olivLaw · European equity research
Olvi Oyj OLVAS.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Olvi is a Finland-based beverage group that produces and distributes beer, soft drinks and other beverages in several Baltic and Nordic countries. In 2025 it kept expanding through acquisitions in the Balkans, Estonia and the Nordics, which changes its geographic profile. Revenue reached 665.275 million EUR in 2025 and net profit 64.824 million EUR.
At the close of 05 Nov 2026, Olvi Oyj (OLVAS.HE) stock was 28.00 EUR (−0.36% on the day), with market capitalisation 580.0 m EUR, P/E 9.1 on diluted EPS of 3.09 EUR over the last 12 months, dividend yield 4.64%, beta 0.34, 52-week range 26.95–34.95 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 25.71 – 30.18
- in the upper half of the band · %B 0.51 · band width 16.0%
- SMA 50 / 200
- 30.33 / 32.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.76 / -0.96
- 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 | −8.9% | −0.6% | −8.3 pp | — |
| 3 months | −13.2% | −4.2% | −9.0 pp | — |
| 6 months | −8.8% | +4.3% | −13.1 pp | — |
| Year to date | −10.7% | +7.5% | −18.2 pp | — |
| 1 year | −1.8% | +9.9% | −11.7 pp | −1.2% |
| 3 years | −1.8% | +49.8% | −51.6 pp | +6.8% |
| 5 years | −46.3% | +42.8% | −89.1 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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 9.8, median 10.1, max 15.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 630.6 m | 656.9 m | 665.3 m |
| Revenue YoY | unavailable | +4.2% | +1.3% |
| Net income | 38.3 m | 61.7 m | 64.0 m |
| Net income YoY | unavailable | +61.2% | +3.8% |
| Diluted EPS | 1.85 | 2.98 | 3.09 |
| Diluted EPS YoY | unavailable | +61.1% | +3.7% |
| net % | 6.1% | 9.4% | 9.6% |
| Free cash flow | 4.3 m | 48.2 m | 27.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 56.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 369.4 m EUR
- Total assets
- 607.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 18.4%
- ROA
- 11.2%
- FCF margin
- 4.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 630.6 m | 656.9 m | 665.3 m | esef· 18 Mar 2026verified |
| Cost of revenue | 395.0 m | 390.5 m | 388.0 m | esef· 18 Mar 2026verified |
| Gross profit | 235.6 m | 266.4 m | 277.3 m | esef· 18 Mar 2026verified |
| Operating income | 54.9 m | 81.4 m | 81.8 m | esef· 18 Mar 2026verified |
| Interest expense | 1.7 m | 1.6 m | 1.9 m | esef· 18 Mar 2026verified |
| Pre-tax income | 54.3 m | 82.0 m | 82.9 m | esef· 18 Mar 2026verified |
| Income tax | 15.8 m | 19.6 m | 18.0 m | esef· 18 Mar 2026verified |
| Net income | 38.3 m | 61.7 m | 64.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 1.85 | 2.98 | 3.09 | esef· 18 Mar 2026verified |
| Dividend per share | 1.23 | 1.20 | 1.30 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 31.5 m | 50.8 m | 56.3 m | esef· 18 Mar 2026verified |
| Receivables | 125.8 m | 131.5 m | 162.5 m | esef· 18 Mar 2026verified |
| Inventories | 74.2 m | 76.2 m | 78.0 m | esef· 18 Mar 2026verified |
| Current assets | 232.1 m | 260.1 m | 298.1 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 213.2 m | 235.7 m | — | esef· 24 Sept 2025verified |
| Goodwill | 22.2 m | 22.2 m | 22.4 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 10.5 m | 9.3 m | 8.2 m | esef· 18 Mar 2026verified |
| Total assets | 490.0 m | 539.6 m | 607.8 m | esef· 18 Mar 2026verified |
| Accounts payable | 178.8 m | 187.1 m | 182.5 m | esef· 18 Mar 2026verified |
| Total liabilities | 200.7 m | 214.0 m | 238.4 m | esef· 18 Mar 2026verified |
| Equity | 289.3 m | 325.6 m | 369.4 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 20.7 m | 20.7 m | 20.7 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 28.0 m | 86.1 m | 80.8 m | esef· 18 Mar 2026verified |
| Capex | 23.7 m | 37.9 m | 53.7 m | esef· 18 Mar 2026verified |
| Free cash flow | 4.3 m ≈ | 48.2 m ≈ | 27.1 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -27.7 m | -38.6 m | -53.9 m | esef· 18 Mar 2026verified |
| Financing cash flow | -27.5 m | -27.4 m | -22.8 m | esef· 18 Mar 2026verified |
