KH Group: Weak business environment holds value prisoner
We cut KH Group's target price to EUR 0.90 (was EUR 1.05) and reiterate our Accumulate recommendation. We cut our view of Indoor Group's value but also revised our view of HTJ's fair value upward. We are positive about the strategy to release value and the current price level prices the whole with a 25% discount to our sum of the parts calculation, but as the economic downturn plagues the Group’s three largest holdings, we do not see a fast route for repricing the share.
KH Group
0.75
0.9
Accumulate
Accumulate
Sievi Capital is now a conglomerate with a new name KH Group. Our medium-term objective is to become an industrial group built around the business of KH-Koneet Group. KH Group’s share is listed on Nasdaq Helsinki.
Read more on company pageKey Estimate Figures30.10.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 441.3 | 420.1 | 415.3 |
growth-% | 3,737.39 % | -4.81 % | -1.15 % |
EBIT (adj.) | 12.2 | 7.3 | 9.4 |
EBIT-% (adj.) | 2.76 % | 1.73 % | 2.27 % |
EPS (adj.) | 0.24 | -0.03 | 0.04 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | 4.85 | - | 22.52 |
EV/EBITDA | 18.58 | 5.16 | 5.62 |
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