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Research

Tokmanni: Towards improving results

By Arttu HeikuraAnalyst
Tokmanni Group
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Tokmanni's Q4 report was in line with expectations in terms of operational items. The integration of Dollarstore has progressed well and the company has shown the first concrete signs of synergy benefits. We see a slight reduction in the company's risk level due to a faster-than-expected decrease in the debt position and positive integration news.

Tokmanni Group

14.96EUR22.03.2024, 18.00
16EURTarget price
Accumulate
Changed from:Reduce
Recommendation updated:25.03.2024

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 Figures25.03.2024

202324e25e
Revenue1,392.71,673.01,790.8
growth-%19.2 %20.1 %7.0 %
EBIT (adj.)100.2119.0143.0
EBIT-% (adj.)7.2 %7.1 %8.0 %
EPS (adj.)1.041.101.43
Dividend0.760.770.80
Dividend %5.2 %9.0 %9.3 %
P/E (adj.)14.17.86.0
EV/EBITDA8.45.14.5
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