| Dividends paid | 25.3 m | 24.9 m | 27.0 m | esef· 18 Mar 2026verified |
| Share repurchases | 604.0 k | 0 | — | esef· 24 Sept 2025verified |
≈ 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 580.0 m EUR
Key indicators
Coverage and freshness
Score by group
48% · 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: 17.68 – 57.16 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E25.44 – 57.16 (Mid 34.29)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)17.68 – 24.11 (Mid 20.40)
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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.6% | 72 (vs peers) | 13% |
| FCF conversion · Quality | 42.4% | 18 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 42.7x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 9.1x | 75 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.7% | 58 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 99.6% | 29 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality45/100 · 2/3 factors with a value
- Returns52/100 · 2/2 factors with a value
- Valuation68/100 · 2/3 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
Olvi Oyj (OLVAS.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 665.3 m EUR in 2025; YoY growth 1.3%; net margin 9.6%; ROE 18.5%.
The estimated value range is 21.56–40.64 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 27.35 EUR, the price of 28.00 EUR leaves a potential of -2.3% (value / price − 1) and a margin of safety of -2.4% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.6%
- Interest coverage: 42.7x
- P/E (TTM): 9.1x
What contradicts it
- FCF conversion: 42.4%
- Payout ratio (FCF): 99.6%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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% |
| OLVAS.HEOlvi Oyj | 580.0 m | 9.1 | 18.5% | 9.6% | +1.3% | −8% / −6% |
| 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 OLVAS.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 16.01 Total return -39% · Per year -39% | 28.36 Total return 6% · Per year 6% | 42.78 Total return 58% · Per year 58% |
| 3 years | 14.55 Total return -38% · Per year -15% | 29.08 Total return 18% · Per year 6% | 48.31 Total return 91% · Per year 24% |
| 5 years | 13.22 Total return -37% · Per year -9% | 29.83 Total return 31% · Per year 5% | 54.56 Total return 127% · Per year 18% |
- Exit P/E± 7.27
- Net margin± 5.09
- Annual revenue growth± 4.31
- Annual dilution± 0.43
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
Olvi is a Finland-based beverage group that produces and distributes beer, soft drinks and other beverages in several Baltic and Nordic countries. In 2025 it kept expanding through acquisitions in the Balkans, Estonia and the Nordics, which changes its geographic profile. Revenue reached 665.275 million EUR in 2025 and net profit 64.824 million EUR.
SWOT
Strengths
- Strong local brands and a consolidated position in several markets of the region.
- Stable operating margin in recent years, with a high level of self-financing.
- Broad geographic presence that reduces dependence on a single market.
Weaknesses
- Integrating several acquisitions at once may require considerable management resources.
- Dependence on seasonal consumption and tourism makes revenue harder to forecast.
- Sustainability reporting costs are new for some subsidiaries.
Opportunities
- Expansion into Balkan and Mediterranean markets could open access to tourism-driven customers.
- Developing the non-alcoholic range could attract consumers reducing alcohol intake.
- Distribution in Scandinavia could increase sales of wine and light spirits.
Threats
- Regulatory changes on alcohol and beverage taxation could affect margins.
- Economic conditions in the region and currency swings could influence demand.
- Strong local competition in the acquired markets could limit price increases.
Risks
- Integration of acquisitionsmedium
The 2025 and 2026 takeovers must be integrated operationally, and delays could reduce the expected synergies.
