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KH Group Oyj (KHG) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of KH Group Oyj stock €1.48, price €0.74, upside +100.0%, quality 57 out of 100. Rating: strongly undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials FI · ISIN FI0009008924

KG KH Group Oyj logo Thin data Nov 9, 2026

KH Group Oyj

KHG · HE
Meets all rules

The stock costs 50% less than our calculation considers fair.

Fair value €1.48 · Strongly undervalued
Low debt
Generates free cash flow
Even on cautious assumptions the value is 3% above the price (€0.7630).
Quality 57/100
Mixed Growth (revenue 3y +41.6 %/yr in EUR)
Mixed vs. peers (7/12)
Loss-making · -0.1% net margin (TTM)
Narrow moat 29/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€2.44 €0.3950 Fair Value €1.48 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range €0.3950 – €2.44 · fair‑value band €0.7630 – €2.64 · the €0.7400 price screens below the €1.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

KH Group Oyj, a conglomerate, engages in the supply and rental of construction and earth-moving equipment in Finland, Sweden, and internationally. The company operates through KH-Koneet and Nordic Rescue Group segments.

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It sells and rents a range of machinery, equipment, and services for needs related to earthworks, property maintenance, and material handling. The company also engages in the manufacture, sale, distribution, maintenance, and repair of rescue vehicles.

The company offers its services under Kobelco, Kramer, Wacker Neuson, Yanmar, Dynapac, Ljungby Maskin, and Pronar brands. The company was formerly known as Sievi Capital Oyj and changed its name to KH Group Oyj in May 2023. KH Group Oyj is based in Helsinki, Finland.

Stock analysis

KH Group Oyj (KHG) currently trades at €0.7400, while our model-based Fair Value estimate is €1.48, implying the stock looks roughly 50% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €9.76 per share, and 3 of the 4 models we run sit above the €0.7400 price.

Bear case: the Asset-Based group reads lowest at €0.3800, and 1 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: €0.7630 (bear) to €2.64 (bull), the price of €0.7400 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 57/100 (solid quality), in the Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

KH Group Oyj reported revenue of €205M in FY2025 versus €11.5M in FY2021, a compound +105.5%/yr. Reported net income was −€563K in FY2025.

Key figures

Market cap €43.0M Micro · P/S ratio 0.20 · EPS (TTM) €0.0400 · Net margin −0.1% · Return on equity 2.9% · Return on assets (EBIT) 2.4% (5-year average) · Operating margin 6.6% · Revenue (TTM) €216M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (low confidence).

What moves the price

The share trades about 26% below its 52-week high and 87% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −28% fair-value upside, at 100%, KHG screens cheaper than that median.

Fair Value models

Bear €0.7630 Fair Value €1.48 Bull €2.64
Price €0.7400 · Upside +100.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.0343 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Growth DCF €7.71 €14.95 €26.68 73
Rev-Margin DCF €3.12 €4.56 €7.67 69
Owner Earnings €6.62 €14.93 €31.91 68
All 4 models by family
DCF Models
Owner Earnings €6.62 €14.93 €31.91 68
Asset-Based
NCAV (Graham) €0.2800 €0.3800 €0.5700 54
Growth DCF
Growth DCF €7.71 €14.95 €26.68 73
Rev-Margin DCF €3.12 €4.56 €7.67 69

Open the full fair value analysis →

Quality Score breakdown

Overall quality 57/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 41
How much profit the company makes from its sales and capital
Quality Growth 55
Are margins and returns getting better?
Cashflow 70
Do the profits arrive as real cash?
Financial strength 34
Debt, balance sheet and risk of trouble
Investment 79
Does it invest with discipline instead of growing at any price?
Low Volatility 60
How calm the share price moves, does not count
Price momentum 91
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 79
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.6%
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2,993.3% (2020) → 2.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare KH Group Oyj with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Industrial Distribution · 107 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 57 · Below median
Fair Value upside +100.0% · Top 25%
Profitability
Return on equity (12 months) 2.9% · Bottom 25%
Return on assets −0.4% · Bottom 25%
Net margin (12 months) −0.1% · Bottom 25%
Operating margin (12 months) 6.6% · Above median
Growth and dividend
Revenue growth (quarter YoY) 14.9% · Above median
Balance sheet
Debt / equity 0.23× · Above median

Valuation Multiplesvs Industrial Distribution median · lower = cheaper

P/B 0.86× · Cheaper than median
P/S (12 months) 0.20× · Cheapest 25%
Price / free cash flow (fiscal year) 1.6× · Cheapest 25%
EV/EBITDA 1.8× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 45
FUTURE (revenue growth)75 · sector 40
PAST (return on equity)11 · sector 38
HEALTH (low debt)89 · sector 93
DIVIDEND (yield)0 · sector 38

