Kojamo Oyj (HLSE:KOJAMO) - Share price, News & Analysis

KOJAMO fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	1/6
Past Performance	5/6
Financial Health	3/6
Dividends	2/6

KOJAMO Stock Overview

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

Rewards

PE ratio (4.8x) is below the Finnish market (17.6x)

Revenue is forecast to grow 6.28% per year

Earnings grew by 125.6% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 24.6% per year for the next 3 years

Debt is not well covered by operating cash flow

Large one-off items impacting financial results

Kojamo Oyj Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Kojamo Oyj
Historical stock prices
Current Share Price	€18.17
52 Week High	€22.10
52 Week Low	€16.53
Beta	0.33
1 Month Change	-10.93%
3 Month Change	-10.49%
1 Year Change	-0.98%
3 Year Change	56.64%
5 Year Change	n/a
Change since IPO	112.49%

Shareholder Returns

	KOJAMO	FI Real Estate	FI Market
7D	3.6%	3.2%	0.7%
1Y	-1.0%	-12.6%	-13.7%

Return vs Industry: KOJAMO exceeded the Finnish Real Estate industry which returned -12.2% over the past year.

Return vs Market: KOJAMO exceeded the Finnish Market which returned -11.7% over the past year.

Price Volatility

Is KOJAMO's price volatile compared to industry and market?
KOJAMO volatility
KOJAMO Average Weekly Movement	4.1%
Real Estate Industry Average Movement	4.3%
Market Average Movement	6.2%
10% most volatile stocks in FI Market	9.0%
10% least volatile stocks in FI Market	4.3%

Stable Share Price: KOJAMO is less volatile than 75% of Finnish stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: KOJAMO's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1969	315	Jani Nieminen	https://www.kojamo.fi

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, 2021, it operated 36,897 rental apartments.

Kojamo Oyj Fundamentals Summary

How do Kojamo Oyj's earnings and revenue compare to its market cap?
KOJAMO fundamental statistics
Market Cap	€4.49b
Earnings (TTM)	€932.00m
Revenue (TTM)	€394.10m

4.8x

P/E Ratio

11.4x

P/S Ratio

Is KOJAMO overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
KOJAMO income statement (TTM)
Revenue	€394.10m
Cost of Revenue	€130.10m
Gross Profit	€264.00m
Other Expenses	-€668.00m
Earnings	€932.00m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 18, 2022

Earnings per share (EPS)	3.77
Gross Margin	66.99%
Net Profit Margin	236.49%
Debt/Equity Ratio	83.9%

How did KOJAMO perform over the long term?

See historical performance and comparison

Dividends

2.1%

Current Dividend Yield

10%

Payout Ratio

Valuation

Is Kojamo 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

4.82x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: KOJAMO (€18.17) is trading above our estimate of fair value (€6.65)

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 (4.8x) compared to the European Real Estate industry average (9.3x).

PE vs Market: KOJAMO is good value based on its PE Ratio (4.8x) compared to the Finnish market (17.6x).

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 (1.1x) compared to the FI Real Estate industry average (0.9x).

Future Growth

How is Kojamo Oyj forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

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

-24.6%

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 (-24.6% per year).

Earnings vs Market: KOJAMO's earnings are forecast to decline over the next 3 years (-24.6% per year).

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

Revenue vs Market: KOJAMO's revenue (6.3% per year) is forecast to grow faster than the Finnish market (2.9% per year).

High Growth Revenue: KOJAMO's revenue (6.3% 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 (5.7%).

Past Performance

How has Kojamo Oyj performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

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

31.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: KOJAMO has a large one-off gain of €989.5M impacting its March 31 2022 financial results.

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

Past Earnings Growth Analysis

Earnings Trend: KOJAMO's earnings have grown significantly by 31.2% per year over the past 5 years.

Accelerating Growth: KOJAMO's earnings growth over the past year (125.6%) exceeds its 5-year average (31.2% per year).

Earnings vs Industry: KOJAMO earnings growth over the past year (125.6%) exceeded the Real Estate industry 58.7%.

Return on Equity

High ROE: KOJAMO's Return on Equity (21.9%) is considered high.

Financial Health

How is Kojamo Oyj's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

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

Financial Position Analysis

Short Term Liabilities: KOJAMO's short term assets (€492.3M) exceed its short term liabilities (€284.4M).

Long Term Liabilities: KOJAMO's short term assets (€492.3M) do not cover its long term liabilities (€4.5B).

Debt to Equity History and Analysis

Debt Level: KOJAMO's net debt to equity ratio (72.7%) is considered high.

Reducing Debt: KOJAMO's debt to equity ratio has reduced from 112.2% to 83.9% over the past 5 years.

Debt Coverage: KOJAMO's debt is not well covered by operating cash flow (4.2%).

Interest Coverage: KOJAMO's interest payments on its debt are well covered by EBIT (4.2x coverage).

Balance Sheet

Dividend

What is Kojamo 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

2.09%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: KOJAMO's dividend (2.09%) isn’t notable compared to the bottom 25% of dividend payers in the Finnish market (2.38%).

High Dividend: KOJAMO's dividend (2.09%) is low compared to the top 25% of dividend payers in the Finnish market (4.74%).

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 3 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (10.1%), KOJAMO's dividend payments are thoroughly covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (62.5%), KOJAMO's dividend payments are covered by cash flows.

Discover strong dividend paying companies

Management

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

4.0yrs

Average management tenure

CEO

Jani Nieminen (53 yo)

11.33yrs

Tenure

€1,048,663

Compensation

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

CEO Compensation Analysis

Compensation vs Market: Jani's total compensation ($USD1.11M) is below average for companies of similar size in the Finnish market ($USD2.50M).

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

Leadership Team

Experienced Management: KOJAMO's management team is considered experienced (4 years average tenure).

Board Members

Experienced Board: KOJAMO's board of directors are considered experienced (4 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	2022/05/19 00:00
End of Day Share Price	2022/05/19 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31