Announcement • Jun 17
Kesko Oyj (HLSE:KESKOB) agreed to acquire Specialist distribution business in Sweden, Norway and Denmark of Compagnie de Saint-Gobain S.A. (ENXTPA:SGO) for an enterprise value of €1.5 billion. Kesko Oyj (HLSE:KESKOB) agreed to acquire Specialist distribution business in Sweden, Norway and Denmark of Compagnie de Saint-Gobain S.A. (ENXTPA:SGO) for an enterprise value of €1.5 billion on June 15, 2026. The plan is for the equity component of the financing to be implemented through a share issue estimated at approximately €500 million to €700 million and remaining with internal resources.
Specialist distribution business in Sweden, Norway and Denmark generated combined revenue of almost €2.1 billion in 2025.
The transaction is subject to subject to regulatory approval, antitrust regulations and the completion of the information and consultation procedure with the relevant employee representative bodies. The acquisition is estimated to be finalized by the beginning of 2027.
Citigroup Global Markets Europe AG acted as financial advisor for Compagnie de Saint-Gobain S.A. Linklaters Et Paines acted as legal advisor for Compagnie de Saint-Gobain S.A. Announcement • Jun 13
Kesko Oyj, Annual General Meeting, Mar 23, 2027 Kesko Oyj, Annual General Meeting, Mar 23, 2027. Declared Dividend • May 21
First quarter dividend of €0.22 announced Dividend of €0.22 is the same as last year. Ex-date: 15th July 2026 Payment date: 23rd July 2026 Dividend yield will be 4.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (88% earnings payout ratio) and cash flows (76% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Tiina Alahuhta-Kasko was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 01
Kesko Oyj Repeats Earnings Guidance for the Year 2026 Kesko Oyj repeated earnings guidance for the year 2026. Kesko estimates that the comparable operating profit for 2026 will amount to EUR 650 million - EUR 750 million. Kesko estimate that the operating environment, net sales and profit will improve in all divisions and all operating countries in 2026. Announcement • Mar 28
Kesko Oyj Elects Mervi Airaksinen as Member of the Audit Committee Kesko Oyj at its organisational meeting held after the 2026 Annual General Meeting, the Board elected Mervi Airaksinen as a member of the Audit Committee. Announcement • Feb 09
Kesko Oyj to Report Fiscal Year 2025 Final Results between Feb 09, 2026 and Feb 15, 2026 Kesko Oyj announced that they will report fiscal year 2025 final results at 10:00 AM, USSR Zone1 on between Feb 09, 2026 and Feb 15, 2026 Announcement • Feb 06
Kesko Oyj Proposes Dividend for the Year 2026, Payable on 8 April 2026, 23 July 2026, 22 October 2026 and 21 January 2027 Kesko Oyj proposed a dividend of €0.90 per share, proposed to be paid in four instalments for the year 2026. The first instalment of €0.23 per share is to be paid to shareholders registered in the company's register of shareholders kept by Euroclear Finland Ltd. on the instalment's record date 30 March 2026. The Board proposes that the dividend instalment pay date be 8 April 2026.
