Aankondiging • Dec 21
Purmo Group Oyj to Report Fiscal Year 2024 Results on Mar 19, 2025 Purmo Group Oyj announced that they will report fiscal year 2024 results on Mar 19, 2025 Aankondiging • Dec 12
Purmo Group plc Appoints Jörn Neubert as Chief Operating Officer, Effective 1 March, 2025 Jörn Neubert (MSc. Eng.) has been appointed Chief Operating Officer of Purmo Group Plc and a member of the Core Leadership Team. He will join Purmo Group on 1 March 2025. Mr. Neubert will report to Chief Executive Officer John Peter Leesi and will be based in the United Kingdom. Mr. Neubert has extensive experience in international production, supply chain and logistics management within the automotive, aerospace, machining and building industries. He joins Purmo Group from Velux A/S, where he has been EVP and Chief Operating Officer since 2018. Previously, Jörn has experience from Norma Group GmbH, Hoerbiger AT Holding GmbH and Hamberger Flooring GmbH. Reported Earnings • Oct 22
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: €0.12 loss per share (down from €0.10 profit in 3Q 2023). Revenue: €173.3m (down 1.6% from 3Q 2023). Net loss: €5.20m (down 216% from profit in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Consumer Durables industry in Finland. Aankondiging • Oct 14
Jan-Elof Cavander, CFO Leaves Purmo Group Oyj Purmo Group Oyj announced that Chief Financial Officer and member of the Core Leadership Team of Purmo Group, Jan-Elof Cavander, will leave the Company to accept a new position outside the Group. Mr. Cavander started at Purmo Group in 2023. He will continue in his current role until the end of the first quarter of 2025. The process to replace the CFO has started. Upcoming Dividend • Oct 10
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 17 October 2024. Payment date: 25 October 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Finnish dividend payers (6.1%). Lower than average of industry peers (3.7%). Aankondiging • Oct 02
Purmo Group Oyj (HLSE:PURMO) acquired Unitherm Heating Systems Limited. Purmo Group Oyj (HLSE:PURMO) acquired Unitherm Heating Systems Limited on October 1, 2024.
For the period ending December 31, 2023, Unitherm Heating Systems Limited reported total revenue of €28.2 million.
Purmo Group Oyj (HLSE:PURMO) completed the acquisition of Unitherm Heating Systems Limited on October 1, 2024. Aankondiging • Aug 15
Purmo Group Oyj Announces Resignation of Erik Hedin as Chief Operating Officer Purmo Group Oyj informed Erik Hedin, has resigned to accept a new position outside the Group. Mr. Hedin started at Purmo Group in 2020 when he was appointed Chief Financial Officer and a Core Leadership team member. In 2023, he was promoted to Chief Operating Officer. Aankondiging • Aug 04
Purmo's Shares to Be Delisted from the Official List of Nasdaq Helsinki Ltd Project Grand Bidco (UK) Limited (the “Offeror”) and Purmo Group Plc (the “Company” or “Purmo”) have on April 26, 2024 entered into a combination agreement,as amended on June 14, 2024, pursuant to which the Offeror has made a voluntary public cash tender offer, recommended by the Board of Directors of Purmo, to acquire all of the issued and outstanding shares in Purmo that are not held by Purmo or any of its subsidiaries (the “Shares” or, individually, a “Share”) (the “Tender Offer”). It is the Offeror’s intention to apply for the Shares in Purmo to be delisted from the official list of Nasdaq Helsinki Ltd. (“Nasdaq Helsinki”), as soon as permitted and reasonably practicable under the applicable laws and regulations and the rules of Nasdaq Helsinki. As the Offeror’s holdings in Purmo will exceed 90% of the Shares and voting rights in Purmo after the settlement of the Tender Offer, the Offeror will commence compulsory redemption proceedings to acquire the remaining Shares in accordance with the Finnish Companies Act (624/2006, as amended). Reported Earnings • Jul 18
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: €0.019 loss per share (down from €0.068 profit in 2Q 2023). Revenue: €171.5m (down 4.9% from 2Q 2023). Net loss: €800.0k (down 128% from profit in 2Q 2023). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Consumer Durables industry in Finland. Price Target Changed • Jul 16
Price target increased by 19% to €11.25 Up from €9.46, the current price target is an average from 2 analysts. New target price is 12% below last closing price of €12.75. The company is forecast to post earnings per share of €0.57 next year compared to a net loss per share of €0.22 last year. Upcoming Dividend • Jul 11
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 26 July 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Finnish dividend payers (6.0%). Lower than average of industry peers (4.2%). Price Target Changed • Jun 13
Price target increased by 8.6% to €9.46 Up from €8.71, the current price target is an average from 2 analysts. New target price is 10.0% below last closing price of €10.50. The company is forecast to post earnings per share of €0.57 next year compared to a net loss per share of €0.22 last year. Aankondiging • Apr 28
