Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Transcripts
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Extensive research

KH Group: A structural change worth waiting for

By Thomas WesterholmAnalyst
KH Group
Download report (PDF)

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.

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 page

Key Estimate Figures10.03.2024

202223e24e
Revenue441.3416.3400.4
growth-%3,737.4 %-5.7 %-3.8 %
EBIT (adj.)12.211.610.1
EBIT-% (adj.)2.8 %2.8 %2.5 %
EPS (adj.)0.240.16-0.01
Dividend0.000.000.00
Dividend %
P/E (adj.)4.92.7neg.
EV/EBITDA18.65.55.0

Forum discussions

Back then the share price was over twice as high, when you could get into the top 100 with 25k shares.
1/2/2026, 12:12 PM
0
Ah, those were the days when 25,000 shares were enough to make the top 100. Now everyone is just averaging down by buying more. Have a great...
1/2/2026, 11:25 AM
by Juhani
0
Putting my hand up to admit my mistake. I asked AI about that and I don’t know if the part about WORKING days was missing from the response ...
12/29/2025, 4:40 PM
by Ruoto
0
Yes, these have been done correctly - do the math and check the FIN-FSA (Fiva) website.
12/29/2025, 3:38 PM
by Eugene Fama
4
There was also another notification regarding Karttunen’s purchases. In the second notification, 50,000 more shares. Inderes KH Group Oyj – ...
12/29/2025, 3:37 PM
by Raha-aasi
5
A person discharging managerial responsibilities must notify the company within 3 business days, and the company must disclose it within 2 business...
12/29/2025, 3:31 PM
by Tuul1puku
4
As I understand it, that deadline for the notification obligation is calculated from trading days, not calendar days. According to this, the...
12/29/2025, 3:21 PM
18
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.