- Approval of an acquisitionlow
The acquisition of the Estonian mineral water producer is still awaiting approval from the local competition authority.
- Seasonal demandmedium
Revenue depends on weather and the tourist season, which makes quarterly results volatile.
- Alcohol regulationhigh
Changes in taxation or restrictions on advertising and sale of alcoholic beverages could directly affect sales.
- Currency and political riskhigh
Activity in Belarus and other regional markets exposes the group to currency and geopolitical risks.
Investment thesis
What would need to be true (bull case)
- The group has a solid balance sheet with a high degree of self-financing and could sustain the proposed dividend if profit stays stable.
- Recent acquisitions extend geographic presence and product range, which could lift revenue in the coming years.
- The operating margin has stayed close to earlier levels, indicating good cost control.
What would break the thesis
- Integrating several companies at once could bring higher operational costs and risks than estimated.
- Rising investment and reporting costs could reduce the cash flow available.
- Dependence on seasonal demand and on the regulation of alcoholic beverages makes profit less predictable.
What to watch
- Integration of acquired companies and their results2026
- Approval of the acquisition of the Estonian mineral water producer2026
- Payment of the dividend in two instalments and profit development2026
- Level of investment and research and development spendingnext 10-K
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
The Olvi group produces and sells beer, soft drinks and other beverages, operating in Finland and several neighbouring countries including Estonia, Latvia, Lithuania, Denmark and Belarus, according to the annual report. The group had on average 2485 employees in 2025, most of them outside Finland. Its stated strategy is to become the most attractive multi-location beverage house.
The group consists of parent Olvi Oyj and subsidiaries in six countries, and its sustainability reporting covers all entities consolidated at 31 December. Operating profit was 81.811 million EUR in 2025, or 12.3 percent of revenue, close to the 2024 level.
Besides beer and soft drinks, recent acquisitions add wine and light spirits distribution in Scandinavia and mineral water in Estonia. These assets were still being integrated at the date of the annual report.
Segments
Operations in Finland and the Baltics
The core business of the group, producing beer and soft drinks for domestic and export markets in the region. The annual report does not give separate segment figures here, so the description remains qualitative.
Acquisitions in the Balkans and Scandinavia
This category includes the takeovers in Bosnia and Herzegovina, Serbia and the distribution business in Norway and Sweden, all with effective control from January 2026. Their contribution to 2025 results is not included in the reported figures.
Market context
The group operates in beverage markets in Northern and Eastern Europe and, through recent acquisitions, in the Balkans and near the Mediterranean coast, where the report cites tourism as a source of demand. The size of these markets is not quantified in the annual report.
Demand depends on consumption of beer and soft drinks, seasonality and tourism. The report stresses the ability to serve Mediterranean tourist regions from own production in the Balkans.
Trends
- Consolidation through acquisitionstailwind
The group took over several companies at the end of 2025 and in early 2026, which widens its product range and production capacity. The effect on results could become visible if integration proceeds as planned.
- Sustainability regulationheadwind
Companies must prepare for sustainability reporting and the EU taxonomy, which adds administrative and data costs.
- Demand for non-alcoholic productsmixed
Management is widening its non-alcoholic range through the acquisition of an Estonian mineral water producer, which could support growth if consumer preferences keep moving in this direction.
Competitive position
The annual report does not name direct competitors. The group operates in the beer and soft drinks segment of the region, where it competes with local producers and international beverage groups.
The declared advantage is local presence with strong brands and production capacity in several countries, which allows flexible service of the market.
- Local Baltic beer producers
Regional companies in Estonia, Latvia and Lithuania referred to indirectly through the shared market; the report does not name them.
- Balkan beer producers
Competitors in Bosnia and Serbia, markets where the group recently took over local producers.
- Scandinavian beverage distributors
Local players importing and distributing wine and light spirits in Norway and Sweden.
- Estonian mineral water producers
Competitors in the mineral water segment, entered through the recent acquisition.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202424 Sept 2025
- Annual report 202324 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Olvi 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.