KH Group: A structural change worth waiting for
The transformation of KH Group toward a conglomerate to be built around KH-Koneet is progressing, but we estimate that the current difficult business environment can slow down the unlocking of value and expose Indoor Group in particular to balance sheet risks. Our SOTP calculation indicates a clear upside potential for the stock, although its realization is conditional on dissolving the current ownership structure and avoiding materialization of balance sheet risks.
KH Group
0.68
0.80
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 Figures10/03
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 441.3 | 416.3 | 400.4 |
| growth-% | 3,737.39 % | -5.67 % | -3.82 % |
| EBIT (adj.) | 12.2 | 11.6 | 10.1 |
| EBIT-% (adj.) | 2.76 % | 2.78 % | 2.52 % |
| EPS (adj.) | 0.24 | 0.16 | -0.01 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | 4.85 | 3.52 | - |
| EV/EBITDA | 18.58 | 5.72 | 5.28 |
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