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Research

Tokmanni: Integration is underway, but Finland is hiccuping

By Arttu HeikuraAnalyst
Tokmanni Group
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Tokmanni reported its first quarter as a Nordic discount retailer. Overall, the Q3 report was weak, with revenue and EPS below our expectations. According to the company, the Dollarstore integration is well underway, and the first significant synergies are expected from the beginning of 2024.

Tokmanni Group is a variety discount retailer in the Nordics. The group has stores in Finland, Sweden and Denmark under the brand names Tokmanni, Dollarstore, Big Dollar, Click Shoes and Miny. In addition, Tokmanni has online stores. Tokmanni's headquarter and logistics centres are located in Mäntsälä, Finland. Dollarstore is headquartered in Kista, Stockholm with a central warehouse in Örebro. The group own a procurement company located in Shanghai together with a Norwegian discount store chain Europris.

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Key Estimate Figures20.11.2023

202223e24e
Revenue1,168.01,379.41,658.6
growth-%2.3 %18.1 %20.2 %
EBIT (adj.)85.796.2119.2
EBIT-% (adj.)7.3 %7.0 %7.2 %
EPS (adj.)1.031.001.19
Dividend0.760.780.80
Dividend %6.7 %8.2 %8.4 %
P/E (adj.)11.09.58.0
EV/EBITDA6.76.95.7
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