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Rikard Magnus Braaten
  • Rikard Magnus Braaten

Desenio Holding AB - Bondholders need more for prices to rally

Operational margins helped by cost cutting Quarterly cash flow affected by accounting change More quarters like this before bond prices rally

Benjamin Wahlstedt ... (+2)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Desenio Holding AB - A step in the right direction

Sales SEK 212m, 5% vs. ABGSCe Adj. EBITA SEK 28m, 100% vs. ABGSCe 14m Clear benefits from effective cost-saving initiatives

Benjamin Wahlstedt ... (+2)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Desenio Holding AB - Efforts to improve have been effective

Q3 sales SEK 212m, 5% vs ABGSCe Adj. EBITA SEK 28m, 100% vs ABGSCe Delivers a significant turn-around

Benjamin Wahlstedt ... (+2)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Desenio Holding AB - All eyes on the US expansion

Q3 report due on 26 October We estimate Q3e sales of SEK 203m, EBITA SEK 14m Trading at 15-6x EV/EBITA ‘22e-‘24e, HOLD

Rikard Magnus Braaten
  • Rikard Magnus Braaten

Desenio Holding AB - Weak trend likely continued in Q3

Similarweb data show that the weak trend continued Margin development remains a big question mark Stay away, as transparency remains low

Benjamin Wahlstedt ... (+2)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Sector Fast Comment - Key takes day 1 of ABGSC Consumer Seminar

ABGSC hosted Consumer Seminar in Stockholm Day 1: Five e-commerce companies, one market actor Common themes: brand, conversion and data

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Johan Brown

Desenio Holding AB - Cash position and profitability a welcome relief

Q2 ended with June momentum Cash flow positive despite low topline TP unchanged at SEK 3, HOLD

Rikard Magnus Braaten
  • Rikard Magnus Braaten

Desenio Holding AB - Liquidity relief in Q2 to give bonds a breather

The market-led drop in demand continues Liquidity relief from the NWC position Bonds should take a breather on this report

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Johan Brown

Desenio Holding AB - Q2 report better than feared

Sales 8% vs ABGSC, 1% vs cons. Adj. EBITA 41% vs ABGSC, 33% vs cons. We expect small positive est. changes

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Johan Brown

Desenio Holding AB - Down to HOLD on balance sheet visibility

Profit warning & cost savings programme released today Apr-May sales of SEK 132m, EBIT -13m Zero business & balance sheet visibility: HOLD (Buy)

Rikard Magnus Braaten
  • Rikard Magnus Braaten

Desenio Holding AB - Liquidity runway of only a few quarters

April-May sales -36% y-o-y, with neg. EBIT Performance needs to materially improve Bond prices should re-price materially

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Johan Brown

Desenio Holding AB - Cost reductions after soft business in Q2

Net sales during Apr-May amounted to SEK 132m (205m) Operating result Apr-May amounted to -13m (21m) Cost savings of SEK 32m p.a. to be seen from Q4’22

Rikard Magnus Braaten
  • Rikard Magnus Braaten

Desenio Holding AB - Blank walls priced in at 2,000bps

Soft Q1 vs. our expectations, but the demand is present Net leverage ratio might have peaked for now Bonds in the low 70s at close to 2,000bps is attractive

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Johan Brown

Desenio Holding AB - Aiming for growth in June

No drama in Q1 Sales & EBITA beat our expectations by 8% and 7% We leave our estimates and TP unchanged

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Johan Brown

Desenio Holding AB - Top-line beat of 6% vs. cons

Sales 8% vs. ABG 6% vs. cons Adj. EBITA 7% vs. ABG 9% vs. cons. We expect ests +0-2% and share likely to follow

Fredrik Ivarsson ... (+3)
  • Fredrik Ivarsson
  • Johan Brown
  • Petter Nystrøm

Desenio Holding AB - Closing in on the trough

Q1 report due on 27 April We expect sales of SEK 267m and EBITA of SEK 34m TP down to SEK 29 (30)

Rikard Magnus Braaten
  • Rikard Magnus Braaten

Desenio Holding AB - A sensible credit story, with some issues

We are disappointed, but Q4 above market expectations Weakness not specific to Desenio – it’s the market Material estimates revisions driven by the new reality

Fredrik Ivarsson ... (+3)
  • Fredrik Ivarsson
  • Johan Brown
  • Petter Nystrøm

Desenio Holding AB - Increasing short-term visibility

Q4 report beat expectations by ~14% We leave our estimates relatively unchanged We maintain BUY with a TP of SEK 30

Fredrik Ivarsson ... (+3)
  • Fredrik Ivarsson
  • Johan Brown
  • Petter Nystrøm

Desenio Holding AB - Better than feared

Sales 5% vs. ABG, 2% vs. cons Adj. EBITA +15% vs. ABG, +14% vs. cons. We expect estimates +1-3% and share to show relief

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