Clas Ohlson (Buy, TP: SEK210.00) - Well stocked for high season
We see strong sales growth supporting operating leverage in Q2 2024/25, partly offset by still-negative currency and dilutive M&A effects on the gross margin. We expect investor focus to be on current trading and the important Christmas season outlook. We reiterate our BUY and have raised our target price to SEK210 (190) as we continue to like the earnings momentum (2024–2027e EPS CAGR of c28%).Clas Ohlssen is a retailing company with sales in Sweden, Norway, Finland and the UK. At the end of the financial year, there were 157 stores in addition to the mail order/Internet service. Co. offers a range of products in the areas of electrical and electronics, mobile phones, computer accessories, hifi/stereo, tools, household, home and storage. Co. has 15,000 different products in its range. The range is divided into five different product areas: Hardware, Home, Multimedia, Electrical and Leisure. Co.'s product range is adapted and focused on meeting the needs of customers in their everyday lives.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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