Apetit Oyj (HLSE:APETIT) - Share price, News & Analysis

APETIT fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	3/6
Past Performance	2/6
Financial Health	4/6
Dividends	1/6

APETIT Stock Overview

Apetit Oyj operates as a food company primarily in Finland, Norway, Germany, Sweden, and internationally.

Rewards

Trading at 23.8% below our estimate of its fair value

Earnings are forecast to grow 20.58% per year

Risk Analysis

Dividend of 3.52% is not well covered by earnings or forecast to be in the next 3 years

Does not have a meaningful market cap (€71M)

Apetit Oyj Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Apetit Oyj
Historical stock prices
Current Share Price	€11.35
52 Week High	€14.90
52 Week Low	€9.86
Beta	0.59
1 Month Change	-11.67%
3 Month Change	-6.20%
1 Year Change	-20.91%
3 Year Change	27.53%
5 Year Change	-15.93%
Change since IPO	175.86%

Shareholder Returns

	APETIT	FI Food	FI Market
7D	4.1%	-0.9%	-0.2%
1Y	-20.9%	-40.9%	-13.4%

Return vs Industry: APETIT exceeded the Finnish Food industry which returned -40.8% over the past year.

Return vs Market: APETIT underperformed the Finnish Market which returned -13.7% over the past year.

Price Volatility

Is APETIT's price volatile compared to industry and market?
APETIT volatility
APETIT Average Weekly Movement	6.5%
Food Industry Average Movement	5.4%
Market Average Movement	6.1%
10% most volatile stocks in FI Market	8.9%
10% least volatile stocks in FI Market	4.4%

Stable Share Price: APETIT is not significantly more volatile than the rest of Finnish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: APETIT's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1930	311	Esa Mäki	https://apetit.fi

Apetit Oyj operates as a food company primarily in Finland, Norway, Germany, Sweden, and internationally. It operates through Food Solutions, Oilseed Products, and Grain Trade segments. The company develops, produces, markets, and sells frozen vegetables, frozen vegetable and fish based ready foods, and frozen pizzas under the Apetit brand name; vegetable and rapeseed oils, and other oilseed products; and grains, oilseeds, and raw materials for feeds.

Apetit Oyj Fundamentals Summary

How do Apetit Oyj's earnings and revenue compare to its market cap?
APETIT fundamental statistics
Market Cap	€70.82m
Earnings (TTM)	€2.40m
Revenue (TTM)	€283.90m

29.5x

P/E Ratio

0.2x

P/S Ratio

Is APETIT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
APETIT income statement (TTM)
Revenue	€283.90m
Cost of Revenue	€238.50m
Gross Profit	€45.40m
Other Expenses	€43.00m
Earnings	€2.40m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 18, 2022

Earnings per share (EPS)	0.38
Gross Margin	15.99%
Net Profit Margin	0.84%
Debt/Equity Ratio	31.2%

How did APETIT perform over the long term?

See historical performance and comparison

Dividends

3.5%

Current Dividend Yield

104%

Payout Ratio

Valuation

Is Apetit Oyj undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

23.8%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: APETIT (€11.35) is trading below our estimate of fair value (€14.9)

Significantly Below Fair Value: APETIT is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: APETIT is poor value based on its PE Ratio (29.5x) compared to the European Food industry average (17.6x).

PE vs Market: APETIT is poor value based on its PE Ratio (29.5x) compared to the Finnish market (17.3x).

Price to Earnings Growth Ratio

PEG Ratio: APETIT is poor value based on its PEG Ratio (1.4x)

Price to Book Ratio

PB vs Industry: APETIT's PB Ratio (0.8x) is in line with the FI Food industry average.

Future Growth

How is Apetit Oyj forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

20.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: APETIT's forecast earnings growth (20.6% per year) is above the savings rate (0.2%).

Earnings vs Market: APETIT's earnings (20.6% per year) are forecast to grow faster than the Finnish market (8.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: APETIT's revenue is expected to decline over the next 3 years (-13% per year).

High Growth Revenue: APETIT's revenue is forecast to decline over the next 3 years (-13% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: APETIT's Return on Equity is forecast to be low in 3 years time (4.8%).

Past Performance

How has Apetit Oyj performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-6.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: APETIT has high quality earnings.

Growing Profit Margin: APETIT's current net profit margins (0.8%) are lower than last year (1.1%).

Past Earnings Growth Analysis

Earnings Trend: APETIT has become profitable over the past 5 years, growing earnings by -6.4% per year.

Accelerating Growth: APETIT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: APETIT had negative earnings growth (-22.6%) over the past year, making it difficult to compare to the Food industry average (11.9%).

Return on Equity

High ROE: APETIT's Return on Equity (2.6%) is considered low.

Financial Health

How is Apetit Oyj's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: APETIT's short term assets (€89.1M) exceed its short term liabilities (€61.5M).

Long Term Liabilities: APETIT's short term assets (€89.1M) exceed its long term liabilities (€2.3M).

Debt to Equity History and Analysis

Debt Level: APETIT's net debt to equity ratio (23.2%) is considered satisfactory.

Reducing Debt: APETIT's debt to equity ratio has increased from 16.3% to 31.2% over the past 5 years.

Debt Coverage: APETIT's debt is not well covered by operating cash flow (17.2%).

Interest Coverage: APETIT's interest payments on its debt are well covered by EBIT (14x coverage).

Balance Sheet

Dividend

What is Apetit Oyj current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

3.52%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: APETIT's dividend (3.52%) is higher than the bottom 25% of dividend payers in the Finnish market (2.37%).

High Dividend: APETIT's dividend (3.52%) is low compared to the top 25% of dividend payers in the Finnish market (4.79%).

Stability and Growth of Payments

Stable Dividend: APETIT's dividend payments have been volatile in the past 10 years.

Growing Dividend: APETIT's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (103.9%), APETIT's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: APETIT is paying a dividend but the company has no free cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.3yrs

Average management tenure

CEO

Esa Mäki (55 yo)

2.67yrs

Tenure

€350,000

Compensation

Mr. Esa Mäki, MSc has been Business Director of Food Solutions at Apetit Oyj since January 2020. Mr. Mäki has been Chief Executive Officer of Apetit Oyj since September 1, 2019 and served as its Director o...

CEO Compensation Analysis

Compensation vs Market: Esa's total compensation ($USD369.24K) is about average for companies of similar size in the Finnish market ($USD287.30K).

Compensation vs Earnings: Esa's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: APETIT's management team is considered experienced (4.3 years average tenure).

Board Members

Experienced Board: APETIT's board of directors are considered experienced (8.8 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/21 00:00
End of Day Share Price	2022/05/20 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31