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Research

KH Group: Subsidiaries showed their resilience

By Thomas WesterholmAnalyst
KH Group
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The net sales of KH Group’s largest holdings weakened as expected, but the subsidiaries' profitability held their own better than expected and HTJ put forward really strong performance. Our view of the value of the sum of the parts did not change significantly as the calculation indicated a value of some EUR 0.98 per share. KH Group’s short-term outlook is difficult, but looking beyond the cycle, the conditions for value creation are good thanks to the dismantling of the Group structure.

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.

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Key Estimate Figures02.11.2023

202223e24e
Revenue441.3418.2412.7
growth-%3,737.4 %-5.2 %-1.3 %
EBIT (adj.)12.211.99.9
EBIT-% (adj.)2.8 %2.9 %2.4 %
EPS (adj.)0.240.170.03
Dividend0.000.000.00
Dividend %
P/E (adj.)4.92.814.0
EV/EBITDA18.65.55.0
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