olivLaw · European equity research
Puuilo Plc PUUILO.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Puuilo is a Finnish discount retail chain selling building supplies, tools, groceries and household goods through its store network and an online store. The company is now expanding into Sweden with pilot stores, and its profitability grew in fiscal 2025.
At the close of 05 Nov 2026, Puuilo Plc (PUUILO.HE) stock was 18.58 EUR (−1.17% on the day), with market capitalisation 1.6 bn EUR, P/E 28.2 on diluted EPS of 0.66 EUR over the last 12 months, dividend yield 3.77%, beta 0.65, 52-week range 11.49–18.88 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)
- 57.6
- strong (55–70)
- Bollinger (20, 2)
- 17.93 – 19.15
- in the upper half of the band · %B 0.53 · band width 6.6%
- SMA 50 / 200
- 17.73 / 15.13
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.31 / 0.35
- MACD below 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 | +10.9% | −0.6% | +11.5 pp | — |
| 3 months | +8.7% | −4.2% | +12.8 pp | — |
| 6 months | +43.1% | +4.3% | +38.8 pp | — |
| Year to date | +46.5% | +7.5% | +39.0 pp | — |
| 1 year | +32.8% | +9.9% | +22.9 pp | −1.2% |
| 3 years | +134.2% | +49.8% | +84.3 pp | +6.8% |
| 5 years | +128.8% | +42.8% | +86.0 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 100 percentile of its own 3-quarter history (min 17.9, median 18.7, max 19.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 338.4 m | 383.4 m | 442.3 m |
| Revenue YoY | unavailable | +13.3% | +15.4% |
| Net income | 38.7 m | 47.9 m | 56.0 m |
| Net income YoY | unavailable | +23.8% | +16.9% |
| Diluted EPS | 0.46 | 0.57 | 0.66 |
| Diluted EPS YoY | unavailable | +23.9% | +15.8% |
| net % | 11.4% | 12.5% | 12.7% |
| Free cash flow | 54.5 m | 44.3 m | 69.5 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 33.0 m EUR
- Financial debt
- 69.9 m EUR
- Net debt
- 36.9 m EUR
- Equity
- 98.9 m EUR
- Total assets
- 316.7 m EUR
- Debt / equity
- 0.71x
- Current ratio
- 2.50x
- ROE
- 55.8%
- ROA
- 18.7%
- FCF margin
- 15.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 338.4 m | 383.4 m | 442.3 m | esef· 21 Apr 2026verified |
| Operating income | 52.8 m | 65.1 m | 75.1 m | esef· 21 Apr 2026verified |
| Depreciation & amortisation | 15.2 m | 19.0 m | 22.1 m | esef· 21 Apr 2026verified |
| EBITDA | 68.0 m ≈ | 84.1 m ≈ | 97.2 m ≈ | esef· 21 Apr 2026derived |
| Interest expense | 5.4 m | 5.8 m | 5.9 m | esef· 21 Apr 2026verified |
| Pre-tax income | 48.4 m | 59.9 m | 69.8 m | esef· 21 Apr 2026verified |
| Income tax | 9.7 m | 12.0 m | 13.8 m | esef· 21 Apr 2026verified |
| Net income | 38.7 m | 47.9 m | 56.0 m | esef· 21 Apr 2026verified |
| Diluted EPS | 0.46 | 0.57 | 0.66 | esef· 21 Apr 2026verified |
| Dividend per share | 0.34 | 0.38 | 0.70 | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.5 m | 18.3 m | 33.0 m | esef· 21 Apr 2026verified |
| Inventories | 93.1 m | 115.5 m | 123.2 m | esef· 21 Apr 2026verified |
| Current assets | 121.7 m | 142.0 m | 168.0 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 3.9 m | 5.9 m | 7.6 m | esef· 21 Apr 2026verified |
| Goodwill | 33.5 m | 33.5 m | 33.5 m | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | 16.4 m | 16.0 m | 13.7 m | esef· 21 Apr 2026verified |
| Total assets | 248.5 m | 280.8 m | 316.7 m | esef· 21 Apr 2026verified |
| Long-term debt | 50.0 m | 50.0 m | 69.9 m | esef· 21 Apr 2026verified |
| Current liabilities | 51.7 m | 57.4 m | 67.2 m | esef· 21 Apr 2026verified |
| Total liabilities | 163.5 m | 179.0 m | 217.9 m | esef· 21 Apr 2026verified |
| Equity | 85.0 m | 101.8 m | 98.9 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 84.1 m | 84.0 m | 84.8 m | esef· 21 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 58.0 m | 49.1 m | 74.9 m | esef· 21 Apr 2026verified |
| Capex | 3.5 m | 4.8 m | 5.4 m | esef· 21 Apr 2026verified |
| Free cash flow | 54.5 m ≈ | 44.3 m ≈ | 69.5 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -4.7 m | -7.1 m | -5.8 m | esef· 21 Apr 2026verified |
| Financing cash flow | -60.7 m | -45.1 m | -54.4 m | esef· 21 Apr 2026verified |
| Dividends paid | 28.7 m | 32.0 m | 59.0 m | esef· 21 Apr 2026verified |
