reports
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Retail Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Simen Aas
Boozt (Hold, TP: SEK115.00) - Q3 miss highlights Q4 uncertainty
Despite the weak Q3 results, management reiterated its full-year guidance, implying a strong finish to the year. However, given its YTD performance and Q4 facing very tough YOY comparables, we see a risk of Boozt missing the mid-point of its adj. EBIT guidance (we expect it to be at the bottom end). We reiterate our HOLD, but have cut our target price to SEK115 (120), mainly on our lower estimates.
- Simen Aas
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.
- ABGSC Retail Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Retail Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Simen Aas
Boozt (Hold, TP: SEK120.00) - Benign weather, tough comparables
We are neutral ahead of the Q3 results, expecting adj. EBIT in line with consensus. We forecast continued good sales growth despite tough comparables and a drag on the gross margin due to still-reduced campaign buys. We reiterate our HOLD and SEK120 target price.
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Small Cap Research
- Karl Bokvist
- Nikola Kalanoski
- Simon Jönsson
CTT CTT SYSTEMS AB
PREV B PREVAS B
CATE CATENA AB
GENI GENERIC SWEDEN AB PUBL
DUST DUSTIN GROUP AB
EKTA B ELEKTA AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
BONEX BONESUPPORT HOLDING AB
MIPS MIPS AB
BOOZT BOOZT AB
A2DRL9 SDIPTECH AB B
2020 2020 BULKERS LTD
FRACTL FRACTAL GAMING GROUP AB
RUG RUGVISTA GROUP AB
PACT PROACT IT GROUP
SFAB SOLID FORSAKRINGSAKTIEBOLAG
NOLA B NOLATO AB
HEM HEMNET GROUP AB (PUBL)
SLP B SWEDISH LOGISTIC PROPERTY AB
ITECH I-TECH AB
VESTUM VESTUM AB
ACAST-SE ACAST
SECT.B-SE SECTRA
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- Simen Aas
Boozt (Hold, TP: SEK120.00) - Set for volatile H2
Boozt narrowed its 2024 guidance to better reflect the soft Nordic consumer sentiment and we believe H2 could prove volatile and backend-loaded. We note signs of headwinds (e.g. lower campaign buys) that could put pressure on margins but find the inflow of new customers and greater customer activity encouraging. We reiterate our HOLD, but have cut our target price to SEK120 (130), mainly due to lower estimates.
- ABGSC Retail Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Retail Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Simen Aas
Boozt (Hold, TP: SEK130.00) - Soft Q2
We consider this a soft report for Boozt, including Q2 adj. EBIT c5% below consensus and a narrowed full-year guidance. The soft results were mainly driven by a slightly higher gross margin versus consensus, offset by higher-than-expected opex, with the latter hit by temporarily higher fulfilment costs related to manual hours needed to build and test the new transfer cells at its fulfilment centre. Based on the mid-point of the new adj. EBIT guidance for 2024. We expect a slightly negative share...
- Simen Aas
Boozt (Hold, TP: SEK130.00) - Neutral Q2e, focus on H2e
We are neutral ahead of the Q2 results, expecting adj. EBIT only slightly below consensus. We forecast good sales in May to be offset by a weak June, along with fewer campaign buys weighing on the gross margin. We reiterate our HOLD, but have reduced our target price to SEK130 (135) on our lower estimates.
- ABGSC Retail Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
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