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1. Company Snapshot

1.a. Company Description

Marimekko Oyj, a lifestyle design company, designs, manufactures, markets, wholesales, and retails clothing, bags and accessories, and interior decoration products worldwide.The company offers various clothes, such as dresses, tops and tunics, coats and jackets, skirts, trousers, knits, and nightwear and loungewear for women, as well as unisex and kids clothing products.It also provides leather, canvas, shoulder, and handbags, as well as backpacks, purses, and wallets.


In addition, the company offers printed fabrics; kitchen and dining products, home decor products, bedding products, and bath and towel products; and accessories, including shoes, hats, scarves, socks, and umbrellas.Further, it is involved in licensing activities.As of March 21, 2022, the company operated a network of approximately 150 Marimekko stores.


It also sells its products through online stores.Marimekko Oyj was founded in 1951 and is headquartered in Helsinki, Finland.

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1.b. Last Insights on MEKKO

Marimekko Oyj's recent performance is driven by its record sales and strategic growth initiatives. The company's Q4 2024 earnings release highlighted a 7% increase in net sales, driven by international expansion and digital advancements, despite navigating economic challenges. This growth is a testament to the company's ability to adapt to volatile market conditions. Additionally, Marimekko's strong dividend payout history and financial stability make it an attractive option for investors seeking steady income streams.

1.c. Company Highlights

2. Marimekko's Q3 Earnings: A Resilient Performance Amidst Global Uncertainties

Marimekko's Q3 results demonstrated a robust financial performance, with net sales growing by 8% to EUR 50.8 million, driven by increased wholesale sales in Finland and abroad. The company's comparable operating profit improved by 14% to EUR 12.7 million, representing 24.9% of net sales. Earnings per share (EPS) came in at EUR 0.2463, beating analyst estimates of EUR 0.1925. The strong EPS was supported by the company's ability to maintain healthy product margins and invest in digital development.

Publication Date: Nov -12

📋 Highlights
  • Net Sales Growth:: Q3 net sales increased by 8% to EUR 50.8 million, driven by 7% growth in Finland and 8% internationally.
  • Operating Profit Improvement:: Comparable operating profit rose 14% to EUR 12.7 million (24.9% of net sales), supported by strong product margins and digital investments.
  • Ready-to-Wear Expansion:: Ready-to-wear sales surged 17% in the first 9 months, highlighting category diversification success.
  • Asia Pacific Performance:: Wholesale sales in Asia Pacific grew 10%, though retail sales matched the prior year, reflecting cautious consumer behavior in China.
  • 2025 Guidance Reaffirmed:: Net sales expected to grow with a comparable operating profit margin target of 16-19%, despite rising fixed costs and macroeconomic uncertainties.

Revenue Growth Drivers

The revenue growth was driven by a 7% increase in net sales in Finland and an 8% rise in international sales. Wholesale sales in the Asia Pacific region grew by 10%, while retail sales remained flat year-on-year. The company's omnichannel store network, with 169 stores across 39 countries, continues to serve as a key driver of growth. As Tiina Alahuhta-Kasko noted, "We've continued our efforts to build our international brand and grow our customer community."

Profitability and Margin Analysis

The company's profitability was impacted by higher discounts and lower licensing income. However, strong product margins and investments in digital development supported the operating profit. The cumulative operating profit grew by 4% to EUR 23.1 million, representing 17.5% of net sales. The company's ability to maintain healthy margins is a testament to its effective cost management and pricing strategies.

Valuation and Growth Prospects

With a P/E Ratio of 21.31 and an ROE of 33.36%, the company's valuation appears to be reasonable, given its growth prospects. Analysts estimate next year's revenue growth at 6.6%, which is slightly lower than the current year's growth rate. The company's long-term growth prospects in Asia remain unchanged, with plans to open 10-15 new stores and shop-in-shops in the region. The current valuation metrics suggest that the market has priced in a moderate growth rate, with a P/S Ratio of 2.78 and an EV/EBITDA of 12.94.

Outlook and Guidance

Looking ahead to 2025, Marimekko expects significant uncertainties related to the global economy, including geopolitical tensions and trade relations. The company expects its net sales in Finland to be around the previous year's level, while international sales are expected to grow. The Asia Pacific region is expected to be around the previous year's level, with a potential slight increase. The company's guidance for 2025 suggests a continued focus on growth and profitability, with a comparable operating profit margin of 16% to 19%.