The second instalment of €0.22 per share is to be paid to shareholders registered in the company's register of shareholders kept by Euroclear Finland Ltd. on the instalment's record date 16 July 2026. The Board proposes that the dividend instalment pay date be 23 July 2026. The third instalment of €0.23 per share is to be paid to shareholders registered in the company's register of shareholders kept by Euroclear Finland Ltd. on the instalment's record date 15 October 2026. The Board proposes that the dividend instalment pay date be 22 October 2026. The fourth instalment of €0.22 per share is to be paid to shareholders registered in the company's register of shareholders kept by Euroclear Finland Ltd. on the instalment's record date 14 January 2027. The Board proposes that the dividend instalment pay date be 21 January 2027. Announcement • Oct 02
Kesko Announces Management Changes, Effective 1 March 2026 Minttu Sinisalo, M.Sc. (Econ.), 45, has been appointed as Executive Vice President, HR and a member of Kesko's Group Management Board as of 1 March 2026. Sinisalo comes to Kesko from Terveystalo, where she currently holds the position of Senior Vice President, HR. Before joining Terveystalo, Sinisalo held various HR leadership positions at Finnair. Kesko's current Executive Vice President of HR Matti Mettälä will retire, as per his agreement, on 1 March 2026. To ensure a smooth transfer of duties, Minttu Sinisalo will join Kesko on 1 January 2026. Announcement • Sep 23
Kesko Oyj Announces Composition of Shareholders' Nomination Committee Kesko's Shareholders' Nomination Committee comprises three members: two are appointed by Kesko’s largest shareholders, and the third is the Chair of Kesko’s Board of Directors. The right of nomination of members representing the shareholders belongs to those two shareholders whose share of votes conferred by all shares in Kesko is the largest according to the register of shareholders maintained by Euroclear Finland Ltd. on 1 September preceding the Annual General Meeting. The two largest shareholders in Kesko on 1 September 2025 were K-Retailers' Association and Ilmarinen Mutual Pension Insurance Company, both of whom used their right of nomination. The members of Kesko’s Shareholders’ Nomination Committee are Pauli Jaakola, retailer, appointed by K-Retailers' Association Annika Ekman, EVP, Investments, appointed by Ilmarinen Mutual Pension Insurance Company, and Esa Kiiskinen, Chair of Kesko’s Board of Directors. At its organisational meeting on 23 September 2025, the Committee elected Pauli Jaakola as Committee Chair. The Committee, established by Kesko’s General Meeting of shareholders, prepares proposals related to the number, election and remuneration of Board members to the General Meeting. Announcement • Jul 22
Kesko Oyj Revises Earnings Guidance for the Year 2025 Kesko Oyj revised earnings guidance for the year 2025. For the year company now expects comparable operating profit will amount to EUR 640 million - EUR 700 million. Kesko previously estimated that the comparable operating profit would amount to EUR 640 million - EUR 740 million. Announcement • Feb 28
Kesko Oyj to Report Fiscal Year 2024 Final Results on Feb 28, 2025 Kesko Oyj announced that they will report fiscal year 2024 final results on Feb 28, 2025 Announcement • Feb 07
Kesko Oyj Provides Earnings Guidance for the Year 2025 Kesko Oyj provided earnings guidance for the year 2025. For the year, the company estimates that its comparable operating profit in 2025 will amount to €640 to €740 million. The profit guidance is based on an estimate of a gradually improving economic cycle in all Kesko operating countries. Announcement • Feb 06
Kesko Oyj to Report Fiscal Year 2024 Results on Feb 09, 2025 Kesko Oyj announced that they will report fiscal year 2024 results on Feb 09, 2025 Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: €0.35 (vs €0.37 in 3Q 2023) Third quarter 2024 results: EPS: €0.35 (down from €0.37 in 3Q 2023). Revenue: €3.03b (up 2.6% from 3Q 2023). Net income: €138.9m (down 6.7% from 3Q 2023). Profit margin: 4.6% (down from 5.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year. Upcoming Dividend • Oct 07
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 14 October 2024. Payment date: 22 October 2024. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 5.4%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.9%). Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: €0.26 (vs €0.38 in 2Q 2023) Second quarter 2024 results: EPS: €0.26 (down from €0.38 in 2Q 2023). Revenue: €3.09b (flat on 2Q 2023). Net income: €105.0m (down 30% from 2Q 2023). Profit margin: 3.4% (down from 4.8% in 2Q 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Jul 24
Kesko Oyj, Annual General Meeting, Mar 24, 2025 Kesko Oyj, Annual General Meeting, Mar 24, 2025. Upcoming Dividend • Jul 08
