Rankings Food, drinks & restaurants Tokmanni
Tokmanni
63
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
- Margin and quality of growth−7
- Debt and balance sheet−6
- Execution and guidance−6
Strengths
- Market position+2
How the score is built
From 100 to 63, 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
- 6.61 EUR
- Median analyst target
- 7.05 EUR
- Upside to median
- +6.6%
- Analysts
- 4
- Target range
- 6.80 – 7.40 EUR
- 52-week change
- −22%
- P/E (trailing)
- 264,500.0
- Forward P/E
- 9.6
- PEG
- 1.00
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−15 of −30
- −7Margin and quality of growthRevenue has risen 55% since 2021 (EUR 1,143 to 1,766m), mostly via the Dollarstore acquisition, but operating result has fallen from 108 to EUR 84m; the EBIT margin has halved from 9.4% to 4.8%, and EPS fell from 1.33 to EUR 0.62 (2025). Bigger, not stronger.
- −5Capital allocationDollarstore (bought in 2023 for, among other things, EUR 166m in cash) is still loss-making (adjusted EBIT −EUR 0.4m in Q2 2026), and EUR 24m of goodwill and EUR 12m of inventory have now been written down. The acquisition has pulled net debt from EUR 388m to 903m.
- −3Moat and future segmentLike-for-like sales grew only 0.3% in Q2 2026, and growth comes from new stores in Sweden and a low-price program; low-price department stores have low differentiation vs Action, grocery chains and online platforms.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −2Multiples vs own historyForward P/E 9.7 is at the bottom of its own history (10.4–14.2 in 2021–2024), but EV/EBIT 15.3 is at the top of the history (13.0–16.4), because debt and leasing now make up two-thirds of enterprise value (EV 1.29 bn vs market cap 0.39 bn EUR).
- −2Absolute price levelP/FCF 2.8 is artificial: after lease payments of EUR 104m real FCF is approx. EUR 35m (P/FCF approx. 11). Forward P/E on the 2026 estimate (EPS 0.60) is 11.2 – cheap, but not extreme for an indebted retailer.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−15 of −35
- −6Debt and balance sheetNet debt/EBITDA 4.1x (3.3x excluding leasing), equity ratio 16.1% and Altman Z-score 1.9; the dividend was halved to EUR 0.34 for 2025, and analysts expect a further decline (0.29).
- −6Execution and guidanceTwo downgrades in 2025, and the Dollarstore turnaround is dragging on; Inderes calls the 2026 guidance (adjusted EBIT EUR 85–105m) dependent on an uncertain Dollarstore turnaround with risk of a new downgrade. H1 2026 adjusted EBIT only EUR 7.3m.
- −1Management changeNew CEO Sampo Päällysaho took office 6 July 2026 amid the Dollarstore turnaround, after Mika Rautiainen retired.
- −2Consumer and competitionWeak Finnish consumer and hard price competition: the pricing programme presses gross margin (34.6% in Q2 vs 35.7% in 2024), and analysts expect an EPS decline of 5.5% in 2026.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Market positionThe Tokmanni segment (72% of revenue) is Finland's largest discount variety-store chain and delivered an adjusted EBIT margin of 6.8% in Q2 2026 with growth in the non-food categories.
Caveats
What the score does not capture, or where the data is weak.
Low-price retail does not fit in the industry list (placed under food/consumer, as groceries and consumer goods are the core); TTM EPS is near zero due to the Dollarstore write-down (24m goodwill + 12m inventory) - trailing P/E is therefore meaningless; stockanalysis' FCF is before lease payments (about EUR 104m), so P/FCF 2.8 greatly overstates cheapness; no insider trades investigated
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