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Research

Sievi Capital: Good performance in an uncertain environment

By Olli VilppoAnalyst
KH Group
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In the big picture, Sievi Capital’s year began with positive signs and as a whole, holdings progressed slightly better than we expected in an uncertain environment. We made minor estimate changes and our sum of the parts calculation remained close to our previous estimate. We still see clear value in the share relative to the low current share price and expect the value to gradually be released as the new strategy progresses.

KH Group

1.03EUR04.05.2023, 18.00
1.20EURTarget price
Buy
Changed from:Accumulate
Recommendation updated:04.05.2023

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 Figures04.05.2023

202223e24e
Revenue2.02.03.0
growth-%-82.6 %50.0 %
EBIT (adj.)-10.15.712.0
EBIT-% (adj.)-505.0 %283.8 %400.0 %
EPS (adj.)-0.140.080.15
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.7.13.6
EV/EBITDAneg.8.64.2
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