | 16.1 | 57.8 | 14.5 | 11.2 | 9.3 | 8.9 |
P/E (adj.) | - | 8.0 | 9.7 | 9.8 | 15.7 | 11.6 | 11.2 | 10.7 |
P/E | - | - | 25.7 | - | 30.0 | 15.3 | 11.2 | 10.7 |
P/B | - | 1.5 | 0.9 | 0.7 | 1.1 | 1.1 | 1.2 | 1.1 |
P/S | - | 0.7 | 0.4 | 0.4 | 0.7 | 0.7 | 0.6 | 0.6 |
Dividend yield | 2.5 % | 4.3 % | 5.2 % | 3.1 % | 3.2 % | 3.5 % | 3.8 % | |
Equity ratio | 61.9 % | 37.3 % | 41.0 % | 43.7 % | 45.6 % | 46.3 % | 45.7 % | 47.1 % |
Gearing ratio | 14.5 % | 61.3 % | 68.6 % | 49.5 % | 40.4 % | 36.2 % | 47.6 % | 39.2 % |
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Quarter data
Q3/23 | Q4/23 | 2023 | Q1/24 | Q2/24 | Q3/24e | Q4/24e | 2024e | Q1/25e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 176.1 | 175.0 | 743.2 | 188.0 | 171.9 | 174.0 | 182.0 | 715.9 | |
EBITDA | 17.3 | -10.7 | 46.6 | 25.3 | 13.0 | 18.0 | 22.5 | 78.8 | |
EBIT | 11.2 | -25.5 | 9.7 | 17.9 | 5.8 | 11.0 | 15.5 | 50.2 | |
Profit before taxes | 7.2 | -30.4 | -9.6 | 12.4 | 0.9 | 6.0 | 10.5 | 29.8 | |
Net income | 4.5 | -26.1 | -13.2 | 8.2 | -2.0 | 3.3 | 6.7 | 16.3 |
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Haier, which has made a competing offer for Purmo, has announced that it intends to continue its negotiations with the company's Board
Haier Intends to Continue Negotiations with Purmo Board
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A new twist in Purmo's bid saga
Updated statement of the Board: The Board upholds recommendation for Project Grand Bidco (UK) Limited tender offer in the absence of current sufficient key shareholder support for Haier tender offer
Haier Europe Appliances Holding B.V. Adjusts the Class C Share Offer Price in its Tender Offer due to Purmo Group’s Return of Capital
Purmo Q2'24: We believe the company will go to Haier
Project Grand Bidco (UK) Limited supplements offer document of the public tender offer for the shares in Purmo and announces the new expiry date of the offer period
![Purmo Group, Q2'24](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/9e044e81-8539-4442-9d57-66e3b903f1a2.png)
Purmo Group, Q2'24
![Purmo Q2'24 flash comment: Weak result but focus on tender offer](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/c3a51745-ee3f-4529-939d-c2e80b66e450.png)
Purmo Q2'24 flash comment: Weak result but focus on tender offer
Purmo Group’s half-year financial report January-June 2024: H1 adjusted EBITDA margin improved despite continued weak market
Project Grand Bidco (UK) Limited waives the remaining regulatory approval condition in its tender offer and confirms it will not increase its offer prices
A higher competing bid for Purmo
Project Grand Bidco (UK) Limited notes Haier Europe Appliances Holding B.V.'s competing offer for Purmo and will extend the offer period of its public cash tender offer
Inside information: Haier Europe Appliances Holding B.V. Has Announced a Competing Voluntary Public Cash Tender Offer for all Shares in Purmo Group Plc
![Purmo Q2'24 earnings preview: Main focus on the takeover bid](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/a2544814-fde7-4bac-b6d6-4c6c4e0f9b52.png)