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.

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.

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

E-handelsindikatorn gives Q4'23 insights

We have evaluated the December '23 E-handelsindikatorn. We find some upside risk to Lyko's estimates and potential downside risk to RVRC & BHG's estimates.

Q4 cash flow could be a positive surprise

Q4 report due 8 February. Q4'23e net sales SEK 2,870m (18% growth), adj. EBIT SEK 215m. We reiterate BUY, TP SEK 145 (140).

E-commerce traffic - December 2023

We have evaluated Similarweb data for December. Traffic to e-com sites declined y-o-y in the last month of the year. Competition from international marketplaces intensifies.

E-commerce traffic - November 2023

We have evaluated Similarweb data for November. RVRC and Boozt the top performers again. We keep Rugvista as our sector top pick.

Another strong Black Week in the books

Boozt raises the low end of guidance following Black Week. Now targets '23e adj. EBIT of SEK 370m-390m (350m-390m). We reiterate BUY, TP SEK 140 (135).

Black Week 2023 - we expect strong growth

Swedish sector top picks post Q3 reports

Mid- and large cap durables missed expectations. Minor revisions to '24e earnings as visibility remains low. Opportunities within E-com and price/value players.

Margin expansion quicker than expected

Strong end of year leads to higher outlook

Updated E-handelsindikatorn gives Q3 insights

Positive data for RVRC Nordics, Rugvista Nordics, Boozt. Net downside risk to BHG estimates. We reiterate our top picks Rugvista, RVRC.

Nordic fashion market going strong

Q3 report due 7 November. Q3'23e net sales SEK 1,499m, adj. EBIT SEK 43m. We reiterate BUY, TP SEK 130 (140).

E-commerce traffic – August 2023

We have evaluated Similarweb traffic for August. Rugvista/RVRC were the top performers. Boozt only partly shows that July was a one-off.

Sector top picks post Q2 reports

Mid- and large caps beat expectations and got paid for it. Small estimate revisions as visibility remains low. Valuations in the sector offer opportunities.

Ready to buckle down in H2

4% adj. EBIT beat vs. consensus. '23e guidance tightened around midpoint, risk still on upside. We reiterate BUY, TP of SEK 140 (155).