Tokmanni - Q4 result outpaced the expectations
Tokmanni’s Q4 revenue increased by 14.6 % y/y (LFL growth of 13.4%) and was EUR 327m vs. EUR 315m/315m Evli/cons. Tokmanni’s adj. EBIT was EUR 45m vs. EUR 38m/37m Evli/cons. Dividend proposal was EUR 0.85 vs. EUR 0.78/0.74 Evli/cons. The company expects slight growth in revenue in 2021. Adj. EBIT is expected to be on the same level as last year.
- Q4 revenue growth outpaced the expectations as revenue increased by 14.6% y/y and was EUR 327m vs. our EUR 315m and consensus of EUR 315m. LFL growth was 13.4%.
- Q4 adj. gross profit was EUR 120m (36.8% margin) vs. EUR 110m (34.9%) Evli and consensus.
- Q4 adj. EBITDA was EUR 62m vs. EUR 54m our view.
- Q4 adj. EBIT was EUR 45m (13.9% margin) vs. EUR 38m (12.1%) our expectation and EUR 37m (11.8%) consensus.
- Q4 eps was EUR 0.57 vs. EUR 0.48/0.47 Evli/consensus.
- Divided proposal for 2020 is EUR 0.85 vs. EUR 0.78/0.74 Evli/consensus.
- Tokmanni expects slight revenue growth in 2021. Adj. EBIT is expected to be on the same level as last year.