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TOKMAN: Future Returns Will Be Driven By Store Investment Focus

Swedish And Danish Store Openings Will Unlock Secular Retail Opportunities

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TOKMAN
AnalystHighTarget
Not Invested
Published 02 Aug 2025

Update shared on 16 Dec 2025

Fair value Decreased 17%
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AnalystHighTarget's Fair Value
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1Y
-39.0%
7D
0.4%

Narrative Update

Analysts have trimmed their fair value estimate for Tokmanni Group Oyj from EUR 10.20 to EUR 8.50, citing slightly higher discount rates, softer projected revenue growth, modestly lower profit margin expectations and a reduced future P E multiple.

What's in the News

  • Tokmanni Group Oyj revised its full year 2025 revenue guidance to EUR 1,710 million to EUR 1,750 million, narrowing and slightly lowering the previous range of EUR 1,700 million to EUR 1,790 million (Key Developments).
  • The Board of Directors decided not to exercise its authorisation to pay a second dividend instalment for the 2024 financial year. The company is prioritising balance sheet strengthening and funding for store investments, strategic projects and IT systems (Key Developments).
  • OP Corporate Bank plc was added as Co Lead Underwriter for Tokmanni Group Oyj's EUR 99.116 million fixed income offering (Key Developments).
  • Danske Bank A/S was added as Co Lead Underwriter for Tokmanni Group Oyj's EUR 99.116 million fixed income offering (Key Developments).

Valuation Changes

  • Fair Value Estimate was reduced from €10.20 to €8.50 per share, indicating a moderate downward reassessment of intrinsic value.
  • The Discount Rate increased slightly from 11.03% to 11.21%, reflecting a marginally higher required return for Tokmanni Group Oyj.
  • Revenue Growth was trimmed from 6.07% to 5.66% annually, signalling slightly more conservative expectations for top-line expansion.
  • The Net Profit Margin was lowered from 4.68% to 4.26%, pointing to modestly weaker anticipated profitability levels.
  • The Future P/E decreased from 8.54x to 7.87x, suggesting a somewhat lower valuation multiple being applied to future earnings.

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