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4/25/2024 7:21:10 AM - Verkkokauppa: Weak quarter as expected - SEB - Verkkokauppa.com's sales declined by 11.4% yoy in Q1/24. Finnish consumer confidence remains low and consumers are likely paying back credit card debts after the holiday season depressing sentiment. Gross margins were up 70bp yoy. Fixed costs down 3% yoy but less than expected. Verkkokauppa.com keeps guidance of adj. EBIT growth in 2024. We believe that Verkkokauppa.com has one of the best earnings deltas once demand recovers which is not here yet.
4/23/2024 7:42:52 AM - Verkkokauppa: Q1 should be a tough quarter - SEB - We have said many times that we think Verkkokauppa.com will be ready when consumers are. The company has invested in speedy delivery as it believes this will give it a competitive edge once the consumer market recovers. Despite seeing some recovery in sales in Q4/23, we think sentiment has been weak in Q1 as consumers are paying back holiday credit card debt and are still dealing with the rise in interest rates.
2/9/2024 6:27:02 AM - Verkkokauppa: Still waiting, but unlikely to be too long - SEB - We have said multiple times that we think Verkkokauppa.com is ready when consumers are. The company has invested in speedy deliveries, as it believes they will offer a competitive edge once the consumer market recovers. Sales declined by 3% for Q4/23 and 7.4% for FY/23, so the trend is slowly improving. Once demand recovers, we expect Verkkokauppa.com to post a strong profit uptick, as cost savings made have left a leaner organisation.
2/8/2024 6:52:44 AM - Verkkokauppa: No growth sales guidance (2024) is a bit bleak but visibility is low - SEB - Fixed costs were up 2% yoy, a disappointment as cost savings were not enough to offset the underlying cost inflation. We and consensus had expected the EUR10m cost savings program to deliver lower costs yoy. Q4 sales down 3%, which was a positive achievement in electronics markets that declined 5% yoy in Q4. Adj. EBIT at EUR 1.6m vs. SEBe 2.1m (-23%) and Cons 2.6m (-30%), and EUR 0.8m (+124%) in Q422. Guides for no sales growth and improving EBIT in 2024.
2/6/2024 2:24:09 PM - Verkkokauppa: Ready when the consumers are - SEB - We do not believe Q4 will be a quarter with light at the end of the tunnel but we do feel 2024 will be better, supported by 1) improving consumer confidence, 2) declining interest rates helping the affordability and 3) increasing real wages. Also, TVs, gaming sets and computers bought during the pandemic will be coming up to three or four years old and due for replacement. We regard Verkkokauppa as a high beta play to reviving consumer sentiment.
11/21/2023 1:03:43 PM - Verkkokauppa: New strategy sets a clear vision for 2024-2028 - SEB - Verkkokauppa.com has published a new strategy for 2024-2028. Financial targets are unchanged compared with the previous strategy period besides sales growth target has been taken down. Verkkokauppa.com targets top-line growth of >5% annually vs. >10% in strategy period 2021-2025. Verkkokauppa.com aims to get fixed costs to sales below 10% vs. 13% in 2023E. Board proposes no dividend paid from financial year 2023. This will be the second year of no dividend.
10/27/2023 6:36:08 AM - Verkkokauppa: Ready and steady: just lacks demand - SEB - Verkkokauppa.com has proactively made cost savings which showed in Q3 with personnel and other fixed costs down by 12%. Despite this good news, demand is just not there. Sales in Q3 declined by 15% y/y in Q3 which marks the weakest quarter so far in the year. Verkkokauppa.com sells high ticket items, so future demand growth is combinations of consumer confidence recovery and needed replacements.
10/26/2023 8:18:05 AM - Verkkokauppa: Q3 bleak but ready when demand returns as costs down 12% y/y - SEB - Challenging market with no recovery in consumer demand post summer. Q3 showed a 15% sales decline which was the weakest quarter during 2023 (Q1: -2.3% y/y, Q2: -10.2%). Gros margin up 130bp which is a good achievement and highlights good work with own products but also highlights that Verkkokauppa.com does not have the inventory it needs to dump in the market (down 24% y/y). Fixed costs excl. depreciation down 12% y/y, so Verkkokauppa.com is ready once the market rebounds.
7/20/2023 2:34:14 PM - Verkkokauppa: Self-help story confirmed in Q2 - SEB - Verkkokauppa.com reported a 10% sales decline in Q2/23. Consumer sales were down 10%, but now sales to SMEs have also started to fall (-15% y/y).