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 23 July 2024. Payout ratio and cash payout ratio are on the higher end at 86% and 86% respectively. Trailing yield: 6.1%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (4.2%). Announcement • Jun 08
Kesko Oyj Announces Nomination Committee Appointments K-Retailers' Association has announced that Pauli Jaakola shall act as a new member of Kesko's Shareholders' Nomination Committee. At its organisational meeting on 6 June 2024, the Committee elected Pauli Jaakola as Committee Chair. The members of Kesko's Shareholders' Nomination Committee are: Pauli Jaakola, retailer, appointed by K-Retailers' Association, Jouko Pölönen, President and CEO, appointed by Ilmarinen Mutual Pension Insurance Company, and Esa Kiiskinen, Chair of Kesko's Board of Directors. Announcement • Jun 05
Kesko Corporation Appoints Johanna Ali as President of Kesko's Car Trade Division and a Member of Group Management Board Kesko Corporation announced that Johanna Ali, M.Sc. (Economics and Business), 46, has been appointed as President of Kesko's car trade division and a member of Group Management Board as of 4 June 2024. She has been the acting division President since 1 April 2024. Prior to that, Ali held the position of Vice President of Audi Finland within Kesko's car trade division. Before joining Kesko, Ali acted, for example, as Country Director for Forenom and Commercial Director for Lease Plan Finland. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Director Pauli Jaakola was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 27
Kesko Corporation Revises Earnings Guidance for the Fiscal Year 2024 Kesko Corporation revised earnings guidance for the fiscal year 2024. for the year, the company's net sales and operating profit are estimated to remain at a good level in 2024 despite the challenges in the company's operating environment. Kesko estimates that its comparable operating profit in 2024 will amount to EUR 620 million-EUR 700 million. Previously, the comparable operating profit was estimated to amount to EUR 620 million-EUR 720 million. The operating profit guidance adjustment is related to the weaker-than-anticipated outlook for construction in 2024. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: €0.15 (vs €0.21 in 1Q 2023) First quarter 2024 results: EPS: €0.15 (down from €0.21 in 1Q 2023). Revenue: €2.76b (down 2.4% from 1Q 2023). Net income: €60.4m (down 28% from 1Q 2023). Profit margin: 2.2% (down from 3.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Mar 27
Kesko Oyj Appoints Pauli Jaakola as Member of the Board Kesko Oyj appointed Pauli Jaakola, EMBA, as a new member of the Board. The term of office for the Board members is one year, as determined in Kesko's Articles of Association. Announcement • Mar 26
Kesko Corporation Approves Dividend for the Year 2023, Payable on 9 April 2024, 23 July 2024, 22 October 2024 and 21 January 2025 Respectively Kesko Corporation announced that at the Annual General Meeting held on March 26, 2024 resolved to distribute, based on the adopted balance sheet for 2023, a dividend of €1.02 per share on shares held outside the company at the date of dividend distribution. The remaining distributable assets will remain in equity. The dividend will be paid in four instalments as follows: The first instalment of €0.26 per share: record date 28 March 2024, pay date 9 April 2024, The second instalment of €0.25 per share: record date 16 July 2024, pay date 23 July 2024, The third instalment of €0.26 per share: record date 15 October 2024, pay date 22 October 2024 and The fourth instalment of €0.25 per share: record date 14 January 2025, pay date 21 January 2025. Announcement • Mar 20
Kesko Announces Executive and Board Appointments Sami Kiiski appointed as President of Kesko's building and technical trade division and a member of Group Management Board, and Johanna Ali appointed as acting President of the car trade division and a member of Group Management Board. Sami Kiiski, M. Sc. (Economics and Business), 48, has been appointed as the new President of Kesko's building and technical trade division and a member of Group Management Board as of 1 April 2024. The previous division President Jorma Rauhala assumed the position of Kesko's President and CEO on 1 February 2024. Sami Kiiski is currently President of Kesko's car trade division. Prior to that, Kiiski was the Senior Vice President in charge of Kesko's leisure trade. Before joining Kesko, Kiiski worked, among other things, as CEO of Halti Oy. He is also a member of the Board of Management of Intersport International Corporation. With Sami Kiiski's swift transition into a new role, Johanna Ali, M.Sc. (Economics and Business), 46, is appointed as acting President of Kesko's car trade division and a member of Group Management Board. Ali currently holds the position of Vice President of Audi Finland within the car trade division. Before joining Kesko, Ali worked, for example, as Country Director for Forenom and Commercial Director for Lease Plan Finland. Kesko has initiated the recruitment process for a new car trade division President. Upcoming Dividend • Mar 20
