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
    }
  }
}


marimekko-after-digesting-multiples-its-time-jump-back-board

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Marimekko is a textile and clothing company. The range includes clothing, bags, accessories and household items ranging from upholstery fabrics to porcelain. The products are sold through physical stores under the company's brand throughout the global market, primarily in Europe, North America and Asia. Marimekko was founded in 1951 and is headquartered in Helsinki.

A refreshingly critical post! Although I own a fair amount of the company myself and like the brand, the concerns raised by Almanakka are very well-founded.  Management incentive scheme: After the financial year, the company introduced a new share-based management incentive program. The criteria for the first two periods are tied to Total Shareholder Return (TSR) and comparable operating profit margin.  I am not a big fan of using Total Shareholder Return, because ultimately it is not in management’s hands, and you can make a stock fly without any merit just by talking nonsense. Just look at the world’s largest car company by market cap.  I also don’t understand why they look at comparable operating profit margin instead of comparable operating profit? Management can quite easily steer at least that metric to the goal by, for example, cutting back on marketing. Revenue and operating profit fall, but management is rewarded for the margin???  Just today I was talking with a friend about the dismal level of management compensation in Helsinki. Remuneration committees are not up to their tasks. And from managers, you get exactly what you order, of course. They are almost human, after all. Incentives drive behavior even in these companies where the culture is perceived as more responsible than normal.  I don’t own Marimekko at the moment, and this report didn’t bring me any closer to ownership despite the big share price reaction. I like the brand and would like to own the stock, but management’s actions and explanations are simply not enough right now.  This especially resonated with my own thoughts, and I completely agree. Operating profit margin theoretically rewards management for making short-sighted decisions. Margins can be relatively easily optimized through costs, sales mix, and campaigns. But the end result can be very short-sighted decision-making, which shows up as weak results in the long run. And this is practically what management is being guided towards now. The irony is that the brand itself is built to be timeless and long-term oriented.   This was also apt criticism. As I raised earlier in the thread regarding marketing investments, I somehow have the idea that Marimekko would have the opportunity to create more value for shareholders if the earnings were not distributed as dividends to the current extent. Either in the form of more significant marketing investments (not working in Asia, but what about Sweden / Europe / USA?) or alternatively, a larger share buyback program where shares would be canceled. Provided, of course, that the company sees the stock as undervalued.

Almanakka has written their own analysis on Marimekko following the Q4 results.   After Q2, I myself grew tired of listening to management beating around the bush regarding Asia-related questions. Now, in my opinion, the market has quite deservedly punished the company for its poorly progressing strategic goals. I hope the company maintains the Q4 momentum and accelerates significantly in Asia.                    Sijoitustieto.fi              Marimekko Q4/25: Kuka ravistelisi uinuvaa unikkoa?    Marimekon raportti ei mielestäni ollut hyvä. Osakekin on yli 13 % alempana, kuin ennen tulospäivää, joten markkina taisi olla samaa mieltä. Alla olevaan kuvaajaan tiivistyy ongelma: Yhtiö on periaatteessa mielenkiintoinen pohjoismainen brändi, joka...

The only non-verbal cue I understood in this latest one was that Tiina was steadily backing away from me during the interview. I don’t know what to make of that, but it certainly didn’t affect the recommendation

A couple more target price changes from Kauppalehti’s news briefs: Evli lowered Marimekko’s target price to 12.50 euros from 14 euros. Recommendation remains Add. DNB Carnegie lowers Marimekko’s target price to 14.00 euros (prev. 14.50 euros), reiterates Buy recommendation.

Inderes              Marimekko Q4'25: Tuotto-odotus löysi uuden kuosin - Inderes    Mielestämme osinko ja tuloskasvu tarjoavat yli 10 % tuotto-odotuksen arvostuksen ollessa neutraali vuodelle 2026.                             Adding a link to @Rauli_Juva’s new report; the rating has turned to Accumulate, meaning Rauli finally understood Tiina’s non-verbal cues in the interview

OP lowered Marimekko’s target price to 13.50 euros from 14 euros. Recommendation remains Accumulate.

Thanks Rauli! It’s great that you’re bringing up questions from here on the forum. Tiina’s answer was very logical; if the partners are primarily responsible for marketing, it’s difficult to invest. On the other hand, strategically, that loose-franchise partner model is a bit of a double-edged sword. Especially in the early stages, this is a capital-light model for seeking growth, but in the long run, Marimekko might want to have more influence over the investments themselves.

Marimekko

The Q1 report was very strong and easily exceeded our estimates. We raised our earnings estimates and expect clear earnings growth in the coming years, even though uncertainty in the operating...

<p>The Q1 report was very strong and easily exceeded our estimates. We raised our earnings estimates and expect clear earnings growth in the coming years, even though uncertainty in the operating environment has increased. The valuation picture has improved clearly as the share price has dropped and the valuation level is neutral considering the situation. We feel the expected return consisting of clear earnings growth and a healthy dividend has become sufficiently attractive. </p> 

	2021	22e	23e
Revenue	152.2	171.8	189.2
growth-%	23.2 %	12.9 %	10.1 %
EBIT (adj.)	31.2	33.8	38.1
EBIT-% (adj.)	20.5 %	19.7 %	20.1 %
EPS (adj.)	0.60	0.64	0.73
Dividend	0.72	0.42	0.48
Dividend %	4.3 %	3.6 %	4.2 %
P/E (adj.)	28.2	18.1	15.9
EV/EBITDA	15.3	10.2	9.1

Marimekko: After digesting multiples its time to jump back on board

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Key Estimate Figures15.05.2022

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