7/20/2023 6:41:57 AM - Verkkokauppa: Q2 offers a small relief as cost savings bite - SEB - Verkkokauppa managed to lower fixed costs by 9% yoy, showing that cost savings are biting. Sales declined by 10% yoy, indicating a continued weak market. Gross-margin was 16.8% vs. 15.4% in Q2/22. We consider this a good achievement especially as the CEO stated that price competition picked up Q2 vs. Q1/23. Inventories were down 6% vs. end- 2022, i.e. solid work with stock levels. We view this as a small relief despite consumer sentiment likely remaining weak for some time.
7/4/2023 5:29:26 AM - Verkkokauppa: Q2 report due 20 July - SEB - Competition in electronics retailing has remained stiff in Q2/23 as in Q1/23 with players reducing inventories. Verkkokauppa.com sees a slowdown in demand also in B-to-B, which has likely led to players putting these products in sale for the consumer markets. Self-help measures start to aid profitability from Q2 onward. No visibility to the biggest seasons (back-to-school and Christmas), so guidance will remain intact and loose. It will take more time to improve materially.
4/28/2023 7:46:40 AM - Verkkokauppa: Gloomy consumers but self-help story lifts 2023 - SEB - Sales fell 2% y/y in Q1. Despite slightly improving consumer confidence, Verkkokauppa does not expect the consumption environment to improve because it believes wage increases are not matching inflation and that purchasing power will wane. The profit growth is mainly driven by a self-help story which should become visible in profits from Q2. We keep our fair value trading range of EUR 2.8-3.3, translating to 2024E EV/EBIT 8.2-9.7x.
4/27/2023 8:16:55 AM - Verkkokauppa: Small beat in a tiny quarter - SEB - Verkkokauppa.com reported adj. EBIT of EUR 1.4m vs. Cons EUR -0.8m. Inventories up 2.5% qoq, but this is a normal seasonal variation in our view. Balance sheet remains solid with net debt excluding leases to 2023 EBITDA of 0.6x. Personnel costs down 2%, so Verkkokauppa.com has been able to adjust its cost base. However, wage inflation kicks in Q2. Gross margin up 100bp yoy, which came much earlier than expected. Things moving for better on multiple metrics, which is a relief.
4/14/2023 6:02:01 AM - Verkkokauppa: Consumer sentiment weak; but nearly debt-free - SEB - Verkkokauppa.com’s healthy balance sheet is helping it navigate a weak consumption environment. In Q4/22, the company was able to reduce inventories by 21% q/q or 15% y/y. There may be some seasonal variations on inventories but we highlight that we perceive no balance sheet risk. The cost saving programme should start to bite in H2, but we expect H1 earnings to remain sluggish and offer no triggers for a near-term re-rating
2/10/2023 7:18:49 AM - Verkkokauppa: Demand dull, but self-help to lift EBIT in 2023 - SEB - Sales fell 8% y/y in Q4 and Verkkokauppa expects a similar demand outlook for H1 at least. The company expects EUR 5-8m of a previously-announced EUR 10m cost saving programme to be visible in 2023. Fixed cost inflation continues with salaries, rents and some service lines, so we expect net-net fixed cost cuts to contribute EUR 3m to EBIT this year, with gross margin improvements adding to the mix. Our 2023 EBIT is 23% below EBIT in 2019.
2/10/2023 6:29:53 AM - Verkkokauppa: Demand dull, but self-help to lift EBIT in 2023 - SEB - Sales fell 8% y/y in Q4 and Verkkokauppa expects a similar demand outlook for H1 at least. The company expects EUR 5-8m of a previously-announced EUR 10m cost saving programme to be visible in 2023. Fixed cost inflation continues with salaries, rents and some service lines, so we expect net-net fixed cost cuts to contribute EUR 3m to EBIT this year, with gross margin improvements adding to the mix. Our 2023 EBIT is 23% below EBIT in 2019.
2/9/2023 11:39:00 AM - Verkkokauppa: Q4 pre-announced but highlights balance sheet relief - SEB - Guidance of growing EBIT in 2023 does not provide much support for the estimates as 2022 ended with EBIT down 83%. Verkkokauppa.com has already announced a cost savings program which aims to save EUR10m by 2024. Inventories are down as much as 21% qoq which supports strong Q4 cash flow. Balance sheet could be a small relief if we assume the company is just being prudent by not paying a dividend.
