Purmo Group: Ending the year on a high note
2021 was a year of strong growth for Purmo Group, both in terms of the top line and earnings. After a strong year of growth, we expect both net sales and earnings growth to clearly moderate in the coming years due to geopolitical uncertainties, stabilization of market demand and rise in raw material prices. However, we feel the valuation is still moderate relative to the current earnings level and potential.
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 Figures2022-03-03
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 843.6 | 811.0 | 831.0 |
growth-% | 25.69 % | -3.86 % | 2.47 % |
EBIT (adj.) | 73.7 | 56.7 | 64.7 |
EBIT-% (adj.) | 8.73 % | 6.99 % | 7.79 % |
EPS (adj.) | 1.76 | 0.92 | 1.08 |
Dividend | 0.36 | 0.37 | 0.40 |
Dividend % | 2.54 % | 3.27 % | 3.54 % |
P/E (adj.) | 8.09 | 12.31 | 10.45 |
EV/EBITDA | 24.28 | 7.47 | 6.49 |