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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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.

Tiina Alahuhta-Kasko was talking about Marimekko as an investment target at the Investor 2025 event.                    Inderes              Marimekko sijoituskohteena | Sijoittaja 2025 - Inderes    Aika: 28.11.2025 klo 14.23 Marimekon toimitusjohtaja Tiina Alahuhta-Kasko kertoo yhtiön liiketoiminnasta Sijoittaja 2025 -tapahtumassa.

Spotted from Kauppalehti: Quite positive development from Asia regarding LVMH, meaning the market is improving:   Although the companies do not operate in exactly the same markets, it still gives an indication that the Asian market is moving in a better direction.

A fair critical write-up. I’ll address brand sales, in case it’s not clear to everyone. It refers to the value of all Marimekko products’ retail sales. Now that license revenues are clearly down this year (and zero in Asia), that figure will decrease. For Marimekko, relatively small license sales have still meant significant brand sales, so the development is logical in itself, and if one believes the drop in license sales to be temporary/random fluctuation, then it doesn’t matter that much. I myself have never really followed that metric; the company fell into a somewhat typical trap here, where the development of brand sales was advertised when it was better than revenue, and now that it’s in the negative, it doesn’t matter as much.

Almanakka has written their thoughts on Marimekko right after Q3.   I haven’t commented on brand sales yet or noticed them in the report. In the presentation, a few seconds and exactly one sentence were spent going through this slide. “Our brand sales in the first 9 months amounted to 286.9 million.” No comments, no additional color, no mention that YTD we are -7%. Next slide. I don’t like this kind of communication. Bad things are forcibly colored good, and then when bad things are shown, no time is spent going through them. Marimekko’s brand sales, which indicate the brand’s attractiveness, are indeed -7% during the first three quarters. In Asia, -26%. What the heck. Please tell us a bit why the brand isn’t appealing, especially in Asia. Hopefully, this will be questioned in the Q&A. The lowered outlook for Asia is, as usual, not really elaborated on. Consumers are cautious in China, and licensing revenues are not coming in. What about all those new stores and markets? Can’t they really clearly compensate for the missing revenue from those two? Licensing revenue in Asia in 2024 was just under 2 million euros, or 5% of Asia’s revenue.                    Sijoitustieto.fi              Marimekko Q3/25: Strategian toteutus heikkoa    Miten asiat ovat kehittyneet edellisestä päivityksestä? Osake on pysytellyt suht samoilla tasoilla, kuin edellisessä päivityksessäni. Ja niin on liiketoimintakin. Kasvua saatiin tällä neljänneksellä 8 %, mutta viimeisen 12kk ikkunassa vain reilu 5 %....

I also find it quite justified to question the longer-term growth targets regarding that 15%. The revenue CAGR for 2018–2025 has been approximately 8%, and the company has exceeded 15% growth only in 2021, when growth was exceptionally strong at 23%. However, the company deserves credit for its performance in recent years. It has performed very well relative to the market, which has provided little support. For example, in Finland, where the industry has clearly been in trouble, the company has managed to maintain its position and grow. Finland still accounts for about half of the revenue, and although international growth is a key theme, it is worth noting that the market has also been challenging globally. It will be interesting to see how growth develops when the demand environment improves and the market starts to pick up. Everything indicates that the company is being built for the long term and its brand is being strengthened. For example, the opening of the Paris store is a truly significant step – Paris is the fashion capital of the world and a huge tourist destination, especially for Asian travelers. These investments are not measured solely by the direct sales of the store; their impact on brand awareness and international visibility is much broader. Based on the company’s track record in recent years, its competitiveness is very strong – it has navigated a weak market exceptionally well. The CEO has also stated that winning companies are truly tested in a difficult market. Profitability, cash flow, and return on capital are among the best on the Helsinki Stock Exchange. In my opinion, it would even be suitable for a model portfolio.

Of course, the company constantly has many actions aimed at accelerating growth, but at least to me, it has never become concretely clear how that 15% will be reached. Certainly, market improvement is also needed, but still, the target seems quite distant. Of course, I’ve discussed this with the company a couple of times; I described it to a colleague earlier this year (perhaps slightly exaggerating  ) like this: “how do we get to 15% growth?”  “well, it’s a long-term goal”  “isn’t that target for annual growth?”  “yes, but it’s long-term”  “uhh… okay, can you elaborate on growth market by market?”  “well, Asia should have the strongest growth, as we’ve said”  “so how does it accelerate there?”  “well, this is long-term work with partners, and we grew well last year too”

Marimekko’s growth target is ambitious in relation to the company’s recent growth rate. Is there a more concrete set of measures known that would enable achieving such a 15% growth rate? Or is this based more on the growth of consumer demand?

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 %	3.3 %	3.8 %
P/E (adj.)	28.2	19.9	17.5
EV/EBITDA	15.3	11.3	10.0

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

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Key Estimate Figures15.05.2022

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