| Share repurchases | 1.7 m | 0 | — | esef· 29 Apr 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: 63 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn EUR
Key indicators
Coverage and freshness
Score by group
- Valuation38
- Balance sheet69
- Returns52
- Quality93
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: 5.43 – 23.97 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)15.01 – 23.97 (Mid 18.43)WACC 8.3% · starting FCFF 74.2 m EUR · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 15.4%
- Peers: EV/EBITDA6.51 – 6.81 (Mid 6.58)6 companies used · median multiple 6.1x · quartiles 6.1x – 6.3xANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- Peers: P/E5.43 – 12.21 (Mid 7.32)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)9.52 – 12.98 (Mid 10.98)
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
Unattractive profile · Score 63/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 44.7% | 100 (vs peers) | 13% |
| Net margin · Quality | 12.7% | 74 (vs peers) | 8% |
| FCF conversion · Quality | 124.1% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.4x | 38 (vs peers) | 13% |
| Interest coverage · Balance sheet | 12.7x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 28.2x | 25 (vs peers) | 13% |
| EV/EBITDA · Valuation | 16.6x | 38 (vs peers) | 13% |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 3.7% | 53 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 84.9% | 50 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality93/100 · 3/3 factors with a value
- Returns52/100 · 2/2 factors with a value
- Valuation38/100 · 3/3 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
Puuilo Oyj (PUUILO.HE). Latest full fiscal year: 2026; data up to 2026-01-31.
Figures computed from the financial statements: revenue 442.3 m EUR in 2026; YoY growth 15.4%; net margin 12.7%; ROE 55.8%; net debt/EBITDA 0.4x.
The estimated value range is 8.01–12.60 EUR per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 9.15 EUR, the price of 18.58 EUR leaves a potential of -50.7% (value / price − 1) and a margin of safety of -103.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 63/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 44.7%
- Net margin: 12.7%
- FCF conversion: 124.1%
- Interest coverage: 12.7x
- Current ratio: 2.5x
What contradicts it
- P/E (TTM): 28.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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% |
| PUUILO.HEPuuilo Oyj | 1.6 bn | 28.2 | 55.8% | 12.7% | +15.4% | +26% / +113% |
| 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% |
| 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 PUUILO.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 | 12.14 Total return -32% · Per year -32% | 21.37 Total return 19% · Per year 19% | 32.05 Total return 77% · Per year 77% |
| 3 years | 14.40 Total return -12% · Per year -4% | 28.26 Total return 66% · Per year 18% | 46.15 Total return 166% · Per year 39% |
| 5 years | 17.08 Total return 10% · Per year 2% | 37.37 Total return 129% · Per year 18% | 66.46 Total return 294% · Per year 32% |
- Exit P/E± 7.06
- Net margin± 4.95
- Annual revenue growth± 3.69
- Annual dilution± 0.42
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
Puuilo is a Finnish discount retail chain selling building supplies, tools, groceries and household goods through its store network and an online store. The company is now expanding into Sweden with pilot stores, and its profitability grew in fiscal 2025.
SWOT
Strengths
- A discount format with a wide assortment and competitive prices that attracts price-sensitive customers and supports store traffic.
- Solid sales and profitability growth in fiscal 2025, with margins rising thanks to private label products.
- Standardised store opening processes that allow several locations to open each year without disrupting other operations.
Weaknesses
- Almost complete dependence on the Finnish market, where all existing stores operate.
- A relatively young store network, with many locations that do not yet have a long performance history.
- Online store sales remain modest relative to the total of the company.
Opportunities
- Expansion into Sweden through pilot stores could open a new growth market.
