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Extensive research

KH Group: A structural change worth waiting for

By Thomas WesterholmAnalyst
KH Group
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The transformation of KH Group toward a conglomerate to be built around KH-Koneet is progressing, but we estimate that the current difficult business environment can slow down the unlocking of value and expose Indoor Group in particular to balance sheet risks. Our SOTP calculation indicates a clear upside potential for the stock, although its realization is conditional on dissolving the current ownership structure and avoiding materialization of balance sheet risks.

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KH Group Plc is a Nordic corporation supporting sustainable construction and society’s critical functions with two business areas: KH-Koneet, supplier of construction and earthmoving machinery, and Nordic Rescue Group, rescue vehicle manufacturer. KH Group’s share is listed on Nasdaq Helsinki.

Read more on company page

Key Estimate Figures10.03.2024

202223e24e
Revenue441.3416.3400.4
growth-%3,737.4 %-5.7 %-3.8 %
EBIT (adj.)12.211.610.1
EBIT-% (adj.)2.8 %2.8 %2.5 %
EPS (adj.)0.240.16-0.01
Dividend0.000.000.00
Dividend %
P/E (adj.)4.93.4neg.
EV/EBITDA18.65.75.3

Forum discussions

A one-minute introductory video where the Finnish Defence Forces Logistics Command conducts field tests on Saurus’ new fire truck. Instagram...
4/10/2026, 6:02 AM
by Raha-aasi
12
https://x.com/kariheikkila/status/2040027218785563114?s=20
4/5/2026, 8:00 AM
by Huhtis
15
Sukari bought the brand from a bankrupt company. KH had nothing to do with that transaction.
3/31/2026, 11:15 AM
4
This is probably about whether the companies are sold with their debts or whether the brand, etc., business is sold debt-free.
3/31/2026, 11:06 AM
by _MH__
6
So did KH sell Indoor for one euro? What is Sukari rambling about in AlfaTv/Ukkola’s latest YouTube interview, saying he paid millions for Asko...
3/31/2026, 10:27 AM
by Buy and Hold Is Eternal
0
Here are Thomas’s comments on KH’s €33.5 million financing arrangement Inderes KH Group vahvistaa rahoituspohjaansa 33,5 MEUR:n järjestelyll...
3/31/2026, 5:54 AM
by Sijoittaja-alokas
7
This was probably the decision to separate financing for the investment company period. Now the group operates as a single entity regarding ...
3/30/2026, 3:58 PM
by Raha-aasi
7
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