Boozt (Hold, TP: SEK120.00) - Weak Q3, unchanged guidance
We consider this a weak report for Boozt, including Q3 figures significantly below consensus, reflecting a weak gross margin, and unchanged 2024 guidance. We expect consensus 2024e adj. EBIT to come down c3–5% on the Q3 results and believe a negative share price reaction is warranted.Boozt AB is a Sweden-based company engaged in the provision of e-commerce solutions for the apparel industry. The Company offers customized e-commerce software and services that create e-commerce platforms, namely Boozt.com and its mono-brand stores, that are fully hosted and managed. Its software includes Propilot, a Web shop management administration system that enables changes to Web shop content; Podium, a front end module which ensures optimized user experience for users on mobile devices; Fastlane, a warehouse management system (WMS) that runs fulfillment processes in warehouses and integrates them with distribution partners; CS Eye, a customer overview service; and Brand Portal, a business intelligence (BI) service suite. Its services include the development of an initial strategy, building an online shop, fulfilling orders, handling returns, running ongoing campaigns and acquiring and retaining customers.
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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