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ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
PNDORA-DK PANDORA

"Be Love" to weigh on Q1 EBIT

Q1 report due 2 May 2024. Q1'24e revenue DKK 6,427m, EBIT DKK 1,330m. We reiterate our HOLD rating on steep 18x '24e P/E.

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 Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
PNDORA-DK PANDORA

Becoming more Timeless

Solid Q4, good start to Q1, guidance below consensus. We lower EBIT by 3-1% for '24e-'25e. We reiterate HOLD, TP of DKK 1050.

02/08/24 February 8, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
02/07/24 February 7, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
PNDORA-DK PANDORA

Valuation less charming, down to HOLD (Buy)

Accelerating growth in Q4 resulted in a beat to the FY'23 guidance. We raise '24e EPS by 5% and TP to DKK 1,050 (950). Limited upside to cons. and multiples, down to HOLD (Buy).

01/12/24 January 12, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
01/07/24 January 7, 2024 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
PNDORA-DK PANDORA

Pandora is (once again) a compounder

Brand-driven organic growth beat in Q3. EPS up 2-3% for '23e-'25e. 15% EPS CAGR to drive the share, TP DKK 950 (900).

11/08/23 November 8, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
11/08/23 November 8, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
PNDORA-DK PANDORA

Accelerating the growth journey

CMD gave visibility into the growth story. The '24-'26 targets look credible to us. We reiterate BUY, TP raised to DKK 900 (800).

10/10/23 October 10, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
10/05/23 October 5, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
10/04/23 October 4, 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
PNDORA-DK PANDORA

Earnings growth set to take off

Solid Q2, good start to Q3 and raised guidance. Est. changes following transfer of coverage. We reiterate BUY, TP raised to DKK 800 (720).

08/16/23 August 16, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
08/15/23 August 15, 2023 1 EN
ABGSC Consumer Goods Research ... (+2)
  • ABGSC Consumer Goods Research
  • Benjamin Silverstone
PREMIUM
PNDORA-DK PANDORA

FY'23 guidance upgrade expected

Q2 expected to be solid, with few strategic updates given a CMD in Oct. BUY recommendation and target price intact.

08/11/23 August 11, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Silverstone
  • Fredrik Ivarsson
05/01/23 May 1, 2023 1 EN
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