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ABGSC Retail Research ... (+2)
  • ABGSC Retail Research
  • Fredrik Ivarsson
PREMIUM
KESKOB-FI KESKO

Q1 preview: weakness in BTT and Car trade

Pre-reported comp. sales of -5%. We forecast adj. EBIT of EUR 106m (-16% y-o-y). Balancing a soft year with a distressed valuation: HOLD.

04/17/24 April 17, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
04/15/24 April 15, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
03/14/24 March 14, 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
02/14/24 February 14, 2024 1 EN
ABGSC Retail Research ... (+2)
  • ABGSC Retail Research
  • Fredrik Ivarsson
PREMIUM
KESKOB-FI KESKO

Not yet out of the woods

Q4'23 EBIT 2% ahead of ABGSC but Grocery and BTT impress. '24 EBIT guidance in line with our expectation. Minor est. revisions, reiterate HOLD and TP up to EUR 20 (17.5).

01/30/24 January 30, 2024 1 EN
ABGSC Retail Research ... (+2)
  • ABGSC Retail Research
  • Fredrik Ivarsson
01/30/24 January 30, 2024 1 EN
ABGSC Retail Research ... (+2)
  • ABGSC Retail Research
  • Fredrik Ivarsson
PREMIUM
KESKOB-FI KESKO

Q4 preview: decent margin but soft outlook

Pre-reported comp. sales of -3.6%. We forecast adj. EBIT of EUR 168m (-13% y-o-y). Soft outlook but valuation supportive: HOLD.

01/18/24 January 18, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
01/15/24 January 15, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
12/15/23 December 15, 2023 1 EN
ABGSC Consumer Goods Research ... (+4)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Nikola Kalanoski
PREMIUM
RBREW-DK ROYAL UNIBREW
BHG-SE BHG GROUP ... (+16)

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.

RBREW-DK ROYAL UNIBREW
BHG-SE BHG GROUP
BOOZT-SE BOOZT
DSNO-SE DESENIO HOLDING AB
LYKO.A-SE LYKO
RVRC-SE RVRC HOLDING
RUG-SE RUGVISTA GROUP
BMAX-SE BYGGMAX
HM.B-SE HENNES & MAURITZ
KESKOB-FI KESKO
AXFO-SE AXFOOD
HUSQ.B-SE HUSQVARNA
DOM-SE DOMETIC
CARL.B-DK CARLSBERG
PNDORA-DK PANDORA
VIVA-SE VIVA WINE GROUP
11/15/23 November 15, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
11/14/23 November 14, 2023 1 EN
ABGSC Retail Research ... (+2)
  • ABGSC Retail Research
  • Fredrik Ivarsson
10/26/23 October 26, 2023 1 EN
ABGSC Retail Research ... (+2)
  • ABGSC Retail Research
  • Fredrik Ivarsson
10/26/23 October 26, 2023 1 EN
ABGSC Retail Research ... (+2)
  • ABGSC Retail Research
  • Fredrik Ivarsson
PREMIUM
KESKOB-FI KESKO

Q3 preview: soft earnings and lower guidance

Pre-reported comp. sales of -2.6%. We forecast adj. EBIT of EUR 204m (-16% y-o-y). Soft outlook and downside to consensus estimates: HOLD.

10/17/23 October 17, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
10/13/23 October 13, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
09/14/23 September 14, 2023 1 EN
ABGSC Consumer Goods Research ... (+4)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Nikola Kalanoski
PREMIUM
RBREW-DK ROYAL UNIBREW
BHG-SE BHG GROUP ... (+16)

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.

RBREW-DK ROYAL UNIBREW
BHG-SE BHG GROUP
BOOZT-SE BOOZT
DSNO-SE DESENIO HOLDING AB
LYKO.A-SE LYKO
RVRC-SE RVRC HOLDING
RUG-SE RUGVISTA GROUP
BMAX-SE BYGGMAX
HM.B-SE HENNES & MAURITZ
KESKOB-FI KESKO
AXFO-SE AXFOOD
HUSQ.B-SE HUSQVARNA
DOM-SE DOMETIC
CARL.B-DK CARLSBERG
PNDORA-DK PANDORA
VIVA-SE VIVA WINE GROUP
08/28/23 August 28, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
08/23/23 August 23, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
08/14/23 August 14, 2023 1 EN
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