Especially Finnish economy is starting to have negative enough sentiment. Construction companies are starting to drop like dead flies and that is likely to trigger domino effect among the smaller companies in the associated value chain. This will be yet another impact on average consumer already hit by inflation and higher interest rates. Kesko has already felt this hit in the share price but otherwise not so much. This is likely to change but on the other hand they are using this opportunity to expand their Nordic presence. Will the share price drop significantly during the next next 6-12 months? It very well might. I still decided to initiate position in company with a modest purchase of 30 shares bought for 17,99 EUR per share. I anticipate this to be relatively slow position building process. Company itself is solid – even high quality one – and management appears to be excellent. Then again next few years are likely very difficult for the Finnish economy. It remains to be seen how Kesko manages to navigate through these turmoils.
See: https://www.kesko.fi/en/media/blogs/investor-blogs-and-podcasts/2023/ir-blog-denmark/