Tokmanni Group

In this fundamental analysis report, analysts Emelie Jönsson and Emil Liljeborg take a closer look at
Tokmanni Group Oyj, a Nordic discount retailer operating stores in Finland, Sweden and Denmark.
Weak profitability in 2025 and a cancelled dividend have driven the stock to a historical low valuation
of 6.4x adjusted EV/EBIT for 2027. However, future financials are supported by a margin-accretive
shift in product assortment and significant joint purchasing synergies with the newly integrated
Dollarstore. With temporary integration costs fading, an equally weighted DCF and peer valuation
imply a justified upside potential of 57.5% from current levels.

Investment Thesis
● SPAR International partnership drives store performance
● Scale synergies from joint procurement support gross margin expansion
● Finalized integration supports a strong recovery in profitability and market re-rating