Certain funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) and Rettig Group Oy Ab entered into a combination agreement to make an offer to acquire Purmo Group Oyj (HLSE:PURMO) from group of shareholders for approximately €390 million. Certain funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) and Rettig Group Oy Ab entered into a combination agreement to make an offer to acquire Purmo Group Oyj (HLSE:PURMO) from group of shareholders for approximately €390 million on April 26, 2024. The C Share Offer Price is €9.91 in cash for each C Share and each F Share eligible for conversion into C Share in accordance with the articles of association of the Company validly tendered in the Tender Offer. The F Share Offer Price is €6.00 in cash for each F Share ineligible for conversion into C Shares validly tendered in the Tender Offer. In addition, in connection with, and subject to the completion of, the Tender Offer, Rettig has irrevocably undertaken to sell all its C Shares to the Offeror for cash consideration of €8.91 for each such C Share. Rettig’s irrevocable undertaking to sell all its 61.8% C Shares to the Offeror for cash consideration of €8.91 for each such C Share in connection with, and subject to the completion of, the Tender Offer to support the Tender Offer. Irrevocable undertakings to support the Tender Offer from Purmo’s other shareholders represent in aggregate approximately 23.5 per cent of Purmo’s C shares and, together with Rettig’s undertaking, approximately 87.6%of all C shares in the Company. In total, Rettig’s undertaking and the irrevocable undertakings represent approximately 88.1% of all Shares. If the Combination Agreement is terminated due to certain reasons specified in the Combination Agreement, the Offeror has agreed to a termination fee payment in the amount of €2.5 million payable to the Company and the Company has agreed to reimburse expenses incurred by the Offeror (other than Rettig’s part of such expenses) up to the maximum amount of €2.5 million. The Offeror has received equity commitment letters, as evidenced in equity commitment letters addressed to the Offeror. The debt financing has been committed by certain banks on a customary European “certain funds” basis. The offer period under the Tender Offer is expected to commence on or about May 17, 2024, and to expire on or about June 21, 2024. The Board of Directors of Purmo, represented by a quorum comprising the non-conflicted members of the Board of Directors, has unanimously decided to recommend that the shareholders of Purmo accept the Tender Offer. The offer is subject to receipt of the Tender Offer having been validly acceptance of 90% during the offer period, all necessary regulatory approvals, permits, clearances and consents, including without limitation approvals required under applicable foreign direct investment laws and competition clearances (or, where applicable, the expiry of relevant waiting periods) required under applicable competition laws or other regulatory laws in any jurisdiction for the completion of the Tender Offer. The Tender Offer is currently expected to be completed at the end of the second quarter or the beginning of the third quarter of 2024.
Danske Bank A/S, Finland Branch is the fairness opinion provider to Board of Directors of Purmo. The Offeror has appointed Advium Corporate Finance Ltd., Jefferies International Limited and RBC Europe Limited as financial advisers, Sidley Austin LLP, Roschier, Attorneys Ltd. and Avance Attorneys Ltd as legal advisers and Miltton Ltd as the communication adviser in connection with the Tender Offer. Purmo has appointed Danske Bank as financial adviser and Castrén & Snellman Attorneys Ltd as legal adviser. Price Target Changed • Apr 26
Price target increased by 7.8% to €9.63 Up from €8.93, the current price target is an average from 3 analysts. New target price is 28% above last closing price of €7.50. Stock is down 15% over the past year. The company is forecast to post earnings per share of €0.52 next year compared to a net loss per share of €0.22 last year. Reported Earnings • Apr 25
First quarter 2024 earnings: Revenues exceed analyst expectations First quarter 2024 results: Revenue: €187.9m (down 11% from 1Q 2023). Net income: €9.40m (up 40% from 1Q 2023). Profit margin: 5.0% (up from 3.2% in 1Q 2023). Revenue exceeded analyst estimates by 3.6%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Finland. Price Target Changed • Apr 18
Price target increased by 7.0% to €9.17 Up from €8.57, the current price target is an average from 3 analysts. New target price is 29% above last closing price of €7.12. Stock is down 16% over the past year. The company is forecast to post earnings per share of €0.50 next year compared to a net loss per share of €0.22 last year. Upcoming Dividend • Apr 11
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 26 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Finnish dividend payers (5.6%). Higher than average of industry peers (4.3%). Aankondiging • Apr 10
