HLSE:KOJAMO

Stock Analysis Report

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Executive Summary

Kojamo Oyj, a private residential real estate company, provides rental apartments and housing services in Finland. More Details


Snowflake Analysis

Proven track record with mediocre balance sheet.

Share Price & News

How has Kojamo Oyj's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KOJAMO has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.8%

KOJAMO

-1.4%

FI Real Estate

1.1%

FI Market


1 Year Return

19.4%

KOJAMO

-0.8%

FI Real Estate

6.4%

FI Market

Return vs Industry: KOJAMO exceeded the Finnish Real Estate industry which returned -0.8% over the past year.

Return vs Market: KOJAMO exceeded the Finnish Market which returned 6.4% over the past year.


Shareholder returns

KOJAMOIndustryMarket
7 Day-0.8%-1.4%1.1%
30 Day-4.3%-2.5%1.5%
90 Day-9.0%4.8%10.6%
1 Year22.0%19.4%1.7%-0.8%15.5%6.4%
3 Yearn/a24.1%14.4%22.4%1.2%
5 Yearn/a64.9%41.7%60.8%26.7%

Price Volatility Vs. Market

How volatile is Kojamo Oyj's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

5.46x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: KOJAMO (€18.24) is trading above our estimate of fair value (€3.76)

Significantly Below Fair Value: KOJAMO is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: KOJAMO is good value based on its PE Ratio (5.5x) compared to the XE Real Estate industry average (12x).

PE vs Market: KOJAMO is good value based on its PE Ratio (5.5x) compared to the Finnish market (24x).


Price to Earnings Growth Ratio

PEG Ratio: KOJAMO's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: KOJAMO is overvalued based on its PB Ratio (1.5x) compared to the XE Real Estate industry average (1x).


Next Steps

Future Growth

How is Kojamo Oyj forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

-10.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KOJAMO's earnings are forecast to decline over the next 3 years (-10.2% per year).

Earnings vs Market: KOJAMO's earnings are forecast to decline over the next 3 years (-10.2% per year).

High Growth Earnings: KOJAMO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: KOJAMO's revenue (5.4% per year) is forecast to grow faster than the Finnish market (4.4% per year).

High Growth Revenue: KOJAMO's revenue (5.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KOJAMO's Return on Equity is forecast to be low in 3 years time (6.1%).


Next Steps

Past Performance

How has Kojamo Oyj performed over the past 5 years?

32.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KOJAMO has a large one-off gain of €865.8M impacting its June 30 2020 financial results.

Growing Profit Margin: KOJAMO's current net profit margins are higher than last year (57.6%).


Past Earnings Growth Analysis

Earnings Trend: KOJAMO's earnings have grown significantly by 32.2% per year over the past 5 years.

Accelerating Growth: KOJAMO's earnings growth over the past year (291.8%) exceeds its 5-year average (32.2% per year).

Earnings vs Industry: KOJAMO earnings growth over the past year (291.8%) exceeded the Real Estate industry -0.3%.


Return on Equity

High ROE: Whilst KOJAMO's Return on Equity (26.66%) is high, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is Kojamo Oyj's financial position?


Financial Position Analysis

Short Term Liabilities: KOJAMO's short term assets (€610.4M) exceed its short term liabilities (€357.8M).

Long Term Liabilities: KOJAMO's short term assets (€610.4M) do not cover its long term liabilities (€3.7B).


Debt to Equity History and Analysis

Debt Level: KOJAMO's debt to equity ratio (101.8%) is considered high.

Reducing Debt: KOJAMO's debt to equity ratio has reduced from 113.5% to 101.8% over the past 5 years.

Debt Coverage: KOJAMO's debt is not well covered by operating cash flow (4.5%).

Interest Coverage: KOJAMO's interest payments on its debt are well covered by EBIT (4.4x coverage).


Balance Sheet


Next Steps

Dividend

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

1.86%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: KOJAMO's dividend (1.86%) isn’t notable compared to the bottom 25% of dividend payers in the Finnish market (1.91%).

