# Tokmanni - House of Opportunities?
**URL:** https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105
**Category:** Osakkeet
**Tags:** tokmanni
**Created:** [October 3, 2019, 10:19pm UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105 "2019-10-03T22:19:10Z")
**Posts on this page:** 20
**Page:** 71
### Author:  [@Vanerihands](https://forum.inderes.com/u/Vanerihands)
#### Post date: [June 15, 2022, 10:37am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1589 "2022-06-15T10:37:31Z")
Tokmanni will open its first “Tiimari-like” (Finnish craft store chain) Miny stores this autumn in Espoo and Jyväskylä.
> **[Tokmanni yllättää lifestylebrändi Minyllään – Avaa shop-in-shop-osastoistaan...](https://news.cision.com/fi/tokmanni-group-oyj/r/tokmanni-yllattaa-lifestylebrandi-minyllaan--avaa-shop-in-shop-osastoistaan-tutulle-minylle-seuraava,c3584550)**
>
> Tokmanni Lehdistötiedote 15.6.2022 klo 13.20
> \[\]
>
> ”Kaikkea kivaa, mutta ei mitään
> – We are extremely excited about Miny’s expansion. Miny and its products have generated a lot of interest. It’s great that we can next bring our lifestyle brand to its own locations outside of our Tokmanni stores, starting in Espoo and Jyväskylä, says [**Timo Heimo**](https://ir.tokmanni.fi/fi/sijoittajat/hallinnointi/johtoryhma#timo-heimo), Tokmanni’s Director of Sales and Supply Chain.
In my opinion, this looks like mission creep, but I guess there’s room for these stores now that Tiimari went bankrupt.
---
### Author:  [@Glarin](https://forum.inderes.com/u/Glarin)
#### Post date: [June 15, 2022, 10:44am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1590 "2022-06-15T10:44:12Z")
Foreign competitors such as Tiger have taken their place
---
### Author:  [@Greenest](https://forum.inderes.com/u/Greenest)
#### Post date: [June 15, 2022, 11:41am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1592 "2022-06-15T11:41:59Z")
Tiimari underestimated young customers’ desire to buy small, fun items. Focusing on office supplies wasn’t a smart move.
---
### Author:  [@Gwertheney](https://forum.inderes.com/u/Gwertheney)
#### Post date: [June 15, 2022, 4:15pm UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1594 "2022-06-15T16:15:27Z")
I’ve often wondered if Tiger stores must be quite profitable because they are usually in quite expensive downtown locations. The prices of the products sold are low, for example, €1–10. I’m sure management has done their homework carefully when considering this, or perhaps they see it as a low-risk, high-potential-reward type of experiment.
And I guess this also indicates that the shop-in-shops opened in the stores earlier this year haven’t completely flopped.
---
### Author:  [@Vanerihands](https://forum.inderes.com/u/Vanerihands)
#### Post date: [June 15, 2022, 4:42pm UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1595 "2022-06-15T16:42:15Z")
> [@Gwertheney](#):
>
> And this surely also indicates that the shop-in-shops opened in stores at the beginning of the year haven’t completely flopped.
It would be strange if they had flopped, given that they are now expanding into their own stores. At least it facilitates Miny’s expansion, as space for Miny doesn’t always have to be cleared from small City-Tokmanni stores. For example, in Kivikukkaro, Turku, the food selection was reduced to make way for Miny. At least in smaller towns, there seems to be plenty of smaller rental spaces available that could be suitable for Miny’s use. Of course, I trust the company’s experienced management.
---
### Author:  [@Tyhjatasku](https://forum.inderes.com/u/Tyhjatasku)
#### Post date: [June 28, 2022, 4:54pm UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1596 "2022-06-28T16:54:56Z")
Miny was discussed here earlier. I personally see this expansion as an excellent move by Tokmanni. In its own way, it proves that the company is willing to try new things and follows demand. Apparently, these Shop-in-shops have served as a kind of test for market entry, and now they are moving to phase two, where the launch of their own stores is being tested. (Or maybe this wasn’t the intention at all, and the company was surprised by the strong demand and is responding to it, who knows)
The excellent thing about this is that Miny is Tokmanni’s own brand, the sales of which, as I understand it, should be well-margined. With good luck, Miny stores could be the next growth engine for Tokmanni.
If these launches are successful, I think it will be interesting to see how the Miny brand will be developed. Will it be part of Tokmanni, seeking, for example, cost advantages in marketing by promoting Miny with the same advertising campaigns, or will a completely different lifestyle brand be created that lives its own life? Judging by the press release, a separate website is being created for Miny; currently, [weareminy.com](http://weareminy.com) redirects to Tokmanni’s page, but perhaps this will change in the autumn?
For comparison, NORMAL and Flying Tiger of Copenhagen can be highlighted. These are Danish companies, not publicly listed to my knowledge, but proff.dk provides good information on the companies’ figures and annual reports.
