Marimekko (MEKKO.HE) — 2026-W120

Analysis date: 2026-05-31 | Country: FI | Currency: EUR

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	13.5 EUR
24m Target	12.0 EUR
Price at Analysis	10.4 EUR
Buffett Score	15/20
ROIC	37.9%
Economic Profit	+20.1M EUR
Implied Upside (IV)	30.3%

Research history · this company (3 notes)

2026-W120 · 2026-05-31 · MEKKO.HEviewingBuy · ROIC 38% · tgt 12 EURΔ IV +12% · HOLD→Buy · MEDIUM→high convMarimekko: Starkt värdeskapande ROIC 37.87% >> WACC 8%

2026-06-15 · 2026-06-15 · MEKKO.HEHOLD · tgt 12 EUR 2026-06-10 · 2026-06-10 · MEKKO.HEHOLD · tgt 12 EURfirst note

0. Company Identification

Ticker: MEKKO.HE | Name: Marimekko | Country: FI | Sector: Industrial/Commercial

1. What the Company Sells

Marimekko operates in the Nordic market. ROIC 37.9% vs WACC 8% → EP +20.1M EUR.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 37.9% vs WACC 8.0% → Economic Profit +20.1M EUR.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 5/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — Marimekko: Strong value creation, ROIC 37.9% >> WACC 8%, attractive at current price.

mttssn research · Marimekko (MEKKO.HE) · 2026-W120 · 2026-05-31