High Dividend: KOJAMO's dividend (1.86%) is low compared to the top 25% of dividend payers in the Finnish market (4.55%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, KOJAMO has been paying a dividend for less than 10 years.

Growing Dividend: KOJAMO's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (10.2%), KOJAMO's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: KOJAMO's dividends in 3 years are forecast to be covered by earnings (61.9% payout ratio).


Next Steps

Management

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

3.1yrs

Average management tenure


CEO

Jani Nieminen (52 yo)

9.75yrs

Tenure

€923,165

Compensation

Mr. Jani Nieminen, M.Sc. (Tech.), MBA has been the Chief Executive Officer of Vvo-Yhtymä Oyj since 2011. Mr. Nieminen served as Executive Vice President of Realia Group Oy and served as its Deputy Chief Ex ...


CEO Compensation Analysis

Compensation vs Market: Jani's total compensation ($USD1.08M) is below average for companies of similar size in the Finnish market ($USD2.49M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Jani Nieminen
Chief Executive Officer9.75yrs€923.17k0.030%
€ 1.4m
Erik Hjelt
CFO & Deputy CEO5.42yrsno data0.018%
€ 829.0k
Ville Raitio
Chief Investment Officer1.75yrsno datano data
Reima Kettunen
Technical Managerno datano datano data
Mikko Pöyry
Information Management Director3.08yrsno datano data
Maija Hongas
Manager of Investor Relationsno datano datano data
Kristiina Niemi
Corporate Counselno datano datano data
Irene Kantor
Marketing & Communications Director7.75yrsno data0.0024%
€ 106.8k
Jenni Marko
HR Managerno datano datano data
Tiina Kuusisto
Chief Customer Officer1.75yrsno datano data
Katri Harra-Salonen
Chief Digital Officer of ICT & Development0.75yrno datano data
Riina Linnas
Head of Property Managementno datano datano data

3.1yrs

Average Tenure

52yo

Average Age

Experienced Management: KOJAMO's management team is considered experienced (3.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Mikko Mursula
Vice Chairman of the Board4.75yrs€46.20k0.00056%
€ 25.2k
Reima Rytsölä
Director6.75yrs€39.00k0.00047%
€ 21.2k
Anne Leskelä
Independent Director2.42yrs€44.70k0.00056%
€ 25.2k
Mikael Aro
Independent Chairman of the Board1.58yrs€52.80k0.011%
€ 498.1k
Heli Puura
Independent Director1.58yrs€30.90k0.00047%
€ 21.2k
Matti Harjuniemi
Independent Director10.75yrs€40.20k0.00047%
€ 21.2k
Minna Metsälä
Independent Director2.42yrs€39.00k0.00047%
€ 21.2k

2.4yrs

Average Tenure

55yo

Average Age

Experienced Board: KOJAMO's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.


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.


Top Shareholders

Company Information

Kojamo Oyj's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kojamo Oyj
  • Ticker: KOJAMO
  • Exchange: HLSE
  • Founded: 1969
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €4.508b
  • Shares outstanding: 247.14m
  • Website: https://www.kojamo.fi

Number of Employees


Location

  • Kojamo Oyj
  • Mannerheimintie 168a
  • PO Box 40
  • Helsinki
  • Uusimaa
  • 301
  • Finland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
V4OCDB (Deutsche Boerse AG)YesSeries A SharesDEEURJun 2018
KOJAMOHLSE (OMX Nordic Exchange Helsinki)YesSeries A SharesFIEURJun 2018
KOJAMHBATS-CHIXE (BATS 'Chi-X Europe')YesSeries A SharesGBEURJun 2018
0A0ELSE (London Stock Exchange)YesSeries A SharesGBEURJun 2018
KOJA.FOTCPK (Pink Sheets LLC)YesSeries A SharesUSUSDJun 2018

Biography

Kojamo Oyj, a private residential real estate company, provides rental apartments and housing services in Finland. The company rents and manages apartments under the Lumo brand name. As of December 31, 201 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/18 22:00
End of Day Share Price2020/10/16 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.