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.
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.
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.
Mid- and large cap durables missed expectations. Minor revisions to '24e earnings as visibility remains low. Opportunities within E-com and price/value players.
Growth continues: +26% y-o-y with strong Nordics performance. We argue 3.5x ND/EBITDA is not necessarily an issue. We reiterate our BUY Rating, TP SEK 155 unch.
Mid- and large caps beat expectations and got paid for it. Small estimate revisions as visibility remains low. Valuations in the sector offer opportunities.
Seemingly no end in sight to growth runway, +18% in Q2. 50% EBIT miss vs Factset cons., soft FCF. Growth is the main takeaway nonetheless, we reiterate BUY.