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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.)4.92.512.4
EV/EBITDA18.65.44.9

Forum discussions

An interesting video clip about the Kobelco cooperation between KH-Koneet and Adolf Lahti Oy. KH-Koneet has delivered several heavy excavators...
11 hours ago
by Raha-aasi
6
Wacker Neuson, imported by KH-Koneet (Edeco), is likely to change ownership. South Korean Doosan Bobcat is making a takeover bid for Wacker....
12/5/2025, 8:43 AM
by Raha-aasi
13
No idea about the car’s own margin, but those dirty sweeping devices account for the lion’s share of the cost. And they should have a 40% margin...
12/3/2025, 7:06 PM
by All in aina
3
What kind of profit margin is there on an order like this? Only 10% more? The company’s market value is very low…
12/3/2025, 6:40 PM
by Remy Extra
0
So then, shouldn’t the aftermarket be a profitable business? Unless of course one has to do warranty work
12/3/2025, 12:15 PM
1
Probably junk (brokkia)… Generally, the margins are good at the time of sale. But generally, those margins melt away very quickly in the aftermarket...
12/3/2025, 11:34 AM
by All in aina
1
These are probably all Brock-branded sweeping vehicles, which KH Koneet imports. For example, that 18-ton vehicle costing 555,000 EUR is a Scania...
12/3/2025, 7:43 AM
by Raha-aasi
10
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