Rebl Group

1.28 EUR

-0.78 %

REBL

NASDAQ Helsinki

Media & Entertainment

Consumer Goods & Services

2,685 following

-0.78%

-3.03%

-20.99%

-27.27%

-45.3%

-55.56%

-60.25%

-77.35%

-79.19%

-53.17%

www.reblgroup.com

Rebl Group is a Finnish group that operates in the media and printing industry. A range of products is delivered that consists of print magazines and services in graphic design. The group has a number of subsidiaries, each with a business focus, one of the better known of which includes the news magazine Karjalainen. The company's headquarters are located in Joensuu.

P/E (adj.) (24e)

-4.88

EV/EBIT (adj.) (24e)

-28.97

P/B (24e)

0.39

Dividend yield-% (24e)

Target price

1.25 EUR

Recommendation

Reduce

Updated

18.11.2024

NASDAQ Helsinki

REBL

Daily low / high price

1.28 / 1.28 EUR

Market cap

16.02M EUR

Turnover

286.72 EUR

Volume

224

Business risk

Valuation risk

Current

Arttu Heikura

Analyst

Income statement

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Revenue	102.8	106.0	133.5	133.9	114.5	108.7	107.6	105.6
growth-%	-4.2 %	3.1 %	25.9 %	0.3 %	-14.5 %	-5.1 %	-0.9 %	-1.9 %
EBITDA	8.0	7.3	6.1	9.1	16.8	7.2	7.1	6.9
EBIT (adj.)	-1.5	-1.8	-3.1	-0.3	-1.5	-1.5	-0.7	0.0
EBIT	-2.5	-1.8	-3.1	-0.3	7.9	-1.5	-0.7	0.0
Profit before taxes	-0.8	5.1	-6.2	-3.4	5.2	-3.6	-2.7	-1.7
Net income	-0.7	4.5	-5.4	-3.4	6.1	-3.0	-2.3	-1.6
EPS (adj.)	0.02	0.36	-0.43	-0.27	-0.26	-0.24	-0.19	-0.12
growth-%	-87.2 %	1,451.7 %	-220.4 %
Dividend	0.15	0.18	0.00	0.00	0.00	0.00	0.00	0.00
Dividend ratio	-264.5 %	50.1 %

Profitability and return on capital

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
EBITDA-%	7.8 %	6.9 %	4.6 %	6.8 %	14.7 %	6.6 %	6.6 %	6.5 %
EBIT-% (adj.)	-1.5 %	-1.7 %	-2.3 %	-0.2 %	-1.3 %	-1.4 %	-0.7 %	0.0 %
EBIT-%	-2.4 %	-1.7 %	-2.3 %	-0.2 %	6.9 %	-1.4 %	-0.7 %	0.0 %
ROE	-1.5 %	10.0 %	-13.0 %	-9.4 %	16.2 %	-7.8 %	-6.4 %	-4.5 %
ROI	-5.1 %	-2.1 %	-3.4 %	-0.3 %	9.7 %	-2.0 %	-1.0 %	0.0 %

Valuation

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Share price (EUR)	5.55	5.50	3.80	2.88	1.28	1.28	1.28	1.28
Shares	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5
Market cap	69.5	68.8	47.6	36.1	16.0	16.0	16.0	16.0
Enterprise value	88.3	91.6	84.4	72.1	43.0	41.2	40.3	38.4
EV/S	0.9	0.9	0.6	0.5	0.4	0.4	0.4	0.4
EV/EBITDA	11.0	12.6	13.8	7.9	2.6	5.7	5.7	5.6
EV/EBIT (adj.)	-	-	-	-	-	-	-	4,932.4
EV/EBIT	-	-	-	-	5.4	-	-	4,932.4
P/E (adj.)	239.6	15.3	-	-	-	-	-	-
P/E	-	15.3	-	-	2.6	-	-	-
P/B	1.6	1.5	1.3	1.0	0.4	0.4	0.5	0.5
P/S	0.7	0.6	0.4	0.3	0.1	0.1	0.1	0.2
Dividend yield	2.7 %	3.3 %
Equity ratio	43.5 %	41.5 %	32.9 %	32.0 %	42.0 %	41.3 %	40.2 %	40.2 %
Gearing ratio	42.5 %	49.7 %	96.1 %	102.8 %	65.4 %	66.0 %	68.0 %	65.2 %

Quarter data

	Q4/23	2023	Q1/24	Q2/24	Q3/24	Q4/24e	2024e
Revenue	36.1	133.9	27.6	31.0	25.0	30.9	114.5
EBITDA	3.1	9.1	0.4	12.5	1.9	2.1	16.8
EBIT	0.7	-0.3	-1.9	10.2	-0.3	-0.1	7.9
Profit before taxes	-0.1	-3.4	-2.6	9.6	-0.9	-0.9	5.2
Net income	-0.1	-3.4	-2.1	9.8	-0.8	-0.8	6.1