In this equity research report, analyst Filippa Lostedt takes a closer look at Olvi Oyj, the market
leading beverage company in Finland, the Baltics, and Belarus, producing and distributing both
alcoholic and non-alcoholic offerings. With a strong regional presence and a strategic focus on the
growing non-alcoholic segment, Olvi is projected to achieve a revenue CAGR of 4.5% through 2026E.
Through an equally weighted DCF and peer valuation, a target price of EUR 47.5 is implied, indicating
a potential upside of 41.0%.
Investment highlights
● Operating in regions where the alcohol market is growing enables capitalisation on market
tailwinds
● Sanctioned cash in Belarus excluded from the current valuation presenting additional upside
potential
● Pivoting towards the more profitable non-alcoholic segment drives margin expansion