Gross margin pressure persists

Q1 report due 8 May 2024. Q1'24e net sales SEK 197m, EBIT SEK 27m. We reiterate BUY on 10x '24e EV/EBIT.

Supportive market data, easier comps

Q3'23/24 report due 7 May. We forecast SEK 489m net sales, SEK 113m adj. EBIT. We reiterate our BUY recommendation, TP SEK 80 (77).

No financing news is good news

Q1 report due 25 April. Q1'24e net sales SEK 2,382m, adj. EBITA SEK 21m. We reiterate BUY, B/S looks rather de-risked. TP to SEK 22 (21).

Doubling the margin could be possible

Q1 report due 25 April 2024. Q1'24e net sales of SEK 1,746m, adj. EBIT of SEK 36m. 2028 targets add another leg to the BUY case.

The Lyko buzz continues

Q1'24e report due 25 April 2024. Q1'24e net sales SEK 804m, EBIT SEK 18m. We reiterate BUY despite earnings uncertainty - TP SEK 160 (150).

E-commerce traffic - Q1'24

We have evaluated Similarweb data for March. Aggregated traffic to e-com sites up 2% y-o-y. We reiterate Rugvista and RVRC as our top picks.

E-commerce traffic - February 2024

We have evaluated Similarweb data for February. Aggregated traffic to e-com sites +6% y-o-y. Rugvista's operational success visible in traffic.

Swedish sector top picks post Q4 reports

Soft org. growth but strong margin expansion among mid/large caps. E-commerce penetration back to growth. We highlight Axfood, H&M, Rugvista and RVRC as top picks.

Sector top pick

~20% EBIT CAGR to drive the share. Organic growth uptick, back to double digits. Temporarily tougher Nordics looking better and better.

Sector top pick

Becoming excellent at e-commerce. Q4 was interpreted wrongly by the market. In a soft market, there is room for Rugvista to grow. BUY.

Waiting for the profitability switch

The growth story continues, Q4 net sales +24% y-o-y. Automation capex proceeding according to plan. We reiterate BUY at 0.7x EV/S.

Keeps hitting the gas

Q4: More than meets the eye

Rugvista kept up its strong growth momentum from Q3 into Q4 with its 9% organic growth, and net sales of SEK 233m was 5% better than FactSet consensus expectations.

Strong end to a strong year

Strong end of year for Boozt. '24e set to grow further with expanding margin. We reiterate BUY, raise TP to SEK 150 (145).

Margin to expand further in 2024

Cheaper rugs lead to deleverage

Growth momentum ramping up again

Broad based growth-driven beat, Nordics +8% y-o-y. Profitability and cash flow on a good trend. We raise '23/24e EBIT by 3%, reiterate BUY.

Nordics growth continues

Some light at the end of the tunnel

Soft end to the year for sales, better gross margin. Cost base vastly reduced, '24e EBITA margin +3pp y-o-y. We reiterate BUY, TP of SEK 21 (17).

Inventory situation to normalise in '24e