1/31/2023 7:59:33 AM - Verkkokauppa: Proactively taking action in a tough market - SEB - Verkkokauppa has pre-announced Q4. A small EUR 1.6m (<2%) inventory write-down dropped results below guidance. Q4 sales came down by 8% y/y and EBIT margin excluding the inventory write-down was 1.5% (versus 3.2% in Q4 2021). Verkkokauppa announced a new cost-cutting programme that aims to save EUR 10m by 2024: it is taking action but recovery will take longer.
1/16/2023 8:46:49 AM - Vinstvarning från Verkkokauppa, inleder åtgärdsprogram med potentiella nedskärningar (uppdatering) - (avser andra stycket)
1/16/2023 8:40:37 AM - Verkkokauppa: Q4 profit warning comes with large cost saving programme - SEB - Consumer electronic markets continue weak, which has pushed Verkkokauppa.com to launch a new saving programme followed by a third profit warning for the year. FY2022 landed at a sales decline of 6% but adj. EBIT plummeted to EUR 3.5m vs. EUR 19m in 2021. Verkkokauppa has launched personnel negotiations, which will reduce the number of employees by 110 max. (14% of workforce). All eyes on dividends, which we believe could be scrapped all-together from 2022. We remain cautious.
1/16/2023 8:19:01 AM - Verkkokauppa inleder åtgärdsprogram med potentiella nedskärningar - Finska e-handelsaktören Verkkokauppa lanserar ett förbättringsprogram som ska lyfta vinsten med cirka 10 miljoner euro, varav 5-8 miljoner euro väntas realiseras under 2023. Det framgår av ett pressmeddelande.
1/10/2023 11:30:08 AM - Verkkokauppa: Investing in capabilities, but benefits will take time - SEB - At SEB's Nordic Seminar CEO Panu Porkka described how, over the last year, Verkkokauppa.com has become more efficient in fulfillment, click & collect and packaging - the key KPIs for a successful online retailer. The company recognises that consumer sentiment and purchasing power are taking time revive and that it will need to address costs to safeguard profits. High inventory remains an issue and this could constrain dividends, in our view.
10/28/2022 8:00:03 AM - Verkkokauppa: Tough times ahead before market recovery - Evli - Verkkokauppa.com’s Q3 result came in soft as expected. The current market includes a significant portion of uncertainty, and we find it better off to wait for the first signs of market recovery. We downgrade our rating to SELL (HOLD) and adjust TP to EUR 2.2 (3.5).
10/28/2022 7:30:01 AM - Verkkokauppa: Electricity bill leaves no money for new TV - SEB - Verkkokauppa is exposed to discretionary spending with an average ticket price of over EUR 100. In our recent consumer study we concluded that average disposable income for Finnish households is being squeezed by 9%. This is a good proxy for Verkkokauppa.com’s demand environment. We cut again our earnings and dividend expectations. Our new fair value trading range is EUR 2.1-2.8 (EUR 2.7-3.4), or some 25% downside at the mid-point.
10/27/2022 8:14:37 AM - Verkkokauppa: A victim of poor market - Evli - Preliminary figures given, Verkkokauppa.com’s Q3 report included no large surprises. Net sales continued in decline and profitability was hit by lower volumes, weaker sales mix, price competition and elevated cost levels. Guidance intact (revised ahead of Q3 result).
10/27/2022 8:00:24 AM - Verkkokauppa: Focus on fin metrics ahead of Q3 - SEB - Verkkokauppa.com is struggling in current consumer environment. Q3 was pre-announced so we look at cash flow and balance sheet metrics. Cash flow is negative with operating cash flow negative EUR 13m and investments EUR 6.6m. 2022 net debt-to-EBITDA is 2.4x but just 1.0x if leasing liabilities are excluded. Consensus is likely to cut its dividend estimate on back of this, which is understandable but makes it a bit more painful to wait for a turnaround.
10/25/2022 6:59:43 AM - Verkkokauppa: Not a soft landing - SEB - Verkkokauppa is exposed to discretionary spending with an average ticket size above EUR 100. In our latest consumer study we concluded that average disposable income for a Finnish household is squeezed by 9%. This is a good proxy for Verkkokauppa.com’s demand environment (excl. B2B sales). We have cut our estimates and dividends in 2022E-23E. Cost savings could revive profits but Verkkokauppa.com already has rather lean operations.