> **[NORMAL A/S - CVR-nr 34883793 - Skanderborg - Se Regnskaber, Roller og mere](https://www.proff.dk/regnskab/normal-as/skanderborg/kosmetik-parfume-og-fris%C3%B8rartikler/0KROI9I0ZCC)**
>
> Se virksomhedsoplysninger for NORMAL A/S. Oversigt med kontaktoplysninger, regnskabstal, ledelse og bestyrelse.
[https://proff.dk/regnskab/flying-tiger-copenhagen/vejle/butikhandel/GM5RWHI10MC/](https://proff.dk/regnskab/flying-tiger-copenhagen/vejle/butikhandel/GM5RWHI10MC/)
NORMAL is significantly more profitable of the two. A quick glance suggests that Tiger has grown recklessly, and stores had to be closed quite significantly last year. Everyone can draw their own conclusions.
However, I am optimistic about this concept. In my opinion, alarm bells should start ringing if Tokmanni were to launch a premium lifestyle brand.
---
### Author:  [@Vanerihands](https://forum.inderes.com/u/Vanerihands)
#### Post date: [June 28, 2022, 5:21pm UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1597 "2022-06-28T17:21:29Z")
First, to Estonia:
[https://www.dn.ee/domains/view?id=316992](https://www.dn.ee/domains/view?id=316992)
So, a reserved domain.
In addition, Miny already has social media channels: [Instagram](https://www.instagram.com/weareminy/?hl=fi), [Facebook](https://www.facebook.com/weareminy/) and [TikTok](https://www.tiktok.com/@weareminy/).
I also believe that Miny will have its own website soon.
I’ll also highlight the following quote from the article I linked:
> – We are currently looking for suitable business locations for Miny’s own stores across Finland. At the same time, we plan to open shop-in-shop departments for Miny in **numerous** of our existing Tokmanni stores later this year. We will announce more details closer to the openings, Heimo says.
The Design from Finland mark has been granted to Tokmanni’s clothing collections.
[https://suomalainentyo.fi/2022/06/13/uudet-myonnetyt-design-from-finland-merkit-25/](https://suomalainentyo.fi/2022/06/13/uudet-myonnetyt-design-from-finland-merkit-25/)
Are we dangerously close to premium already?
---
### Author:  [@Tulokas](https://forum.inderes.com/u/Tulokas)
#### Post date: [July 14, 2022, 7:45am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1598 "2022-07-14T07:45:32Z")
What to expect from Tokmanni? Tokmanni has already lowered its guidance once. Puuilo lowered its guidance earlier. Today, Verkkis’s results and a second full-year guidance were released. On the other hand, Kesko reports a slight growth since June, or at least the global situation hasn’t hit them as badly.
Which group are we following here, and does Tokmanni have a chance to surprise? Have costs been incorporated into prices? What are your thoughts on the upcoming report?
---
### Author:  [@CoktailJet](https://forum.inderes.com/u/CoktailJet)
#### Post date: [July 14, 2022, 8:57am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1599 "2022-07-14T08:57:42Z")
I don’t know how similar the situation is for retail in Norway, but Europris just reported a good Q2.
> **[PÖRSSIT: Euroopan laskumarkkinoilla Ericsson rytisee ja Europris keulii](https://www.kauppalehti.fi/uutiset/a/85bf61b1-2584-4e5e-b713-c14d4acc4343)**
>
> Euroopassa keskeiset pörssit etenivät miinuksella torstaina aamupäivällä.
---
### Author:  [@Tulokas](https://forum.inderes.com/u/Tulokas)
#### Post date: [July 14, 2022, 9:06am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1600 "2022-07-14T09:06:56Z")
This news had gone unnoticed by me. I need to investigate further, but I also don’t know what the situation is in Norway. What have the expectations been or what has the company said, for example, after Q1. I need to investigate.
---
### Author:  [@James\_Bondi](https://forum.inderes.com/u/James_Bondi)
#### Post date: [July 14, 2022, 9:29am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1601 "2022-07-14T09:29:35Z")
If inflation persists, consumers will very likely switch to discount grocery store products. Europris’s sales may already be a harbinger of this.
---
### Author:  [@Olli\_Vilppo](https://forum.inderes.com/u/Olli_Vilppo)
#### Post date: [July 14, 2022, 9:46am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1602 "2022-07-14T09:46:53Z")
At least within Europris’s own sales, products with low average prices have grown strongly.
It’s good to note that Europris’s improved results are explained by the fact that some stores in Norway were closed during the comparison period. But all in all, a slightly positive signal for Tokmanni (Europris is its best comparable).
Note also that Europris’s valuation multiples were still clearly below Tokmanni’s the last time I updated, meaning the market had obviously pessimistic expectations, which is why the stock price is now on a good upward trend.
Here are the comparable multiples from the latest Tokmanni report (I was working on this on Ascension Day)
---
### Author:  [@Badwithmoney](https://forum.inderes.com/u/Badwithmoney)
#### Post date: [July 14, 2022, 10:00am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1603 "2022-07-14T10:00:31Z")
@Olli_Vilppo has Tokmanni communicated similarly before about how sales are distributed?
