In this equity research report, analysts Gabriel Widsén and William Beer examine Apetit Oyj, one of the market leaders in the Finnish frozen food industry. Supported by a strong domestic position, favorable market trends and a clear expansion opportunity in Sweden, Apetit’s revenue is projected to grow at a CAGR of 4.4% through 2030E. Based on an equally weighted DCF and peer valuation, using a target multiple of 10.1x 2027E EBIT, a target price of 18.3 EUR is implied, translating to an upside of 31.8%.
Investment Thesis
● Market trends increasingly favour Apetit’s plant-based value proposition
● The Food Solutions segment’s strong and consistent margins drive overall group performance
● Strategic expansion in the Swedish market strengthens Food Solutions growth strategy