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 08 April 2024. Payout ratio and cash payout ratio are on the higher end at 82% and 84% respectively. Trailing yield: 5.9%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (4.2%). Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: €1.25 (vs €1.54 in FY 2022) Full year 2023 results: EPS: €1.25 (down from €1.54 in FY 2022). Revenue: €11.8b (flat on FY 2022). Net income: €495.6m (down 19% from FY 2022). Profit margin: 4.2% (down from 5.2% in FY 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 23
Now 20% undervalued Over the last 90 days, the stock has risen 4.0% to €17.83. The fair value is estimated to be €22.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 3.9%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 3.3% per annum over the same time period. Recent Insider Transactions • Feb 21
Key Executive recently sold €797k worth of stock On the 16th of February, Jukka Erlund sold around 45k shares on-market at roughly €17.70 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jukka's only on-market trade for the last 12 months. Announcement • Feb 14
Jukka Erlund Leaves Kesko Corporation as Chief Financial Officer, Effective by August 2024 Kesko Corporation announced Jukka Erlund that he will be leaving Kesko and joining Fazer Group as Chief Financial Officer. Erlund has been Kesko's CFO and a member of the Group Management Board since November 2011. Erlund will be leaving his current position by August 2024. Kesko has begun the process of finding a successor for Erlund. In addition to finance and treasury operations, Erlund has been in charge of e.g. Kesko Group's IT, M&A and investor relations operations. Buy Or Sell Opportunity • Feb 08
Now 20% undervalued Over the last 90 days, the stock has risen 7.5% to €17.66. The fair value is estimated to be €22.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 3.9%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 3.3% per annum over the same time period. Declared Dividend • Feb 01
Fourth quarter dividend of €0.26 announced Shareholders will receive a dividend of €0.26. Ex-date: 27th March 2024 Payment date: 8th April 2024 Dividend yield will be 5.7%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 31
Full year 2023 earnings released: EPS: €1.25 (vs €1.54 in FY 2022) Full year 2023 results: EPS: €1.25 (down from €1.54 in FY 2022). Revenue: €11.8b (flat on FY 2022). Net income: €495.6m (down 19% from FY 2022). Profit margin: 4.2% (down from 5.2% in FY 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Jan 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (98% cash payout ratio). Buying Opportunity • Jan 18
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €21.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 9.0%. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings is also forecast to grow by 0.8% per annum over the same time period. Announcement • Dec 08
Kesko Corporation Announces Retirement of Mikko Helander as CEO Kesko's President and CEO Mikko Helander has announced to Kesko's Board of Directors his intention to take the opportunity to retire from his position during 2024. The Board of Directors has initiated the process of finding a successor for Helander. Helander has acted as the President and CEO of Kesko since 2015. He joined the company on 1 October 2014 as Deputy CEO and member of Group Management Board. The managing director contract of the President and CEO was revised in 2021 so that Helander was to continue to act as President and CEO for the time being. Helander was born in 1960 and will turn 64 next year. Upcoming Dividend • Dec 04
Upcoming dividend of €0.27 per share at 6.1% yield Eligible shareholders must have bought the stock before 11 December 2023. Payment date: 19 December 2023. Payout ratio and cash payout ratio are on the higher end at 82% and 97% respectively. Trailing yield: 6.1%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (4.2%). Buying Opportunity • Nov 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be €20.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 9.0%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings is also forecast to grow by 0.9% per annum over the same time period. Announcement • Oct 29
Kesko Oyj Revises Earnings Guidance for the Year 2023 Kesko Oyj revised earnings guidance for the year 2023. The company's profit guidance is given for the year 2023, in comparison with the year 2022. The company estimates that its comparable operating profit in 2023 will be in the range of €680 million to €730 million. Before, the company estimated that the comparable operating profit would be in the range of €680 million to €760 million. Reported Earnings • Oct 27