---
### Author:  [@Olli\_Vilppo](https://forum.inderes.com/u/Olli_Vilppo)
#### Post date: [July 14, 2022, 11:28am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1604 "2022-07-14T11:28:53Z")
Tokmanni has procurement cooperation with Europris, and the companies may have a similar distribution. Tokmanni at least reports the average price of a shopping basket, which is about €20 (the same as Puuilo), so certainly a large part of the sales comes from these cheaper categories.
If you also consider that an inflation of €2 in a €20 shopping basket does not necessarily affect the purchase decision as much as it would in a €500 purchase.
---
### Author:  [@NukkeNukuttaja](https://forum.inderes.com/u/NukkeNukuttaja)
#### Post date: [July 22, 2022, 6:28pm UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1605 "2022-07-22T18:28:13Z")
I spotted this news flash on Kauppalehti’s website:
19:12
Nasdaq adds Tokmanni to the OMX Helsinki 25 Index, removes Harvia.
Tokmanni has been on the verge of joining OMX25 for a long time, and now its turn has come. Likely starting on August 1st!?
Addition: @Onni_Maiha has diligently followed these index changes in this thread: [OMXH25-indeksi ja sen yritykset - #32 käyttäjältä Onni\_Maiha - Rahastot ja ETF:t - Inderes forum](https://keskustelut.inderes.fi/t/omxh25-indeksi-ja-sen-yritykset/1605/32)
---
### Author:  [@ChuckPeddle](https://forum.inderes.com/u/ChuckPeddle)
#### Post date: [July 22, 2022, 6:57pm UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1606 "2022-07-22T18:57:42Z")
Looks like it’s indeed from August 1st.
> **[Nasdaq julkaisee OMX Helsinki 25 -indeksin puolivuotistarkistuksen tulokset](https://view.news.eu.nasdaq.com/view?id=b81af1039b5fd8c8745935e42c2a2cde8&lang=fi)**
---
### Author:  [@Olli\_Vilppo](https://forum.inderes.com/u/Olli_Vilppo)
#### Post date: [July 26, 2022, 5:59am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1607 "2022-07-26T05:59:56Z")
Here are the expectations for Friday’s report
> **[Tokmanni Q2 perjantaina: Halpakaupan näytön paikka inflaatioympäristössä -...](https://www.inderes.fi/content/analyst-comments/tokmanni-q2-perjantaina-halpakaupan-nayton-paikka-inflaatioymparistossa)**
>
> Tokmanni julkistaa Q2-raporttinsa perjantaina klo 8.30. Ennustamme yhtiön vertailukelpoisen myynnin laskevan, kun kiihtynyt rekyyli tavarasta palveluihin, myöhäinen kevät ja kuluttajien luottamuksen ja ostovoiman notkahdus ovat vaikuttaneet...
---
### Author:  [@EskiMaisa](https://forum.inderes.com/u/EskiMaisa)
#### Post date: [July 29, 2022, 5:39am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1608 "2022-07-29T05:39:08Z")
Tokmanni’s lukewarm results.
Revenue: 306.7 million
Profit: 27 million
Slightly better than analysts’ forecasts.
- Margins are slightly down; they are holding onto low prices and believe customers will reward this
- Inventories are high, and they aim to reduce them by the end of the year
[Tokmanni Group Oyj:n puolivuosikatsaus tammi–kesäkuu 2022: Liikevaihto edellisvuoden tasolla, kustannusten nousu rasitti tulosta - Tokmanni Group Oyj](https://news.cision.com/fi/tokmanni-group-oyj/r/tokmanni-group-oyj-n-puolivuosikatsaus-tammi-kesakuu-2022--liikevaihto-edellisvuoden-tasolla--kustan,c3608273)
---
### Author:  [@Karhu\_Hylje](https://forum.inderes.com/u/Karhu_Hylje)
#### Post date: [July 29, 2022, 5:41am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1610 "2022-07-29T05:41:29Z")
Lukewarm? The guidance for the rest of the year is also 90-110 million comparable operating profit when Inderes forecasts 80 million. I think this is a surprisingly strong report.
---
### Author:  [@NukkeNukuttaja](https://forum.inderes.com/u/NukkeNukuttaja)
#### Post date: [July 29, 2022, 5:54am UTC](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105/1612 "2022-07-29T05:54:50Z")
I expected worse, although this year, too, will again rely on Christmas sales. The operating cash flow was at last year’s level, but for the whole year, it is still negative, thanks to the abysmal figures of the first quarter. Perhaps the inventory levels can truly be brought down by the end of the year, provided there are enough “Netto’s netto netto days” (Netto’s netto netto päiviä) 🙂. It depends, of course, on the price range of the goods lying in the warehouse!?
Well, I suppose it’s also positive that at the current share price, there might not be downward pressure, but I don’t expect a very joyful reception either, because a second profit warning during the year is by no means ruled out yet. We’ll see 🙂
Addition: @Olli_Vilppo might have to revise his target price, as Inderes’ expectations were set significantly lower than both the consensus and the actual result.
[Previous page](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105.md?page=70)
[Next page](https://forum.inderes.com/t/tokmanni-mahdollisuuksien-valintatalo/2105.md?page=72)