Rankings Food, drinks & restaurants Kesko
Kesko
57
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−4
- Largest acquisition ever and dilution−4
- Margin−3
Strengths
- Raised guidance+2
How the score is built
From 100 to 57, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 26.00 EUR
- Median analyst target
- 24.50 EUR
- Upside to median
- −5.8%
- Analysts
- 5
- Target range
- 20.00 – 27.00 EUR
- 52-week change
- +42%
- P/E (trailing)
- 23.4
- Forward P/E
- 19.7
- PEG
- 2.57
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−11 of −30
- −3MarginOperating margin is 4.95% TTM vs 6.6–6.7% in 2021–2022 and net margin 3.25% vs 5.1–5.2%; gross margin is standing still around 14.5%.
- −3ROICROIC 8.1% TTM vs 13.4–13.6% in 2021–2022 and declining every year since; ROE 16% vs 23–24%.
- −3Quality of growthEPS EUR 1.05 TTM vs 1.53 in 2022 and 1.44 in 2021; revenue has only grown from EUR 11.3bn to 12.9bn in five years, and inflation-adjusted it has fallen over ten years.
- −2Capital allocationThe dividend has been cut from EUR 1.08 to 0.90 and is 86% of profit, while net debt has risen from EUR 1.9bn to 3.6bn since 2021 – the dividend is partly propped up with borrowed money.
Price
Today's multiples against the company's own history and its peers. · 3 findings−6 of −35
- −4Multiples vs own historyForward P/E 18.4 vs 14.6–16.5 in 2022–2025 and P/B 3.35 vs 2.6–3.0 – above the range after the 26% share price rise, while earnings are lower than back then. EV/EBITDA 10.0 is low (10.7–14.4).
- −1PeersForward P/E 18.4 vs Axfood 20.9; EV/EBITDA 10.0 vs Axfood 9.1. No discount despite lower growth and higher debt.
- −1Absolute price levelEarnings yield 4.7% and FCF yield 6.0%; dividend yield of 3.9% is the lowest in the period (4.6–6.5% in 2021–2025).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−10 of −35
- −4Largest acquisition ever and dilutionDahl in Sweden, Norway and Denmark is bought for EV EUR 1.52bn (14.6x EBITDA excl. leasing) with bridge financing and a planned share issue of EUR 500–700m (about 5–8% dilution); the market reacted negatively.
- −3DebtNet debt incl. leasing EUR 3.6bn and net debt/EBITDA 4.15 vs 2.07 in 2021; current ratio 0.90 and Altman Z 2.5. The Dahl purchase pushes the equity ratio towards the historical ceiling.
- −2CyclicalityBuilding and technical trade (EUR 5.0bn, 39% of revenue) follows construction activity and appetite to invest and becomes the largest division after Dahl; the company itself names consumer confidence and appetite to invest as the main uncertainties.
- −1Concentration in FinlandAbout three quarters of revenue comes from Finland, whose economy has been weak; only after Dahl does more than a third come from abroad.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Raised guidanceComparable operating profit rose EUR 23.8m to 296.1m in H1, and 2026 guidance was narrowed upwards to EUR 670–730m (previously 650–750m).
Caveats
What the score does not capture, or where the data is weak.
The Nordnet listing is the B share (KESKOB). Debt and EV include large lease liabilities (IFRS 16), so net debt/EBITDA looks higher than bank debt alone. The Dahl acquisition (EV EUR 1.52bn) has not yet closed (expected before year-end) and is not in the figures. Grocery, building materials/technical trade and car trade are reported together; the industry is set to food because grocery is the largest division (about 51%), but building trade becomes the largest division after Dahl.
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