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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.

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.
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