10/25/2022 4:50:28 AM - Verkkokauppa vinstvarnar - Finska e-handelsaktören Verkkokauppa vinstvarnar efter att bolaget mött en allt tuffare marknad. Det finska konsumentförtroendet var rekordlågt i september.
10/24/2022 8:37:35 AM - Verkkokauppa: No signs of market recovery yet - Evli - Verkkokauppa.com publishes its Q3 result on Thursday, 28th Oct. In addition to the consumer segment and contrary to its performance in H1, we expect the B2B segment to see some softness in H2. Due to no signs of market recovery yet, we adjusted our short-term estimates downwards ahead of Q3 result.
7/15/2022 5:19:59 AM - Verkkokauppa: Navigating tough times with a strong concept - SEB - We reckon the depressed Q2/22 earnings reflect weak consumer sentiment rather than the Verkkokauppa.com brand losing traction. We continue to think the shares should trade at premium to Nordic bricks & mortar retailers because of the strong brand, superior omni-channel concept and relatively low fixed-costs-to-sales, given just four MEGA stores. Our fair trading range for EV/EBIT in 2023E is 11-12.5x, which translates to EUR 3.8-4.4 per share.
7/14/2022 9:12:45 AM - Verkkokauppa: Challenging environment continued - Evli - Verkkokauppa.com’s Q2 EBIT fell short of our expectations. Simultaneously, the company lowered its FY’22 guidance, which was driven by weak consumer trust, impaired consumer purchasing power, and increased operative costs.
7/14/2022 8:59:58 AM - Verkkokauppa Q2: Break-even results and FY2022 guidance downgrade - SEB - Verkkokauppa.com is suffering from deteriorating consumer confidence as well as the late start of spring in Finland. Verkkokauppa.com's avg. spend per customer is > EUR100, which suggests investment-like goods for many customers. The new adj. EBIT guidance points to decline from 31 to 61% with mid-point currently 10% below current consensus. Close to debt-free BS will enable company to navigate through the weaker sentiment, but it takes more time for the tide to turn.
7/11/2022 6:53:41 AM - Verkkokauppa: Expecting softness to continue in Q2 - Evli - The consumer demand for durable goods in the Nordic markets has continued softly in Q2 and hence we have made no changes to our estimates. We expect Q2 revenue to decline and profitability to weaken. We retain our HOLD-rating and TP of EUR 4.3 ahead of Q2’22.
4/29/2022 8:50:24 AM - Verkkokauppa: Not the time to jump in yet - Evli - The market environment continued challenging and Verkkokauppa.com’s Q1 sales declined mainly driven by the consumer and export segments. With the company’s valuation stretched, we retain our HOLD rating and adjust TP to EUR 4.3 (4.7).
4/29/2022 5:36:22 AM - Verkkokauppa: Not immune to weak consumption environment - SEB - Verkkokauppa.com lowered its guidance for FY 2022 in March. It forecasts sales and EBIT down by 3% and 24% at the mid-points respectively, which point to a tough year after a decade of sales growth. We still see some risk to the FY outlook, as we are at the low end of the EBIT range. Our fair value analysis indicates a fair value range for the share of EUR 4.1 to EUR 4.7.
4/28/2022 8:38:12 AM - Verkkokauppa: Challenging quarter - Evli - Verkkokauppa.com’s Q1 topline topped, but EBIT fell short of our expectations as well as consensus estimates. Volumes suffered from a weak demand stemming from lower consumer trust.
4/26/2022 11:22:57 AM - Affärsvärlden ger ett neutralt råd för Verkkokauppa, föredrar hellre Kjell eller Tokmanni - Finlands relativt låga andel näthandel kan driva tillväxt för landets största e-handlare Verkkokauppa i många år. Kortsiktigt är utsikterna däremot svaga. Det skriver Affärsvärlden i en analys på tisdagen.
4/20/2022 11:04:46 AM - Verkkokauppa: Expecting softness to continue - Evli - Verkkokauppa.com publishes its Q1 result on April 28th. Transitory softness in the consumer segment will restrict the company’s growth during H1 and Q3’22. We retain our HOLD-rating and TP of EUR 4.7.
3/25/2022 7:15:59 AM - Verkkokauppa: Weak market decelerates sales development - Evli - Verkkokauppa.com downgraded its 2022 guidance. Now, the company expects revenue of EUR 530-590m and adj. EBIT of EUR 12-19m. We retain our HOLD-rating and adjust our TP to EUR 4.7 (6.0).
