Clas Ohlson (Buy, TP: SEK210.00) - Strong start to Christmas sales
We consider this a positive report for Clas Ohlson, including Q2 EBIT slightly below consensus but net profit in line, and very strong current trading, with 13% YOY organic growth in November. We expect consensus 2024/2025e adj. EBIT to come up 2–3% on the back of the report and believe a positive share price reaction is warranted.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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