Verkkokauppa.com: CMD message was well delivered: Best-built for winning future retail - SEB

The CMD was titled "Best-built for winning future retail". In our view Verkkokauppa.com has built an economic moat from fast deliveries. Today, one-third of all online deliveries choose a form of fast delivery (1h or next day). This is something that competitors are now copying but for which Verkkokauppa.com enjoys first-mover advantage. Financial targets are broadly unchanged. If successful EV/EBIT could drop from today's 8x (2026E) to 3.7x in 2028. Yield now up to 13%.

Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/142173