Finnish analysis firm Inderes has reiterated its "accumulate" recommendation for Kesko ahead of the company's financial report on February 5, raising its target price to €21.5 from €20.
The firm anticipates a slightly higher operating profit for the fourth quarter, estimating around €178 million, which corresponds to 5.5 percent of revenue. For 2026, profit growth is expected despite price investments in the grocery sector. Inderes forecasts a dividend of €0.85 per share.
Inderes sees an annual return potential of 10–15 percent, supported by profit growth and dividends.
Kesko Oyj is the leading wholesaler and retailer in Finland. Net sales break down by family of products as follows:
- grocery and convenience goods (53.4%; K-retailer; No. 2 in Finland): owned 1,128 supermarkets and stores under the names K-citymarket, K-supermarket, K-Market, Neste K., etc.;
- building, home improvement, DIY and gardening products (36.5%): building materials, interior design materials, gardening products, household appliances, furniture, etc. distributed via 491 outlets primarily under the Onninen, K-rauta, K-Bygg, Byggmakker, Byggarnas Partner and Carlsen Fritzøe brands;
- automotive (10.1%; K-Auto): cars (Volkswagen, Audi, Seat, CUPRA, Porsche, Bentley and MAN brands), spare parts and original accessories marketed through 47 outlets in Finland. The group also offers leisure and sports goods (owned 61 stores under the Intersport and Budget Sport names).
Net sales are distributed geographically as follows: Finland (80%), Nordic countries (15.8%), Baltic countries (1.1%) and other (3.1%).
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