3/23/2022 11:53:56 AM - Verkkokauppa: Towards online driven department store - Evli - Online pioneer Verkkokauppa.com has shown strong growth figures over the years and with its new strategy, the company targets strong, profitable growth by expanding to new categories and utilizing its strong online platform.
2/11/2022 8:36:34 AM - Verkkokauppa.com: A small break for momentum of growth - Evli Research - Tough quarter behind
2/10/2022 7:53:07 AM - Verkkokauppa: Tough Q4, acquisition caught the attention - Evli - Verkkokauppa.com’s Q4 topline fell short of our expectations. Net sales declined by 4% y/y to EUR 168.9m, while adj. EBIT amounted to EUR 5.3m (3.2% margin). The company acquired e-ville.com online store to strengthen its private label offering.
2/4/2022 10:10:56 AM - Verkkokauppa: Soft market weakens Q4 figures - Evli - Verkkokauppa.com reports its Q4 result next Thursday. We have made some revisions to our near-term estimates as a result of soft market condition in consumer electronics goods. We downgrade our rating to HOLD (BUY) and adjust TP to EUR 6.5 (10).
10/25/2021 7:40:20 AM - Verkkokauppa: Growing in a soft market - Evli - With strong growth figures, Verkkokauppa.com achieved its 33rd consecutive quarter of growth, but the competitive environment pressed margins below our estimates. We retain our BUY-rating and adjust target price to EUR 10 (10.8).
10/22/2021 8:24:34 AM - Verkkokauppa: Struggling with margins - Evli - Verkkokauppa.com’s Q3 earnings fell short from our estimates, while revenue growth topped the estimates. Top line grew by 9.1% to EUR 141m, gross profit remained steady y/y at EUR 20.9m and adj. EBIT amounted to EUR 4.7m.
10/19/2021 6:54:50 AM - Verkkokauppa: Growth is expected to continue - Evli - Verkkokauppa.com reports its Q3 results on Fri, the 22nd of Oct. Preliminary figures show a solid third quarter and our attention will concentrate on the comments regarding end of the year as crucial campaign season arrives and temporary supply chain problems still exist.
10/1/2021 7:40:51 AM - Verkkokauppa: CMD notes - Evli - In its first-ever Capital Markets Day, Verkkokauppa.com presented details on its new (revealed in Feb 2021) strategy’s implementation. The company’s target is to achieve EUR 1bn revenue, EUR 50m operative profit (>5% EBIT margin), and to lower its fixed costs to <10% of revenue by the end of 2025. We retain our TP of EUR 10.80 and BUY-rating.
7/19/2021 8:28:51 AM - Verkkokauppa: Capitalizing on strengths - Evli Research - Earnings a small positive surprise, retains FY ’21 guidance
7/16/2021 7:06:45 AM - Verkkokauppa: Profitability continued to hold up - Evli Research - Verkkokauppa.com reported Q2 results that were overall somewhat above estimates. Top line was close to the expected levels, while the strong gross margin helped adj. EBIT to surpass estimates by some EUR 0.5m.
7/13/2021 7:20:19 AM - Verkkokauppa: Plenty of upside potential remains - Evli Research - Verkkokauppa.com reports Q2 results on Fri, Jul 16. We leave our estimates unchanged ahead of the report and continue to view current valuation levels attractive.
4/26/2021 11:23:31 AM - Verkkokauppa: Continues to capitilise on consumers’ shift to online - Danske Bank - Verkkokauppa’s online sales grew 33% y/y in Q1. The growth came with better profitability, which adds confidence about the brand strengthening. While Q1 showed improvement, we have lowered our estimates slightly, as we acknowledge that home offices are likely more equipped now and will not see the same sales boost in Q2, while export sales should take longer to recover. Our fair value range is raised to EUR10.1-10.9 (from EUR9.7-10.5).
4/26/2021 7:49:06 AM - Verkkokauppa: Strategy implementation going well - Evli - Verkkokauppa.com’s Q1 result was as expected. Strategy implementation has started well, and the outlook remains bright. We have made only small adjustments to our estimates and keep our rating “BUY” with TP of EUR 10.80 (10.5).
4/23/2021 6:00:24 AM - Verkkokauppa: No surprises with Q1 result - Evli - Verkkokauppa.com’s Q1 result was in line with expectations. Q1’21 revenue grew by 7% y/y and was EUR 134m vs. Evli EUR 135m and consensus of EUR 134m. Adj. EBIT was EUR 5.2m vs. EUR 5.0m/4.8m Evli/consensus. EPS was EUR 0.09 vs. EUR 0.08 Evli and consensus. Verkkokauppa.com reiterated its guidance.
