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ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Aftermarket hiccough to reverse in Q2

Margin expansion despite top-line pressure. H2'24e is looking bright. Reiterate BUY, TP SEK 96 (100).

04/21/24 April 21, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
04/19/24 April 19, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Q1 preview: soft growth but improved margin

Q1 preview: soft growth but improved margin. Room for margin expansion in the short- and mid-term. Reiterate BUY, TP raised to SEK 100 (94).

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 Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Continued margin expansion ahead

Margin expansion despite top-line pressure. Balance sheet continues to strengthen. Reiterate BUY, TP SEK 94 (97).

02/01/24 February 1, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
01/31/24 January 31, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Signs of improvement ahead

A closer look at underlying market dynamics. We expect stronger earnings and lower leverage in Q4. More de-leveraging warrants a re-rating, BUY.

12/12/23 December 12, 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 Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Transformation starting to show

Strong cash flow and stable leverage. Investment case intact, deleveraging ahead. TP kept at SEK 83, reiterate BUY.

10/26/23 October 26, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
10/26/23 October 26, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Soft Marine market doesn’t sink the BUY case

We take a deep dive into the softening Marine market. '23e-'25e adj. EPS trimmed by 8%-4%. Decreasing leverage ratio supportive of our BUY case.

09/25/23 September 25, 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 Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Deleverage ahead, reiterate BUY

Strong cash flow and stable leverage. Investment case intact, deleverage ahead. TP raised to SEK 87 (79), reiterate BUY.

07/19/23 July 19, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
07/18/23 July 18, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

A closer look at market dynamics

US RV remains weak but marine demand holding up. Q2'23e (due 18 July) expected to be soft. We do not fear a share issue and reiterate BUY.

07/03/23 July 3, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
04/26/23 April 26, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
DOM-SE DOMETIC

Fewer happy campers in America

A softer US outlook. We expect momentum to turn in H2'23e. We reiterate BUY, TP cut to SEK 79 (81).

04/19/23 April 19, 2023 1 EN
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