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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.

KH Group Plc is a Nordic corporation supporting sustainable construction and society’s critical functions with two business areas: KH-Koneet, supplier of construction and earthmoving machinery, and Nordic Rescue Group, rescue vehicle manufacturer. KH Group’s share is listed on Nasdaq Helsinki.

Read more on company page

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.)4.93.316.5
EV/EBITDA18.65.65.1

Forum discussions

Asko and Sotka in Helsingin Sanomat (edit: moved behind a paywall) Helsingin Sanomat – 4 Mar 26 HS tutki | Asko ja Sotka johtivat asiakkaita...
13 hours ago
by JuhaR
4
Konepörssi magazine features a story about the long-term cooperation between HRK-Konevuokraamo and KH-Koneet. For those interested in reading...
2/27/2026, 8:14 AM
by Raha-aasi
7
Here are Thomas’s comments on the management change at KH-Koneet. On Friday, KH Group announced the appointment of Tuomas Myllynen as the CEO...
2/23/2026, 6:18 AM
by Sijoittaja-alokas
6
Based on the CV, it seems like a really good choice, but it’s naturally impossible to say how the chemistry works with the KH Koneet team and...
2/20/2026, 3:36 PM
by Lohis
17
I think it’s a good and appropriate choice. I’m satisfied and even somewhat relieved!
2/20/2026, 8:12 AM
by An Architect
8
Cramo’s Country Manager is the new CEO of KH-Koneet. The transition will take place by August 1, 2026, at the latest. Teppo Sakari will be available...
2/20/2026, 7:17 AM
by Raha-aasi
26
To mark the comprehensive report, a video about KH Group was filmed today. Tässä video: Inderes KH Group: Kahdet tulosvaroitukset ja yhdet hautajaiset...
2/19/2026, 2:41 PM
by Iikka Numminen
22
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