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ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
SVED.B-SE SVEDBERGS

First glimpse of the Netherlands

Q1 report due 24 April. Q1e net sales SEK 554m, EBITA SEK 78m. Trading at 8x NTM EV/EBITA vs 10y avg. of 6x-11x.

04/11/24 April 11, 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
SVED.B-SE SVEDBERGS

Price hikes and lower input costs

450bp gross margin expansion y-o-y. We raise '24e-'25e EBITA by 1%. We raise our fair value range to SEK 36-52 (35-51).

03/01/24 March 1, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
02/29/24 February 29, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
SVED.B-SE SVEDBERGS

Footprint becoming wider still

Q4 report due 29 Feb. Q4'23e net sales of SEK 464m, EBITA of SEK 59m. We estimate the fair value at SEK 35-51 (SEK 34-50).

01/22/24 January 22, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
SVED.B-SE SVEDBERGS

ABGSC Investor Days feedback

We hosted Svedbergs CEO Per-Arne Andersson at our Investor Days Seminar on 23 November, seeing promising commentary around finalised Thebalux acquisition. We raise our fair value range to SEK 34-50 (32-47).

11/24/23 November 24, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
SVED.B-SE SVEDBERGS

Flat EBITA y-o-y despite headwinds

UK compensates for soft Swedish market. Announces potential next step in M&A strategy. We raise our fair value range to SEK 32-47 (31-46).

10/30/23 October 30, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
10/27/23 October 27, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
SVED.B-SE SVEDBERGS

Roper Rhodes is the highlight

UK continues to support the group. Rebalancing expectations leads to -3% '23e estimates. We lower our fair value to SEK 31-46 (33-48).

07/19/23 July 19, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
07/18/23 July 18, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
SVED.B-SE SVEDBERGS

We expect continued market outperformance

Q2 report due 18 Jul. Q2'23e sales of SEK 464m, EBITA of SEK 60m. Share trading at 6x-5x '23e-'25e EV/EBITA.

06/19/23 June 19, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
SVED.B-SE SVEDBERGS

Limited signs of predicted UK weakness

UK outperforms our forecast. EBITA up 4-6% for '23e-'25e. We raise our fair value range to SEK 33-48 (31-46).

04/24/23 April 24, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
04/21/23 April 21, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
SVED.B-SE SVEDBERGS

Beginning of the end of UK growth

Q1 report due 21 April. Q1'23e sales of SEK 462m, EBITA of SEK 61m. Share trading at 7x-6x '23e-'25e EV/EBITA.

03/30/23 March 30, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
SVED.B-SE SVEDBERGS

ABGSC Investor Days feedback

UK market looking strong. Continues to seek acquisition targets.

03/08/23 March 8, 2023 1 EN
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