4/19/2021 9:50:44 AM - Verkkokauppa: Expecting good Q1 figures - Evli - Verkkokauppa.com reports its Q1 result on this week’s Friday, 23rd of April. We have made small estimate adjustments and expect Q1 sales to grow by 7.5% y/y to EUR 135m. We expect adj. EBIT of EUR 5m. We retain our rating “BUY” with TP of EUR 10.5 (9.5).
4/6/2021 4:40:59 AM - Börsveckan ger köpråd för BHG, Verkkokauppa och Corem - Börsveckan rekommenderar köp av BHG, Verkkokauppa och Corem i den senaste utgåvan. Tidningen ger rådet avvakta för Hufvudstaden, Heba och H&M. Vidare gör Börsveckan en förändring i sin portfölj där Ferronordic säljs och ersätts av Humana.
2/15/2021 9:38:56 AM - Verkkokauppa: Ambitious plans for growth - Evli Research - Verkkokauppa.com delivered a strong Q4 result which was in line with expectations. The company introduced its refined strategy for 2021-2025 and targets EUR 1bn of sales and EBIT margin of 5% by the end of 2025. We keep our rating “BUY” with TP of EUR 9.5 (8.3).
2/15/2021 7:25:56 AM - Verkkokauppa: New 2025 strategic targets: doubling sales in five years - Danske Bank - Verkkokauppa.com reported a record year for 2020, which benefited from consumers quickly equiping their home offices. This lays a good foundation for further growth as the brand has strengthened and attracted many new customers. This supports management’s 2021 outlook of 3-12% sales growth and 2-33% EBIT growth. Verkkokauppa.com also came out with new ambitious strategic targets for 2025.
2/12/2021 8:15:26 AM - Verkkokauppa: Strong quarter, as expected - Evli Research - Verkkokauppa.com’s Q4’20 revenue grew by 10% y/y and was EUR 176m vs. Evli EUR 171m and consensus of EUR 170m. Adj. EBIT was EUR 6.2m vs. EUR 6.6m/6.3m Evli/cons. Dividend proposal was EUR 0.45 (incl. additional dividend of EUR 0.22) vs. EUR 0.23/0.23 Evli/cons.
2/9/2021 3:32:00 PM - Verkkokauppa: Growth expected to continue beyond 2020 - Danske Bank - We expect Verkkokauppa.com to report a strong end to 2020. Our channel checks confirm<br>Xmas sales were good and we estimate a sales increase in Q4 of 7.5% y/y. We estimate sales<br>growth w/o exports at 18% in the quarter, but with the absence of tourists taking off nearly<br>half the headline growth figure. The share has been strong, up 33% in the past three months.<br>We still see Verkkokauppa.com as well placed to benefit from consumption shifting online.
2/9/2021 8:29:20 AM - Verkkokauppa: Expecting sales boost from campaigns - Evli Research - Verkkokauppa.com reports its Q4 result on Friday, 12th of February. We have slightly increased our Q4E estimates ahead the result and keep our rating “BUY” with new TP of EUR 8.3 (6.5).
10/26/2020 7:55:08 AM - Verkkokauppa: Towards the important campaign season - Evli Research - Revenue increased by 7% y/y
9/30/2020 6:50:19 PM - Verkkokauppa: Finnish mini-Amazon trading below brick & mortar multiples - Danske Bank - Verkkokauppa.com started selling computer parts online in 1992 and now has four mega stores. ‘First online then omni-channel’ is a different mindset and provides a clear competitive advantage in our view. Verkkokauppa.com grew sales at a 10% CAGR in 2015-19 in a market that grew 3%. We believe online-driven growth with a low-risk profile, net cash and sector-best dividend yield warrants a valuation above the sector median.
9/11/2020 7:55:00 AM - Verkkokauppa: Riding the wave - Evli Research - Focusing on profitable growth
7/17/2020 4:05:48 PM - Verkkokauppa.com - Strong tailwind amid the pandemic - Evli Research - Expecting a strong Q2
3/17/2020 5:17:10 PM - Handeln kommer att få det blodigt enligt Börsplus som coronareviderar estimat - Handeln kommer att få det blodigt enligt Börsplus som coronareviderar estimat