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 CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  availableLanguages
  pageUrl
  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
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    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 {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      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
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


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

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

availableLanguages

pageUrl

imgUrl

description

Sabbatical

Sauli Vilén

Marimekko is a textile and clothing company. The range includes clothes, bags, accessories, and household items that touch on everything from furniture fabrics to porcelain. The products are sold via physical stores under the company's brand worldwide, mainly in Europe, North America and Asia. Marimekko was originally founded in 1951 and is headquartered in Helsinki.

Här är lite allmän information om Marimekko och några aktuella frågor. Marimekkos strategi för åren 2023-2027 fokuserar på att skala upp tillväxten, särskilt i Asien och Stillahavsregionen (APAC), som fungerar som företagets främsta tillväxtmotor. Företaget siktar på en långsiktig årlig omsättningstillväxt på 15 % och strävar efter att stärka sin position på hemmamarknaden i Finland samt expandera på mindre marknader som Norden, EMEA-området och Nordamerika. I APAC-regionen växer Marimekko framgångsrikt genom sin franchise-modell, och nya marknader har identifierats, som Filippinerna och Indien. När det gäller lönsamhet är målet att uppnå en jämförbar rörelsemarginal på 20 %. Detta baseras huvudsakligen på försäljningstillväxt, eftersom företaget har en betydande operativ hävstång. Marimekko fortsätter dock att investera i marknadsföring och hållbarhet, vilket kan påverka lönsamheten på kort sikt. Trots Marimekkos ambitiösa långsiktiga mål ligger de nuvarande prognoserna något under dessa mål. Försäljningen på hemmamarknaden förväntas växa måttligt, men de största möjligheterna finns i den starka tillväxten i APAC-regionen.

Marimekko has surprised investors with strong quarterly growth, especially due to wholesale sales in Finland. Finland grew faster than other countries, although this development was seen as a one-off by CEO Alahuhta-Kasko. Internationally, growth was 6%, which is a decent performance in a weak market. In the Asia-Pacific region, revenue increased by 22%, although the performance in Scandinavia and Europe was weaker. The company aims for approximately 15% annual growth in the long term while maintaining strong profitability. International expansion plays a key role, with new Marimekko stores opening around the world. However, the number of stores decreased in the first quarter compared to the end of the year, possibly due to seasonal variations. The domestic market situation remains challenging, and the economic outlook in Finland is still weak, impacting the company’s growth targets. The management sees improving the operating environment in Finland as crucial for Marimekko to achieve its desired growth. However… the stock price has risen significantly. Isn’t the stock becoming too expensive?

Varning, mitt skrivande innehåller generaliseringar och överdrifter samt min egen “känslomässiga tänkande”.  Det verkar som att många lyxiga varumärken har klarat sig ganska bra åtminstone de senaste åren i olika ekonomiska konjunkturer. Å andra sidan har budgetvarumärken klarat sig relativt bättre när branschen har varit lite svagare. Marimekko är inte ett billigt varumärke, men å andra sidan är det svårt att betrakta det som ett lyxmärke. Har någon någon uppfattning om hur just Marimekko eller liknande varumärken klarar sig i olika ekonomiska konjunkturer?

Jag upplever att aktien är dyr och eftersom Q4-resultatet var dåligt samt företagets framtidsutsikter, så kom jag fram till detta beslut:

Marimekkos Q4 är ute. The fourth quarter in brief  Marimekko’s net sales increased by 5 percent and totaled EUR 50.6 million (48.4). The increase in net sales was driven particularly by the growth in international sales but also by the positive development of Finnish retail sales. Net sales in Finland grew by 2 percent as retail sales increased. International sales grew by 10 percent as especially wholesale sales developed favorably both in the Asia-Pacific region and North America and licensing income grew. Operating profit was EUR 8.1 million (6.8) and comparable operating profit totaled EUR 8.3 million (6.9) equaling to 16.4 percent of net sales (14.3). Operating profit was boosted especially by increased net sales but also improved relative sales margin. On the other hand, an increase in fixed costs had a weakening impact on operating profit.  Year 2023 in brief  Company’s net sales grew by 5 percent and amounted to EUR 174.1 million (166.5). Net sales were boosted in particular by increased international wholesale sales but also by the good development in Finnish retail sales. Marimekko’s international sales in 2023 grew by 10 percent. Net sales in Finland increased by 1 percent. Operating profit was EUR 31.4 million (30.2) and comparable operating profit totaled EUR 32.0 million (30.4) equaling to 18.4 percent of net sales (18.2). Operating profit was improved especially by increased net sales. On the other hand, higher fixed costs decreased operating profit. Improved relative sales margin had a positive effect on the operating profit.  Tyvärr träffade resultatet inte riktigt förväntningarna. Tillväxten stark i USA och Asien, men Norden och Finland var lite trögt. Mode och väskor växer väl, medan home-segmentet fortsätter sjunka.

OM Marimekko börjar samarbeta mycket med billiga varumärken eller på fel sätt, så är det inte coolt. Jag hoppas att Marimekko någon gång får synlighet på rätt plats vid rätt tidpunkt, till exempel i en film eller på lämplig persons kläder. På något sätt tror jag att Marimekkos större framgång kräver lite tur och till och med slump.

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-%	23.19 %	12.87 %	10.11 %
EBIT (adj.)	31.2	33.8	38.1
EBIT-% (adj.)	20.53 %	19.67 %	20.11 %
EPS (adj.)	0.60	0.64	0.73
Dividend	0.72	0.42	0.48
Dividend %	4.25 %	3.66 %	4.18 %
P/E (adj.)	28.21	17.94	15.76
EV/EBITDA	15.33	10.16	8.97

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

Marimekko

Key Estimate Figures2022-05-15

Marimekko

Key Estimate Figures2022-05-15

Stay up to date with our newsletter