Olvi Oyj (HEL:OLVAS) in Smallvalue Q3 2024

Resilient Finnish Beverage Company with Strong ROIC

Jul 04, 2025

Summary

Investment rationale: Attractive valuation multiples and strong financial health.
Market positioning: Leading beverage producer in Finland and the Baltic countries.
Risks and challenges: Impacted by the Russia-Ukraine conflict.
Recent performance: Stock declined over 40% at the outset of the war.
Future outlook: Strong return on invested capital exceeding 15%.

In the Smallvalue Q3 2024 fund letter, Olvi Oyj (HEL:OLVAS, Financial) was introduced as a new portfolio addition, emphasizing its robust financial health and attractive valuation. Founded in 1878, Olvi is a Finnish beverage company specializing in both alcoholic and non-alcoholic products, primarily serving Finland and the Baltic countries.

"Founded in 1878, this Finnish beverage company specializes in the production and distribution of both alcoholic and non-alcoholic beverages throughout Finland and the Baltic countries. Currently, Olvi is trading at attractive multiples, adversely affected by the ongoing challenges arising from the Russia-Ukraine conflict, which led to a stock decline of over 40% at the outset of the war. Nonetheless, Olvi boasts a strong return on invested capital (ROIC) exceeding 15% and maintains a solid net cash position, reflecting its robust financial health." — Smallvalue, Q3 2024 Fund Letter

Read full letter at gurufocus Smallvalue 2024 Q3 page.

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