E-commerce traffic - April 2024

We have evaluated Similarweb data for April. Aggregated traffic to e-com sites up 4% y-o-y. Rugvista traffic growth continues, don't fear RVRC's -19% y-o-y.

The future is suddenly 20/20

Expect stronger sales growth (20%), softer margins (20%) ahead. Laying the foundations for sustained growth. We reiterate BUY, target price SEK 75 (80).

Targets 20% EBIT margins to allow for growth

RVRC Holding - Waiting for a rainy day

Impacted by warmer July-August weather Continued strong momentum in DACH/RoW Share trading at 9-6x EV/EBIT ’22/23e-‘24/25e: BUY

RVRC Holding - Delayed autumn drives margin miss

Sales -5% vs ABGSCe, -1% vs cons. EBIT -18% vs ABGSCe, -17% vs cons. Ests down mid-single digits today, share could follow

RVRC Holding - Race turning into a hike

Q1’22/23 report due on 8 Nov September traffic looks exceptionally strong Reiterate BUY, EV/EBIT 7-4x ‘22/23e-’24/25e

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

Sector Report - Website traffic overview for Q3

RVRC Holding - Will the ‘23/’24 targets hold?

A small Q4 miss accentuated by the departure of CEO Company reiterates its SEK 2bn ‘23/’24 sales targets We find valuation attractive on cautious estimates

RVRC Holding - Keeps outgrowing soft market

Sales 1% vs ABGSCe, -3% vs cons. EBIT -3% vs ABGSCe, -8% vs cons. Ests down mid single digits today, share soft

RVRC Holding - Continues the race from the backseat

Pernilla Nyrensten steps down as CEO Share reaction is likely negative, all else equal Tomorrow’s topline could make it or break it

RVRC Holding - When the going gets tough…

Q4 report due on 16 August We expect sales of SEK 314m and EBIT of SEK 76m TP down to SEK 90 (110), reiterate BUY

RVRC Holding - Still on track

Q3 report beat expectations We leave ’22/23-‘23/24e relatively unchanged We remain BUYers with an unchanged TP of SEK 110

RVRC Holding - Growing 50% in a weak market

Sales 15% vs. ABG 12% vs. cons Adj. EBIT 24% vs. ABG, 20% vs. cons Estimates likely +5-7%, share +10-15%

RVRC Holding - Staying true to its DNA amid insecurities

Q3 report due on 10 May We lower our estimates by ~3-4% We lower our target price to SEK 110 (115)

RVRC Holding - Stay in the race

Q2 report beat expectations by 16% in underlying terms We raise our EBIT estimates by 11-3% in ‘21/22e-‘23/24e We raise our TP to SEK 115 (110) and keep BUY

RVRC Holding - Beating expectations yet again

Sales 10% vs. ABGSCe & 9% vs. cons Adj. EBIT 19% vs. cons. & ABG, underlying 16% better Cons. ests likely +5% and share up in line with estimates

RVRC Holding - The gift that keeps on giving

Q2 report due on 8 February We expect sales & EBIT of SEK 356m & 98m TP up to SEK 110 (97) – we remain BUYers

RVRC Holding - A knock-out punch

Q1 report was a beat on all lines We raise our estimates by ~4% TP up to SEK 97 (90) with est. changes, keep BUY

RVRC Holding - Strong beat on all lines

Sales 8% vs. ABG, 6% vs. cons. Adj. EBIT 21% vs. ABG, 15% vs. cons. Cons. ests. and share likely up ~5% today