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ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
13h / 6m 13h / 6m 1 EN
ABGSC Retail Research ... (+2)
  • ABGSC Retail Research
  • Fredrik Ivarsson
PREMIUM
KESKOB-FI KESKO

Q1 preview: weakness in BTT and Car trade

Pre-reported comp. sales of -5%. We forecast adj. EBIT of EUR 106m (-16% y-o-y). Balancing a soft year with a distressed valuation: HOLD.

04/17/24 April 17, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
PNDORA-DK PANDORA

"Be Love" to weigh on Q1 EBIT

Q1 report due 2 May 2024. Q1'24e revenue DKK 6,427m, EBIT DKK 1,330m. We reiterate our HOLD rating on steep 18x '24e P/E.

04/17/24 April 17, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
RUG-SE RUGVISTA GROUP

Gross margin pressure persists

Q1 report due 8 May 2024. Q1'24e net sales SEK 197m, EBIT SEK 27m. We reiterate BUY on 10x '24e EV/EBIT.

04/17/24 April 17, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
AXFO-SE AXFOOD

We expect a solid Q1 print

Strong market growth in Q1'24e. Q1'24e preview: adj. EBIT of SEK 820m (+9% y-o-y). Strong outlook, and valuation does not stand out: BUY.

04/16/24 April 16, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
ELUX.B-SE ELECTROLUX

Lack of bright signals

Unchanged market conditions from Q4. We forecast adj. EBIT of SEK -0.8bn. Reiterate HOLD, TP raised to SEK 98 (95).

04/16/24 April 16, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
04/16/24 April 16, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
04/15/24 April 15, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
RVRC-SE RVRC HOLDING

Supportive market data, easier comps

Q3'23/24 report due 7 May. We forecast SEK 489m net sales, SEK 113m adj. EBIT. We reiterate our BUY recommendation, TP SEK 80 (77).

04/15/24 April 15, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BHG-SE BHG GROUP

No financing news is good news

Q1 report due 25 April. Q1'24e net sales SEK 2,382m, adj. EBITA SEK 21m. We reiterate BUY, B/S looks rather de-risked. TP to SEK 22 (21).

04/15/24 April 15, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BOOZT-SE BOOZT

Doubling the margin could be possible

Q1 report due 25 April 2024. Q1'24e net sales of SEK 1,746m, adj. EBIT of SEK 36m. 2028 targets add another leg to the BUY case.

04/12/24 April 12, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

Tough comps and a cautious market

We analyse the market outlook, and it looks soft. Tough comps for consumer robotics in Q1'24e. We reiterate HOLD at ~12.5x adj. EV/EBIT('24e).

04/11/24 April 11, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Q1 preview: soft growth but improved margin

Q1 preview: soft growth but improved margin. Room for margin expansion in the short- and mid-term. Reiterate BUY, TP raised to SEK 100 (94).

04/11/24 April 11, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
LYKO.A-SE LYKO

The Lyko buzz continues

Q1'24e report due 25 April 2024. Q1'24e net sales SEK 804m, EBIT SEK 18m. We reiterate BUY despite earnings uncertainty - TP SEK 160 (150).

04/11/24 April 11, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BMAX-SE BYGGMAX

Downside risk to cons, steep multiple: SELL

Byggmax report due 23 April. We forecast net sales of SEK 877m, EBITA of SEK -156m. We reiterate our SELL rating, we are 16% below cons '24e EBITA.

04/10/24 April 10, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BHG-SE BHG GROUP
BOOZT-SE BOOZT ... (+5)

E-commerce traffic - Q1'24

We have evaluated Similarweb data for March. Aggregated traffic to e-com sites up 2% y-o-y. We reiterate Rugvista and RVRC as our top picks.

BHG-SE BHG GROUP
BOOZT-SE BOOZT
LYKO.A-SE LYKO
RVRC-SE RVRC HOLDING
RUG-SE RUGVISTA GROUP
04/09/24 April 9, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
THULE-SE THULE GROUP

Q1 preview: slight improvements

Bike recovery expected to offset weak RV performance. We estimate sales +8% (org) and adj. EBIT of SEK 421m. Downside risk to consensus ests. and punchy valuation: SELL.

04/08/24 April 8, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HM.B-SE Hennes & Maurit...

A stylish start to the year

Earnings beat on the back of strong GM. Improved sales momentum ahead. Positive earnings trend, reiterate BUY.

HM.B-SE HENNES & MAURITZ
03/27/24 March 27, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
HM.B-SE HENNES & MAURITZ
03/27/24 March 27, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
03/15/24 March 15, 2024 1 EN
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