olivLaw · European equity research
Musti Group Oyj MUSTI.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Musti Group is the leading Nordic specialist retailer of pet products and services, operating in Finland, Sweden, Norway, the Baltics and, recently, Portugal. Net sales grew 14.4% in fiscal 2025, yet profitability stayed under pressure, which keeps investors watching closely. Net sales of 508.9 million EUR in fiscal 2025 show the scale of the business.
At the close of 05 Nov 2026, Musti Group Oyj (MUSTI.HE) stock was 14.65 EUR (−1.01% on the day), with market capitalisation 495.8 m EUR, dividend yield 0.01%, beta 0.09, 52-week range 13.90–19.46 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.5
- neutral
- Bollinger (20, 2)
- 14.04 – 14.96
- in the upper half of the band · %B 0.67 · band width 6.3%
- SMA 50 / 200
- 14.66 / 16.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.05 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.4% | −0.6% | +3.1 pp | — |
| 3 months | −1.3% | −4.2% | +2.8 pp | — |
| 6 months | −14.6% | +4.3% | −18.9 pp | — |
| Year to date | −17.8% | +7.5% | −25.3 pp | — |
| 1 year | −19.8% | +9.9% | −29.7 pp | −1.2% |
| 3 years | −13.3% | +49.8% | −63.1 pp | +6.8% |
| 5 years | −59.0% | +42.8% | −101.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 508.9 m |
| Revenue YoY | unavailable |
| Net income | -3.7 m |
| Net income YoY | unavailable |
| Diluted EPS | -0.11 |
| Diluted EPS YoY | unavailable |
| net % | -0.7% |
| Free cash flow | 44.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 169.2 m EUR
- Total assets
- 494.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.83x
- ROE
- unavailable
- ROA
- -0.8%
- FCF margin
- 8.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 508.9 m | esef· 07 Apr 2026verified |
| Operating income | 6.8 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 48.1 m | esef· 07 Apr 2026verified |
| EBITDA | 54.9 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 19.6 m | esef· 07 Apr 2026verified |
| Pre-tax income | -3.1 m | esef· 07 Apr 2026verified |
| Income tax | 577.0 k | esef· 07 Apr 2026verified |
| Net income | -3.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.11 | esef· 07 Apr 2026verified |
| Dividend per share | 0.00 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 16.2 m | esef· 07 Apr 2026verified |
| Receivables | 15.4 m | esef· 07 Apr 2026verified |
| Inventories | 77.8 m | esef· 07 Apr 2026verified |
| Current assets | 113.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 41.9 m | esef· 07 Apr 2026verified |
| Goodwill | 210.6 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 25.3 m | esef· 07 Apr 2026verified |
| Total assets | 494.8 m | esef· 07 Apr 2026verified |
| Accounts payable | 91.0 m | esef· 07 Apr 2026verified |
| Current liabilities | 137.7 m | esef· 07 Apr 2026verified |
| Total liabilities | 325.6 m | esef· 07 Apr 2026verified |
| Equity | 169.2 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 33.8 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 66.6 m | esef· 07 Apr 2026verified |
| Capex | 21.7 m | esef· 07 Apr 2026verified |
| Free cash flow | 44.9 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -42.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | -21.0 m | esef· 07 Apr 2026verified |
| Dividends paid | 35.0 k | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 495.8 m EUR
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.01 – 0.02 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.01 – 0.02 (Mid 0.02)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.7% | 21 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.3x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.1% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 0.1% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet1/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Musti Group Oyj (MUSTI.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 508.9 m EUR in 2025; net margin -0.7%; ROE -2.2%.
The estimated value range is 0.01–0.02 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.02 EUR, the price of 14.65 EUR leaves a potential of -99.9% (value / price − 1) and a margin of safety of -93,257.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 9.1%
- Payout ratio (FCF): 0.1%
What contradicts it
- Net margin: -0.7%
- Interest coverage: 0.3x
- Current ratio: 0.8x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| MUSTI.HEMusti Group Oyj | 495.8 m | — | -2.2% | -0.7% | unavailable | −20% / −44% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for MUSTI.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Musti Group is the leading Nordic specialist retailer of pet products and services, operating in Finland, Sweden, Norway, the Baltics and, recently, Portugal 1. Net sales grew 14.4% in fiscal 2025 1, yet profitability stayed under pressure, which keeps investors watching closely. Net sales of 508.9 million EUR in fiscal 2025 1 show the scale of the business.
