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Stockmann: Moderate valuation offers a cheap option

LINDEXResearch21.03.2023, 09.13
Inderes
Discuss
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We feel that Stockmann's share price drop has pushed the valuation to moderate (price adjusted P/E 8x). Although we do not consider structural arrangements likely in the near future, their potential in the medium term is significant. We believe the current share price level offers a cheap option for the value increase from potential structural arrangements. However, this is only possible in practice after the restructuring is over.

Lindex Group operates in the retail sector. The Group manages a number of stores in major shopping centres and large commercial premises located throughout the Nordic market. The Group is a retailer of several brands and the range consists of clothing, shoes and related accessories. The company has its headquarters in Helsinki.

Read more on company page

Forum discussions

Fresh analysis on Lindex from DNB Carnegie regarding the earnings. They are raising their fair value range to €2.6–3.4. access.dnbcarnegie.com...
10/23/2026, 7:04 AM
by Karhu Hylje
19
I really don’t know if this silence is a good thing; the number of owners on Nordnet is down 15% YTD and the share price is -10% YTD, even though...
10/22/2026, 6:53 PM
by Arvoansa1
1
A pretty spot-on expectation, respect. Having one Crazy Days sale fall into the quarter is just a drop in the ocean in the grand scheme of things...
10/22/2026, 5:26 PM
by vanha Qfwfq
7
Decent result – good momentum. Keep this up for a while and they’ll be able to get rid of Stockmann. How is that potential buyer, Peek & Cloppenburg...
10/22/2026, 11:20 AM
by tzo
0
Great work. As for Stockmann, if they could also establish something like procurement cooperation with another player, I don’t think there would...
10/22/2026, 10:35 AM
by III21
7
Earnings presentation is available on Lindex’s website. Both Lindex’s and Stockmann’s relative profitability (adj. operating result) showed ...
10/22/2026, 7:54 AM
by Opa
12
Let’s also share the link to the results so you don’t have to search for it separately; looks like the EBIT guidance was also specified. At ...
10/22/2026, 5:55 AM
by NukkeNukuttaja
17