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Raisio

0CIJ.L
55
Agricultural Inputs · Basic Materials
Price
2.49 GBp
-0.12 (-4.41%)
Market Cap
£391.8M
Exchange
London Stock Exchange
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 12, 2026 · filings through Mar 31, 2026

Raisio is a Finnish food company that makes plant-based food products sold mainly in grocery stores across Europe. Its most well-known product is Benecol, a line of foods and drinks containing a special ingredient called plant stanol ester, which is clinically shown to lower cholesterol. Raisio also produces grain-based foods, including snacks and cereals, under brands like Elovena in Finland.

The company earns money by selling packaged consumer food products through retail supermarkets and, to a lesser extent, licensing the Benecol ingredient technology to food manufacturers in other countries. Raisio operates primarily in Finland and other European markets and has a market cap of around $0.4 billion, making it a small company by global standards. Its main competitive advantage is the patented plant stanol ester technology behind Benecol, but that patent protection has been eroding over time, which is a key risk as cheaper generic competitors can enter the cholesterol-lowering food space.

Winston Score History

Share count broadly stable

0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 158.1M (2021) → 158.0M (2025)

Score breakdown

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Quality

Gross Margin
31.3%
Modest — 31.3% gross margin
Operating Margin
14.3%
Healthy — 14.3% operating margin
ROCE
3.1%
Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-2.3%
Shrinking sales (-2.3% YoY)
EPS YoY
+27.6%
Earnings growing fast (+27.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion
115%
Turns 115% of profit into real cash
FCF Margin
9.4%
Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.01
Conservative — low debt load (0.01)
Interest Cover
12.75x
Comfortably covers interest (12.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
0.2x
Attractive valuation — P/E 0.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
-14.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
6.04%
Healthy income — 6.04% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
+1.8%
Dividend flat

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