Purmo Group plc Approves Distribution for the Financial Year 2023, Payable on 26 April 2024, 26 July 2024, 25 October 2024 and 24 January 2025 Respectively Purmo Group Plc at its Annual General Meeting was held on 9 April 2024, approved the proposal of the Board of Directors, the Annual General Meeting resolved that a return of capital of EUR 0.36 per Class C share and EUR 0.07 per Class F share will be paid for the financial year 2023. The return of capital will be paid in four instalments as follows: The first instalment of EUR 0.09 per Class C share and EUR 0.02 per Class F share will be paid to a shareholder on 26 April 2024. The first instalment will be paid to a shareholder who is registered in the shareholders’ register maintained by Euroclear Finland Oy on the record date of the return of capital, i.e., 19 April 2024. The second instalment of EUR 0.09 per Class C share and EUR 0.02 per Class F share will be paid to a shareholder on 26 July 2024. The second instalment will be paid to a shareholder who is registered in the shareholders’ register maintained by Euroclear Finland Oy on the record date of the return of capital, i.e., 19 July 2024. The third instalment of EUR 0.09 per Class C shares and EUR 0.02 per Class F shares will be paid to a shareholder on 25 October 2024. The third instalment will be paid to a shareholder who is registered in the shareholders’ register maintained by Euroclear Finland Oy on the record date of the return of capital, i.e., 18 October 2024. The fourth instalment of EUR 0.09 per Class C shares and EUR 0.01 per Class F shares will be paid to a shareholder on 24 January 2025. The fourth instalment will be paid to a shareholder who is registered in the shareholders’ register maintained by Euroclear Finland Oy on the record date of the return of capital, i.e., 17 January 2025. The Board of Directors are authorized to resolve, if necessary, on a new record date and date of payment for the second, third and fourth instalment should, e.g., the rules of Euroclear Finland Oy or statues applicable to the Finnish book-entry system or other matters so require. Reported Earnings • Mar 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: €0.22 loss per share (down from €0.31 profit in FY 2022). Revenue: €743.2m (down 18% from FY 2022). Net loss: €9.30m (down 171% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Finland. Declared Dividend • Mar 15
Fourth quarter dividend of €0.09 announced Dividend of €0.09 is the same as last year. Ex-date: 18th April 2024 Payment date: 26th April 2024 Dividend yield will be 5.2%, which is lower than the industry average of 5.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (76% cash payout ratio). The dividend has not increased over the past 2 years but payments have been stable during that time. Upcoming Dividend • Mar 07
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 22 March 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Finnish dividend payers (5.7%). Higher than average of industry peers (4.2%). Board Change • Feb 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Jyri Luomakoski was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Nov 29
Purmo Group Completes the Consultation Process Concerning the Discontinuation of Its Radiator Production Plant in Zonhoven, Belgium Purmo Group entered into consultation with employee representatives regarding its intention to discontinue the production of panel radiators at its plant in Zonhoven, Belgium. Purmo Group has on 28 November 2023 completed the consultation process with employee representatives. Following the completion of the process, the company will proceed according to the plan concerning the closure of the radiator production and maintenance departments in Zonhoven. Consequently, the termination of the employment of 136 employees follows. Purmo Group Belgium employed 226 people in the manufacturing of steel panel radiators, warehousing and distribution as well as in customer service, sales and support functions. The closure of the radiator manufacturing and the terminations of the employment contracts will incur approximately EUR 30.0 million in one-off costs which will be recognized in the fourth quarter of 2023. According to the plan, part of the radiator production in Zonhoven will cease by the end of the fourth quarter of 2023, and the remainder by the end of the first quarter of 2024. Price Target Changed • Nov 24
Price target decreased by 15% to €7.50 Down from €8.83, the current price target is an average from 3 analysts. New target price is 21% above last closing price of €6.20. Stock is down 32% over the past year. The company is forecast to post a net loss per share of €0.11 compared to earnings per share of €0.31 last year. Reported Earnings • Oct 26
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: €176.1m (down 19% from 3Q 2022). Net income: €4.50m (down 15% from 3Q 2022). Profit margin: 2.6% (in line with 3Q 2022). Revenue missed analyst estimates by 4.2%. Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Consumer Durables industry in Finland. Price Target Changed • Oct 18
Price target decreased by 7.0% to €8.83 Down from €9.50, the current price target is an average from 3 analysts. New target price is 45% above last closing price of €6.08. Stock is down 39% over the past year. The company is forecast to post a net loss per share of €0.055 compared to earnings per share of €0.31 last year. Upcoming Dividend • Sep 07
Upcoming dividend of €0.09 per share at 5.2% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 22 September 2023. Trailing yield: 5.2%. Lower than top quartile of Finnish dividend payers (5.8%). In line with average of industry peers (5.3%). Major Estimate Revision • Jul 26