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €2.95b (down 2.0% from 3Q 2022). Net income: €148.8m (down 20% from 3Q 2022). Profit margin: 5.0% (down from 6.2% in 3Q 2022). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Oct 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (108% cash payout ratio). New Risk • Oct 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (108% cash payout ratio). Announcement • Sep 21
Kesko Announces Board Changes Kesko's Annual General Meeting 2020 resolved to establish a Shareholders' Nomination Committee. The Committee will prepare proposals related to the number, election and remuneration of Board members to Kesko's General Meeting of shareholders. The Nomination Committee has three members: two appointed by Kesko's biggest shareholders and one who is the Chairman of Kesko's Board of Directors. The members of Kesko's Shareholders' Nomination Committee are Toni Pokela, retailer, appointed by K-Retailers' Association, Jouko Pölönen, President and CEO, appointed by Ilmarinen Mutual Pension Insurance Company, and Esa Kiiskinen, Chairman of Kesko's Board of Directors. The Committee elected Toni Pokela as Committee Chairman at its organisational meeting on 20 September 2023. Upcoming Dividend • Sep 04
Upcoming dividend of €0.27 per share at 5.9% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 19 September 2023. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 5.9%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.3%). Announcement • Aug 25
Kesko Oyj agreed to acquire a 90% stake in Davidsen Koncernen A/S from Davidsen family for €170 million. Kesko Oyj agreed to acquire a 90% stake in Davidsen Koncernen A/S from Davidsen family for €170 million on August 23, 2023. The completion of the acquisition is subject to EU Commission’s merger approval and fulfilment of certain other conditions. Kesko finances the acquisition with a customary bank loan. For the year 2022, the Davidsen Koncernen's had net sales of approximately €560 million with an EBITDA of €27 million and an EBIT €23 million. The transaction is expected to be completed in the first quarter of 2024 at the latest. Carsten Heinild and Jon Kaznelson of SEB Corporate Finance acted as legal advisors to Kesko Oyj. Announcement • Aug 18
Kesko Oyj to Report Fiscal Year 2023 Results on Jan 30, 2024 Kesko Oyj announced that they will report fiscal year 2023 results at 9:00 AM, E. Europe Standard Time on Jan 30, 2024 Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €3.10b (flat on 2Q 2022). Net income: €150.1m (down 16% from 2Q 2022). Profit margin: 4.8% (down from 5.8% in 2Q 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Jul 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (104% cash payout ratio). Upcoming Dividend • Jun 13
Upcoming dividend of €0.27 per share at 5.7% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 28 June 2023. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 5.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.5%). Upcoming Dividend • Mar 24
Upcoming dividend of €0.27 per share at 5.6% yield Eligible shareholders must have bought the stock before 31 March 2023. Payment date: 12 April 2023. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.9%). Reported Earnings • Mar 08
Full year 2022 earnings released Full year 2022 results: Revenue: €11.8b (up 4.5% from FY 2021). Net income: €609.9m (up 6.7% from FY 2021). Profit margin: 5.2% (up from 5.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Consumer Retailing industry in Europe. Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: €1.54 (vs €1.44 in FY 2021) Full year 2022 results: EPS: €1.54 (up from €1.44 in FY 2021). Revenue: €11.8b (up 4.5% from FY 2021). Net income: €609.9m (up 6.7% from FY 2021). Profit margin: 5.2% (up from 5.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 05
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 12 December 2022. Payment date: 20 December 2022. Payout ratio is a comfortable 67% and the cash payout ratio is 84%. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.8%). In line with average of industry peers (4.7%). Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €3.01b (up 3.7% from 3Q 2021). Net income: €185.6m (up 9.0% from 3Q 2021). Profit margin: 6.2% (up from 5.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.5% growth forecast for the Consumer Retailing industry in Europe. Announcement • Oct 05
Kesko Oyj (HLSE:KESKOB) acquired Xl-Bygg Bergslagen Ab. Kesko Oyj (HLSE:KESKOB) announced to acquire Xl-Bygg Bergslagen Ab on July 6, 2022. XL-BYGG Bergslagen´s net sales in 2021 totaled approximately €9.8 million and it has approximately 18 employees. XL-Bygg Bergslagen will become part of Kesko Sweden's building materials chain K-Bygg. The transaction is expected to be completed during October 2022.
Kesko Oyj (HLSE:KESKOB) completed the acquisition of Xl-Bygg Bergslagen Ab on October 4, 2022. 