3. NewsRoom

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EXCLUSIVE: Eileen Fisher, Reformation and Everlane Join Aii to Foster Change from Ground Up

Dec -01

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Top European Dividend Stocks For November 2025

Nov -24

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Marimekko (HLSE:MEKKO) Margin Gain Reinforces Optimistic Narratives Despite Profit Growth Lag vs Finnish Market

Nov -02

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Marimekko Oyj (FRA:N97) Q3 2025 Earnings Call Highlights: Strong International Growth and ...

Oct -31

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INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January–30 September 2025: Marimekko’s net sales and operating profit increased in the third quarter

Oct -31

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Release of Marimekko's Interim Report, 1 January–30 September 2025

Oct -24

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European Dividend Stocks To Consider In October 2025

Oct -22

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Marimekko flagship store opens in Hong Kong

Sep -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.64%)

6. Segments

Home

Expected Growth: 5%

Marimekko Oyj's Home segment growth is driven by increasing demand for sustainable and eco-friendly home furnishings, expansion into new markets, and strategic partnerships with influencers and designers. Additionally, the company's focus on digitalization and e-commerce has improved customer experience, leading to higher sales and revenue growth.

Fashion

Expected Growth: 7%

Marimekko Oyj's 7% growth in Fashion is driven by increasing demand for sustainable and high-quality textiles, expansion into new markets, and strategic partnerships. The brand's strong online presence, innovative designs, and effective supply chain management also contribute to its growth. Additionally, the company's focus on digital marketing and social media engagement helps to attract a younger demographic, further fueling growth.

Bags and Accessories

Expected Growth: 5%

Marimekko Oyj's 5% growth in Bags and Accessories is driven by increasing demand for sustainable and eco-friendly products, expansion into new markets, and strategic partnerships. The brand's unique design aesthetic and high-quality materials also contribute to its appeal, while effective digital marketing and e-commerce strategies enhance customer engagement and conversion rates.

7. Detailed Products

Fabrics

Marimekko Oyj offers a wide range of high-quality fabrics, including cotton, linen, and wool, suitable for various textile applications.

Home Textiles

Marimekko Oyj provides a variety of home textiles, such as bedding, towels, and kitchen textiles, featuring unique designs and patterns.

Bags and Accessories

Marimekko Oyj designs and manufactures a range of bags, wallets, and other accessories, characterized by their bold prints and colors.

Tableware

Marimekko Oyj offers a selection of tableware, including plates, bowls, cups, and cutlery, featuring iconic designs and patterns.

Interior Decoration

Marimekko Oyj provides a range of interior decoration products, such as throw pillows, blankets, and wall hangings, featuring unique designs and patterns.

8. Marimekko Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

Marimekko Oyj's products are moderately substitutable, as customers have some alternatives, but they are not perfect substitutes.

Bargaining Power Of Customers

Marimekko Oyj's customers have limited bargaining power due to the company's strong brand and limited alternatives.

Bargaining Power Of Suppliers

Marimekko Oyj's suppliers have moderate bargaining power, as the company relies on a few key suppliers, but has some flexibility in its supply chain.

Threat Of New Entrants

The threat of new entrants is high in Marimekko Oyj's industry, as the barriers to entry are relatively low, and new companies can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry in Marimekko Oyj's industry is high, as there are many competitors, and the market is highly competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.36%
Debt Cost 5.04%
Equity Weight 66.64%
Equity Cost 10.10%
WACC 8.41%
Leverage 50.06%

11. Quality Control: Marimekko Oyj passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Van de Velde

A-Score: 6.8/10

Value: 5.9

Growth: 4.2

Quality: 7.4

Yield: 9.4

Momentum: 5.5

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Atal

A-Score: 6.5/10

Value: 6.0

Growth: 3.6

Quality: 5.6

Yield: 10.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
OVS

A-Score: 5.8/10

Value: 6.1

Growth: 5.4

Quality: 3.6

Yield: 5.0

Momentum: 8.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Marimekko

A-Score: 5.7/10

Value: 2.3

Growth: 5.6

Quality: 7.7

Yield: 9.4

Momentum: 4.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Coats

A-Score: 4.0/10

Value: 3.8

Growth: 2.9

Quality: 5.2

Yield: 4.4

Momentum: 2.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Calida

A-Score: 3.4/10

Value: 8.5

Growth: 1.4

Quality: 3.1

Yield: 3.1

Momentum: 0.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.68$

Current Price

12.68$

Potential

-0.00%

Expected Cash-Flows