SWOT
Strengths
- Leading Nordic position in pet retail, with an extensive store network and a loyal customer base 1.
- High share of own and exclusive brands, which supports the assortment and the company's identity 1.
- Business model with recurring sales of everyday consumable products, which lowers seasonality across the year 1.
Weaknesses
Opportunities
Risks
- High leveragehigh
High net debt combined with low operating profit may limit the company's capacity to finance investments 1.
- Currency exposuremedium
Operations outside the eurozone and purchases in foreign currencies can generate exchange losses 1.
- Dependence on the logistics hubmedium
Concentrating distribution in one hub can lead to disruptions from IT failures, fire or strikes 1.
- Cyber risksmedium
Cyberattacks could affect business continuity and customers' personal data 1.
- Supplier dependencelow
Losing a key supplier or facing higher supplier cost demands could affect customer relationships 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Pet market growth against the expected rate of about 4%2026
- Development of adjusted EBITA margin and operating profitQ1 2027
- Level of net debt and the ratio to adjusted EBITDAnext 10-K
- Online share of sales and LFL growth of the digital channel2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Musti Group sells pet products and services through physical stores and online channels, combining its own and exclusive products with third-party brands 1. The company ended 2025 with 497 stores, most of them directly operated 1. Online sales made up 22.9% of net sales in 2025 1.
Beyond store retail, Musti Group invests in digitalisation and centralised logistics, with goods distributed from a hub in Eskilstuna, Sweden 1. The company also runs its own pet food factory, certified under FSSC 22000 and ISO 14001 1. Its loyal customer base of 1.87 million is central to the model 1.
Segments
Market context
The company expects the market to gradually return to long-term growth of about 4% in 2026, supported by stabilising puppy and kitten numbers and improving consumer spending power in Europe 1. This view depends on macroeconomic conditions and consumer behaviour, which could evolve differently 1.
The pet market Musti Group serves is sensitive to weather and seasonality: July to December usually brings higher sales and margins, and cold winters lift sales of pet clothing 1. Demand is generally recurring, given the high share of everyday consumable products 1.
Trends
- Return to market growthtailwind
Structural growth in pet parenting remains robust, and the company expects a gradual return to long-term growth levels 1. If European consumer spending power keeps improving, pressure on sales could ease 1.
- Shifting buying patternsmixed
Customers expect a simple, consistent experience across channels and fast delivery, and sustainability of products is growing in importance 1. If the company fails to adapt, investments in assortment and channels may not deliver the intended results 1.
- Margin pressureheadwind
Profitability in 2025 declined from the prior year, with EBITA and adjusted EBITA margins below the comparison period 1. If this pressure persists, internal funding capacity could be limited 1.
- Sourcing costs and currencyheadwind
A significant part of the business is outside the eurozone, and purchases in USD and GBP expose the company to currency swings 1. Cost increases demanded by suppliers could also affect customer relationships and competitive position 1.
Competitive position
Musti Group describes its position as the leading Nordic pet specialist, but the analysed sources do not name direct competitors 1. Competitive pressure, according to the company, comes from new buying habits and supplier assortment 1.
The company's edge lies in its high share of own and exclusive brands, which made up 51.3% of product sales in 2025 1. If that share declines, margins could be affected and the competitive position could become more vulnerable 1.
- Regional pet retail chains
Not named in the analysed source; Nordic competition comes from local chains and online sellers.
- Online pet product retailers
Domestic and foreign digital channels compete on fast delivery and assortment, areas the company names as priorities.
- Own-brand and exclusive product suppliers
Supplier relationships shape both assortment and margins, and their pricing demands can create pressure.
- Pet food brands sold direct to consumers
Manufacturers selling directly to consumers can compete with the company's range, especially on everyday consumables.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Musti Group Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.