Stockmann: Moderate valuation offers a cheap option

By Rauli Juva
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.