- Developing the online store and an omnichannel experience could attract new customers.
- Continued opening of new stores in Finland could widen the geographic reach of the brand.
Threats
- Competitive pressure in Finnish retail could force price cuts or loss of market share.
- Weaker consumer purchasing power could reduce sales in discount formats.
- Geopolitical tensions could raise procurement costs and disrupt supply.
Risks
- Competition and new entrantsmedium
The actions of competitors and the entry of new players could affect Puuilo's position in the Finnish retail market.
- Product safetyhigh
A failure in product safety control or supply chain quality could cause financial losses and loss of customer trust.
- Geopolitical risksmedium
Conflicts in Europe could change the supplier environment and raise costs, which could make customers more price sensitive.
- Cybersecuritymedium
IT systems can be attacked, and insufficient staff knowledge of data protection can lead to information reaching the wrong hands.
- Inventory efficiencylow
Inefficient inventory management could cause losses or lost revenue, while inventories have grown with the new stores.
Investment thesis
What would need to be true (bull case)
- Sales and margin growth in fiscal 2025, together with the growth guidance for 2026, could support a solid growth profile if expansion stays disciplined.
- Expansion into Sweden could add a new growth source if the pilot stores show the format works outside Finland.
- Strong operating cash flow and relatively moderate leverage could give the company flexibility for investment and dividends.
What would break the thesis
- The Finnish market is competitive, and if prices or the assortment lose their appeal, margins could come under pressure.
- The store network is young, and the performance of newer locations could fall short of management expectations.
- International expansion is at an early stage and could face difficulties in brand recognition and adaptation to a new market.
What to watch
- Delivery against fiscal 2026 guidance for net sales and adjusted EBITA2026
- Opening of the first pilot store in Sweden2027
- Like-for-like sales development of existing stores2026
- Pace of new store openings against the target of 7 – 10 per year2027
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 company has one reportable segment, because the stores and the online store are only distribution channels of the same Puuilo brand. Until fiscal 2025 operations took place only in Finland, while a Swedish subsidiary was established during the year but had not yet operated at the report date.
The store network is relatively young, with about half of the stores opened in the last five years. Management monitors an internal metric, group-level adjusted EBITA, and new stores are on average profitable after their first full month of operation.
Segments
Physical stores
Physical stores generated most of the sales, 432.7 million euros in fiscal 2025. The company opened seven new stores that year and aims to open approximately 7 – 10 new stores per year in Finland.
Market context
Puuilo operates in Finland's competitive retail market, where the actions of competitors and the entry of new players can affect its position. Sales growth in fiscal 2025 came from both new and like-for-like stores, which points to solid demand for the discount format.
Expansion into Sweden through pilot stores would open a new market for the brand. The company has said the first store could open at the latest in the third quarter of fiscal 2027, and the success of this step depends on brand recognition outside Finland.
Trends
- Pressure on purchasing powerheadwind
Changes in purchasing power and consumer behaviour, driven by the economy, inflation, energy prices and interest rates, could reduce sales. For a discounter, price sensitivity is an important factor.
- Demand for low pricestailwind
Customer price sensitivity could push consumers towards discount formats, which could support store traffic, especially if the assortment stays wide and prices competitive.
- Geopolitical tensions and supply chainsheadwind
The war in Ukraine and other geopolitical tensions could change the supplier environment, raise procurement costs and affect product availability, making price management harder.
- Private label strengthmixed
A rising share of private label sales supported the gross margin in fiscal 2025. If this trend continues, it could support margins, provided quality control remains effective.
Competitive position
Puuilo competes in the Finnish retail market with other discount chains and general retailers, and competitive pressure can lead to price, assortment or network adjustments. The company responds through marketing, pricing policy and rapid expansion of its store network.
The risk of new market entrants exists, particularly as discount formats develop. Continuous monitoring of competitors is a tool the company uses to react in time.
- Finnish discount retailers
Local discount chains targeting the same price-sensitive customers in Finland.
- Finnish general retailers
Broad-range retailers competing with Puuilo in household and grocery categories.
- DIY and building supply retailers
Specialist stores for building materials and tools that compete in the DIY categories.
- Online retail platforms
Online platforms competing on convenience of shopping and an extended assortment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202621 Apr 2026
- Annual report 202529 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2026-01-31 (ESEF) · SEC / Puuilo Plc · 31 Jan 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.