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Industrial Distribution stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Indutrade AB INDT kr 267.20 kr 293.92 +10% vs KHG
Finning International Inc FTT C$88.62 C$74.26 −16% vs KHG
Watsco, Inc WSO $304.34 $250.18 −18% vs KHG
Fastenal Company FAST $52.99 $41.28 −22% vs KHG
Applied Industrial Technologies, Inc AIT $283.39 $205.08 −28% vs KHG
Toromont Industries Ltd TIH C$184.15 C$127.80 −31% vs KHG
WESCO International, Inc WCC $292.68 $151.74 −48% vs KHG
W.W. Grainger, Inc GWW $1,441 $634.60 −56% vs KHG
QXO, Inc QXO $11.56 $1.62 −86% vs KHG
Ferguson Enterprises Inc FERG $233.70 $32.42 −86% vs KHG

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KH Group Oyj: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "KH Group Oyj Fair Value". https://www.fairvalue-calculator.com/stock/KHG.HE

Frequently asked questions

Is KH Group Oyj (KHG) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €1.48 versus a price of €0.7400, about +100% upside (undervalued).
What is the fair value of KHG?
Our model-based fair value for KH Group Oyj is €1.48 (as of Nov 9, 2026), built from audited fundamentals. The current price: €0.7400.
What is the quality score of KHG?
KH Group Oyj has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for KH Group Oyj (KHG)?
Our model-based price target is the fair value of €1.48 (as of Nov 9, 2026) from 4 valuation models. Cautious scenario €0.7630, optimistic scenario €2.64. It is a calculation from audited fundamentals, not an analyst target.
What is the KH Group Oyj stock forecast for 2026?
Our models put fair value at €1.48, about +100% upside versus a price of €0.7400 (undervalued). Cautious scenario €0.7630, optimistic scenario €2.64. The calculation is refreshed regularly with new filings.
What is the revenue of KH Group Oyj (KHG)?
KH Group Oyj reported trailing-twelve-month revenue of about €216M (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of KH Group Oyj (KHG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KH Group Oyj it is €1.48 per share (as of Nov 9, 2026), against a price of €0.7400. It is the blended result of 4 valuation models in 3 families (DCF Models, Asset-Based, Growth DCF).
Is KH Group Oyj stock overvalued or undervalued in 2026?
As of Nov 9, 2026, KHG trades below its calculated fair value: price €0.7400, fair value €1.48, a gap of about +100% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KHG?
No. The price is what the market pays today (€0.7400); the fair value is what the company's own numbers justify (€1.48). For KH Group Oyj the two are €0.7400 per share apart. That gap is exactly why we show both numbers side by side.
How much is KH Group Oyj worth?
The market values KH Group Oyj at about €43.0M (market capitalisation, as of Nov 9, 2026). Per share that is €0.7400; our models calculate a fair value of €1.48 per share.
What do the bullish and bearish scenarios say about KHG?
Our models span a range for KH Group Oyj: cautious scenario €0.7630, base €1.48, optimistic €2.64 per share (as of Nov 9, 2026, price €0.7400). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of KH Group Oyj (KHG)?
Balance-sheet figures for KH Group Oyj (as of Nov 9, 2026): return on equity 2.9%, debt of 0.23 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is KHG from its 52-week high?
KH Group Oyj trades at €0.7400, about 26% below its 52-week high of €0.9940 and 87% above the low of €0.3950 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €1.48 is for.
Which stocks are comparable to KH Group Oyj?
From the same area (Industrials) we also value W.W. Grainger, Inc, Fastenal Company, Ferguson Enterprises Inc, WESCO International, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is KH Group Oyj stock attractive at the current price?
The data as of Nov 9, 2026: price €0.7400, calculated fair value €1.48 (+100%), Quality Score 57/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KHG calculated?
We run KH Group Oyj through 4 models from 3 families: DCF Models, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of €1.48 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. KH Group Oyj currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of KH Group Oyj (KHG)?
The closing price on Nov 6, 2026 was €0.7400. Our model-based fair value is €1.48, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KH Group Oyj right now?
The price is below even our cautious bear case (€0.7630). The market is more pessimistic than our downside scenario. The model range is unusually wide (€0.7630 to €2.64). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of KH Group Oyj

How large is the market capitalisation of KH Group Oyj (KHG)?
The market capitalisation of KH Group Oyj is €43.0M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of KH Group Oyj (KHG)?
The price-to-sales ratio of KH Group Oyj is 0.20 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of KH Group Oyj (KHG)?
Earnings per share at KH Group Oyj are €0.0400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of KH Group Oyj (KHG)?
The net margin of KH Group Oyj is −0.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of KH Group Oyj (KHG)?
The return on equity (ROE) of KH Group Oyj is 2.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of KH Group Oyj (KHG)?
On an EBIT basis the return on assets of KH Group Oyj is 2.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of KH Group Oyj (KHG)?
The operating margin of KH Group Oyj is 6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KH Group Oyj (KHG)?
Revenue at KH Group Oyj is growing +14.9% versus a year earlier (3y avg +41.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at KH Group Oyj (KHG)?
Earnings per share at KH Group Oyj are growing +23.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does KH Group Oyj (KHG) generate?
The free cash flow of KH Group Oyj is €26.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does KH Group Oyj (KHG) carry?
The net debt of KH Group Oyj is €17.7M (fiscal year 2025, ≈ 0.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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