contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


marimekko-after-digesting-multiples-its-time-jump-back-board

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Marimekko is a textile and clothing company. The range includes clothing, bags, accessories and household items ranging from upholstery fabrics to porcelain. The products are sold through physical stores under the company's brand throughout the global market, primarily in Europe, North America and Asia. Marimekko was founded in 1951 and is headquartered in Helsinki.

I haven’t followed Björn Borg that closely, but based on the last few years, the company seems to spend an amount equivalent to about 9% of sales on marketing costs. Of course, they have a slightly different profile, target group, etc., which affect how much marketing is done to grow or maintain their current position. BB does indeed distribute its earnings quite consistently entirely as dividends. Basically, I’m wondering whether I, as a shareholder, could accept a lower EBIT margin for a few years, and consequently a lower dividend, if the company announced it would invest more heavily in marketing to strengthen its position, for example, specifically in Asia. The company’s SCALE strategy targets 15% topline growth, which seems difficult to achieve at the current pace.   Of course, higher marketing investments would likely cause problems for the 20% EBIT margin target as well .

If compared to the neighbor Björn Borg, Marimekko seemed to be a bit more cautious in distributing excess funds. Marimekko stashes funds for a couple of years before paying them out as extra dividends. Björn Borg seemed to have a consistently high payout ratio.

It would be interesting to hear more about the company’s dividend policy in more detail as we approach the earnings season. In recent years, we have become accustomed to seeing extra capital returns to shareholders, and Inderes apparently forecasts these for the coming years as well, as the dividend payout is expected to be over 100% of the result. At the same time, the company is still trying to achieve an international breakthrough, primarily in Asia. In recent years, however, the international growth rate has slowed down. In 2023, sales in Asia grew by as much as 17%, but the growth trajectory for 2024-2025 has been fading. In 2024, marketing investments were €10.5 million because of the celebrations for the 60th anniversary of Unikko. Marketing expenses accounted for 6% of the company’s revenue. I understand that one can practically pour endless amounts of money into marketing and the ROI/benefit ratio is declining at a certain point. But I would see that since the potential is in Asia, the target group is large enough that funds could occasionally be allocated more boldly to marketing? I fear that the company might end up in a limbo where a high dividend is forced and growth investments are compromised?

DNB Carnegie upgraded Marimekko to Buy, from Hold. Target price remains EUR 14.50.

Shareholders propose that Jean-Baptiste Debains and Antoinette Louis be elected as new members of the Board. Of the current board members, Carol Chen and Tomoki Takebayashi have announced that they are not available for re-election. Debains has served a total of more than twenty years in executive positions at luxury fashion companies such as Dior, Fendi, and Louis Vuitton. Louis is a consultant specializing in the luxury business and has also worked in executive positions at companies including Hermès.

The eye-slanting controversy – Marimekko seemed to stay silent throughout the entire episode, even though Asia is an important market. Many other brands, such as Finnair, came forward and lamented the damage to Finland’s country image. In my opinion, a wise choice by Marimekko, or is Marimekko perhaps not identified that strongly as Finnish globally after all? It would be interesting to get follow-up studies and assessments from other investors on what the price of the “mockery” was/is for different brands. Or is the market’s memory short even when it comes to national images? The Moomins apparently escaped with just a scare.

Tiina Alahuhta-Kasko was talking about Marimekko as an investment target at the Investor 2025 event.                    Inderes              Marimekko sijoituskohteena | Sijoittaja 2025 - Inderes    Aika: 28.11.2025 klo 14.23 Marimekon toimitusjohtaja Tiina Alahuhta-Kasko kertoo yhtiön liiketoiminnasta Sijoittaja 2025 -tapahtumassa.

Marimekko

The Q1 report was very strong and easily exceeded our estimates. We raised our earnings estimates and expect clear earnings growth in the coming years, even though uncertainty in the operating...

<p>The Q1 report was very strong and easily exceeded our estimates. We raised our earnings estimates and expect clear earnings growth in the coming years, even though uncertainty in the operating environment has increased. The valuation picture has improved clearly as the share price has dropped and the valuation level is neutral considering the situation. We feel the expected return consisting of clear earnings growth and a healthy dividend has become sufficiently attractive. </p> 

	2021	22e	23e
Revenue	152.2	171.8	189.2
growth-%	23.2 %	12.9 %	10.1 %
EBIT (adj.)	31.2	33.8	38.1
EBIT-% (adj.)	20.5 %	19.7 %	20.1 %
EPS (adj.)	0.60	0.64	0.73
Dividend	0.72	0.42	0.48
Dividend %	4.3 %	3.3 %	3.7 %
P/E (adj.)	28.2	20.1	17.6
EV/EBITDA	15.3	11.4	10.1

Marimekko: After digesting multiples its time to jump back on board

Key Estimate Figures15.05.2022

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