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €835.9m to €765.8m. Now expected to report a loss of €0.052 per share instead of €0.026 per share profit previously forecast. Consumer Durables industry in Finland expected to see average net income growth of 41% next year. Consensus price target down from €9.50 to €9.17. Share price fell 2.5% to €6.98 over the past week. Price Target Changed • Jul 20
Price target decreased by 8.3% to €9.17 Down from €10.00, the current price target is an average from 3 analysts. New target price is 27% above last closing price of €7.24. Stock is down 32% over the past year. The company is forecast to post earnings per share of €0.05 for next year compared to €0.31 last year. Reported Earnings • Jul 20
Second quarter 2023 earnings: Revenues miss analyst expectations Second quarter 2023 results: Revenue: €180.3m (down 26% from 2Q 2022). Net income: €2.90m (down 66% from 2Q 2022). Profit margin: 1.6% (down from 3.4% in 2Q 2022). Revenue missed analyst estimates by 14%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Consumer Durables industry in Finland. Major Estimate Revision • Jun 24
Consensus EPS estimates fall by 61% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €847.5m to €835.9m. EPS estimate also fell from €0.067 per share to €0.026 per share. Net income forecast to shrink 44% next year vs 39% decline forecast for Consumer Durables industry in Finland. Consensus price target down from €10.00 to €9.50. Share price was steady at €7.40 over the past week. Buying Opportunity • May 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.4%. The fair value is estimated to be €10.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is also forecast to grow by 46% per annum over the same time period. Buying Opportunity • Apr 29
Now 21% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be €10.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 52% per annum over the same time period. Upcoming Dividend • Apr 06
Upcoming dividend of €0.09 per share at 4.3% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 21 April 2023. Trailing yield: 4.3%. Lower than top quartile of Finnish dividend payers (5.2%). Lower than average of industry peers (5.5%). Reported Earnings • Mar 22
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.31 (up from €0.45 loss in FY 2021). Revenue: €904.1m (up 7.2% from FY 2021). Net income: €13.1m (up €31.9m from FY 2021). Profit margin: 1.4% (up from net loss in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Consumer Durables industry in Europe. Buying Opportunity • Mar 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be €11.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings is also forecast to grow by 38% per annum over the same time period. Recent Insider Transactions • Feb 23
Independent Director recently bought €71k worth of stock On the 21st of February, Alexander Ehrnrooth bought around 8k shares on-market at roughly €8.93 per share. This transaction amounted to 9.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €116k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 10
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.31 (up from €0.45 loss in FY 2021). Revenue: €904.1m (up 7.2% from FY 2021). Net income: €13.1m (up €31.9m from FY 2021). Profit margin: 1.4% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Consumer Durables industry in Europe. Aankondiging • Feb 10
Purmo Group Plc Provides Annual Dividend Guidance Purmo Group Plc provided annual dividend guidance. Purmo Group's aim is to distribute at least 40% of annual net profit as dividends or return of capital, intended to be paid out after considering earnings trends for the Group, its financial position and future growth potential. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Carlo Grossi is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 12
Third quarter 2022 earnings: Revenues miss analyst expectations Third quarter 2022 results: Revenue: €216.3m (down 1.0% from 3Q 2021). Net income: €5.30m (up 61% from 3Q 2021). Profit margin: 2.5% (up from 1.5% in 3Q 2021). Revenue missed analyst estimates by 2.8%. Revenue is forecast to stay flat during the next 3 years compared to a 1.1% growth forecast for the Consumer Durables industry in Europe. Aankondiging • Nov 12
Purmo Group Oyj to Report Nine Months, 2023 Results on Oct 25, 2023 Purmo Group Oyj announced that they will report nine months, 2023 results on Oct 25, 2023 Upcoming Dividend • Sep 16
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 23 September 2022. Payment date: 03 October 2022. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 3.6%. Lower than top quartile of Finnish dividend payers (5.1%). Lower than average of industry peers (6.5%). Reported Earnings • Aug 16
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: €0.20. Net income: €8.40m (up €8.40m from 2Q 2021). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 26%. Over the next year, revenue is forecast to decline by 1.0% while the Consumer Durables industry in Finland is not expected to grow. Board Change • Jun 04
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Carlo Grossi is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.