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).

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.

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

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.

Strong run not over, reiterate BUY

Q2 report due 30/1. Q2'23/24e net sales SEK 594m, EBIT SEK 138m. We reiterate BUY, TP SEK 75 (55).

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.

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.

Back to growth in the mature Nordics

14% Nordics growth led to 6% net sales beat. Adj. EBIT +12% vs. consensus. We raise '23/24e EBIT by 4%, reiterate BUY.

Back to growth in the Nordics

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.

RVRC is still good value

Q1 report due 7 November. Q1'23/24e net sales of SEK 320m, EBIT SEK 62m. We reiterate our BUY rating, TP SEK 52.

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.

Hiking toward Asia

More markets added, Jul-Aug growth better than Q4. 4% EBIT miss vs. cons. driven by opex inflation. We reiterate BUY, EBIT growth from Q1.

Q1 has started better