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Stockmann: Moderate valuation offers a cheap option

LINDEXResearch21.03.2023, 09.13
Rauli JuvaAnalyst
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

Rental costs have already been deducted to a significant extent from the operating result, as the right-of-use asset is being depreciated in...
7/20/2026, 4:53 PM
by mardi
13
As I recall, the last dispute ended on June 25th, so its effects were already reflected in the Q2/Q3 2025 figures. As for this Q2 cash flow,...
7/20/2026, 4:39 PM
by Seinäkadun Keisari
9
How did the dispute with LähiTapiola end, and does it show anywhere here? It was related to rental liabilities; was the district court’s decision...
7/20/2026, 4:30 PM
by Matsku
0
Great to see the OFCF breakdown included in the presentation now. However, I’m not entirely grasping what is causing that decline for Stockmann...
7/20/2026, 11:47 AM
by Float__
4
Tärkeimmät talousuutiset | Kauppalehti – 19 Jul 26 Analyytikko: Lindex haluaa eroon Stockmannista – Toimitusjohtaja vaitonainen Stockmannin ...
7/20/2026, 11:12 AM
by Seinäkadun Keisari
8
They must be on the balance sheet, meaning inventories have grown as mentioned in the half-year report.
7/20/2026, 6:55 AM
by Kelmeelä
2
That is how it should go, logically speaking. However, the improved EBIT in retail is not yet showing in the cash flow; on the contrary, the...
7/20/2026, 6:14 AM
by Staysmart
3