The market was disappointed with Tokmanni’s results. My expectations were apparently so low that I was positively surprised by a couple of things. Gross margin % improved in Q4. Cash flow was very strong.
The dividend level is a bit of a disappointment. Likewise, Dollarstore’s difficulties.
However, the valuation level is starting to be low. 2026E P/E around 10, EV/EBITDA 6 and P/FCF only 3.
I sold everything last year, starting to consider buying back.