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ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

We look for 11% EBITA growth in Q1

Q1 report due 7 May. Q1'24e net sales SEK 206m, EBITA SEK 30m. We reiterate our fair value range of SEK 23-31.

EMBELL-SE EMBELLENCE GROUP
04/17/24 April 17, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BHG-SE BHG GROUP
BOOZT-SE BOOZT ... (+19)

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.

BHG-SE BHG GROUP
BOOZT-SE BOOZT
LYKO.A-SE LYKO
RVRC-SE RVRC HOLDING
RUG-SE RUGVISTA GROUP
BMAX-SE BYGGMAX
EMBELL-SE EMBELLENCE GROUP
SVED.B-SE SVEDBERGS
ELUX.B-SE ELECTROLUX
HM.B-SE HENNES & MAURITZ
KESKOB-FI KESKO
AXFO-SE AXFOOD
HUSQ.B-SE HUSQVARNA
DOM-SE DOMETIC
MSON.B-SE MIDSONA
HUMBLE-SE HUMBLE GROUP
PNDORA-DK PANDORA
VIVA-SE VIVA WINE GROUP
THULE-SE THULE GROUP
03/08/24 March 8, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

Key product launches to lift 2024

Artscape and Borosan temporary margin dampeners. We forecast 10% EBITA growth in '24e. Accumulated FCF yield 40% '24e-'26e.

EMBELL-SE EMBELLENCE GROUP
02/22/24 February 22, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE EMBELLENCE GROUP
02/21/24 February 21, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

Accelerating on easy comp

Q4 report due 21 February. Q4'23e net sales SEK 195m, EBITA SEK 25m. We raise our fair value range to SEK 22-30 (SEK 21-29).

EMBELL-SE EMBELLENCE GROUP
01/10/24 January 10, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE EMBELLENCE GROUP
11/23/23 November 23, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

Show of strength for the legacy brand

Back to growth across geographies. Strong momentum for Boråstapeter brand. We raise the fair value range to SEK 22-30 (21-29).

EMBELL-SE EMBELLENCE GROUP
10/25/23 October 25, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE EMBELLENCE GROUP
10/25/23 October 25, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

Rain could be a blessing in disguise

Q3 report due 25 Oct. Q3'23e net sales SEK 167m, EBITA SEK 22m. Share trading at 6x Factset cons. '23e EBITA.

EMBELL-SE EMBELLENCE GROUP
09/27/23 September 27, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

Market softness finally sets in

Q2 saw a sequential deceleration in Nordics and RoW. Nordics declined by 19% and RoW by 11%, which despite a smaller 1% decline in Europe led to an 11% lower top-line for the group y-o-y for net sales of SEK 170m.

EMBELL-SE EMBELLENCE GROUP
07/19/23 July 19, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE EMBELLENCE GROUP
07/19/23 July 19, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

Lower volumes lead to COGS deleverage

Q2 report due 19 July. Q2'23e sales of SEK 195m, adj. EBITA of SEK 21m. Share trading at 7x-5x '23e-'25e EV/EBITA.

EMBELL-SE EMBELLENCE GROUP
06/19/23 June 19, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

Careful decoration across markets

Sales +12% vs ABGSCe, adj. EBITA +4% vs ABGSCe. Soft near-term margin outlook, adj. EBITA down 6-1% '23e-'25e. Share trading at '23e-'25e EV/EBITA of 7-5x.

EMBELL-SE EMBELLENCE GROUP
04/28/23 April 28, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE EMBELLENCE GROUP
04/27/23 April 27, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
EMBELL-SE Embellence Grou...

DTC could counteract soft demand

Q1'23 report on 27 April. Q1e net sales of SEK 176m, adj. EBITA of SEK 26m. Share trading at 6x-4x '23e-'25e EV/EBITA.

EMBELL-SE EMBELLENCE GROUP
03/30/23 March 30, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
EMBELL-SE Embellence Grou...

ABGSC Investor Days feedback

Premium and luxury see sustained demand. The CEO made optimistic remarks around the DTC effort, and shared a number of new DTC metrics.

EMBELL-SE EMBELLENCE GROUP
03/08/23 March 8, 2023 1 EN
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