Purmo Group: Earnings growth only in 2024
We estimate that Purmo's volumes will decrease also in 2023 and push both net sales and earnings to a slight drop. We believe that the company's efficiency measures and net sales recovery will result in clear earnings growth in 2024. Next year’s multiples are neutral or rather high but considering the 4% dividend yield and estimated earnings growth in 2024 the share’s risk/return ratio is still slightly positive.
Purmo Group
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.
Read more on company pageKey Estimate Figures09.12.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 843.6 | 904.0 | 872.4 |
growth-% | 25.68 % | 7.16 % | -3.50 % |
EBIT (adj.) | 73.7 | 58.4 | 54.6 |
EBIT-% (adj.) | 8.73 % | 6.46 % | 6.26 % |
EPS (adj.) | 1.78 | 0.79 | 0.77 |
Dividend | 0.36 | 0.35 | 0.35 |
Dividend % | 2.54 % | 3.56 % | 3.56 % |
P/E (adj.) | 7.96 | 12.45 | 12.75 |
EV/EBITDA | 24.30 | 8.42 | 11.69 |