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Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Johan Brown

Sportamore - Terminating coverage

ABG Sundal Collier ceases coverage of Sportamore BUY is our final recommendation SEK 70 is our final target price

Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Johan Brown

Sportamore - Weak Q4, bid at 27.5% premium

Total sales declined 1% to SEK 315m (ABGSCe 364m) Report released early in combination with Footway offer… …bid at 45.28 SEK, 27.5% premium, ~EV/S 0.4x on 2019

Ludvig Kapanen
  • Ludvig Kapanen

Talking Points - Sportamore (Buy): Profit warning due to slow sales st...

…on the back of lower than expected sales in Oct.-Nov. TP down to SEK 70 (80) on lower estimates – keep BUY

Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Ludvig Kapanen

Sportamore - Profit warning due to slow sales start in Q4

FY’19 EBIT no longer expected to increase y-o-y… …on the back of lower than expected sales in Oct.-Nov. TP down to SEK 70 (80) on lower estimates – keep BUY

Sportamore Ab: 1 director sold

A director at Sportamore Ab sold 7,154 shares at 66.000SEK and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...

Fredrik Ivarsson ... (+10)
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • Jannick Lindegaard Denholt
  • Karl Bokvist
  • Karl Fredrik Schjøtt-Pedersen
  • Ludvig Kapanen
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Peter Kurt Nielsen

Talking Points - ICA Group (Sell): Weakening momentum

Coloplast (Hold) Preview of results: GPO update and 2019/20 guidance in focus …but momentum set to weaken Downgrade to SELL (Hold)

Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Ludvig Kapanen

Sportamore - Trending in the right direction

Q3’19: Sales and EBIT above our expectations Increasing gross margin and AOV to lift earnings Attractive valuation, new TP of SEK 80 (70) – BUY

Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Ludvig Kapanen

Sportamore - Profitability initiatives bite

Q3’19: 17% sales growth (vs. ABG 16%)… …and EBIT of SEK 2.8m (vs. ABG -1.9m) Maintains ’19 guidance to increase profit y-o-y

Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Ludvig Kapanen

Sportamore - Profitability initiatives bite

Q3’19: 17% sales growth (vs. ABG 16%)… …and EBIT of SEK 2.8m (vs. ABG -1.9m) Maintains ’19 guidance to increase profit y-o-y

Bengt Jonassen ... (+3)
  • Bengt Jonassen
  • Jannick Lindegaard Denholt
  • Ludvig Kapanen

Talking Points - Demant (Buy): Quantifying the cyber-attack with a PW

…four weeks have gone by since the cyber-attack Estimate changes to reflect the PW, BUY maintained

Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Ludvig Kapanen

Sportamore - Increasing order value will help margins

Q3’19e: 16% sales growth and a small loss on EBIT FY’19 profit guidance at risk, longer-term targets in reach Small absolute EBIT revisions, BUY rating and TP intact

Andreas Lundberg ... (+2)
  • Andreas Lundberg
  • Ludvig Kapanen

Sportamore - Taking action to improve profitability

Q2: Good sales & GM, soft EBIT on high D&A/marketing New order value cap for free delivery to help profitability Cut estimates, new TP SEK 70 (95) – maintain BUY

Andreas Lundberg ... (+2)
  • Andreas Lundberg
  • Ludvig Kapanen

Sportamore - Positioned for improvements

Key ratios moving in right direction… …but tough situation for physical competitors Expected to gradually improve

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

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