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Third party research

Nokian Panimo: Brewing profitable growth - Evli

Nokian Panimo

This is a third party research report and does not necessarily reflect our views or values

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We initiate coverage of Nokian Panimo with a target price of EUR 2.7 and an ACCUMULATE rating. The company is well- positioned to advance its organic growth strategy, supported by a clearly defined investment plan.

A leading player in the Finnish microbrewery market

Nokian Panimo is a leading Finnish microbrewery with a long history by industry standards and a proven track record of profitable organic growth. Following its March IPO, the company is well positioned to expand its operations and strengthen its presence in the Finnish beverage market. Its diverse portfolio features more than 40 beverages, most notably the Keisari beers and Sun’n soft drinks. All production is centralized at the company’s facility in Nokia, Finland. Between 2019 and 2024, Nokian Panimo has delivered a CAGR exceeding 14%, while maintaining strong profitability in the microbrewery sector, which typically faces margin pressures.
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