E-commerce traffic - October 2024

Few signs of a market recovery

September was not enough to save Q1

E-handelsindikatorn +28% y-o-y for September

Already outgrowing the market by 20pp

E-commerce traffic - September 2024

E-handelsindikatorn +1% for August

E-commerce traffic - August 2024

Note monthly differences in comps

Highlighting the cash yield story

Growth case with mid-single-digit yields

Q4 report due 13 August. We forecast SEK 418m net sales, SEK 75m adj. EBIT. We reiterate BUY and our SEK 75 TP.

E-commerce traffic – May 2024

We have evaluated Similarweb data for May. Aggregated traffic to e-commerce sites up 1% y-o-y. We see signs that RVRC's 20/20 strategy is bearing fruit.

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