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ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Earnings set to pour from now: reiterate BUY

Gaining further share in the Nordics. Margins set to improve from here. Reiterate BUY, TP raised to SEK 45 (40).

ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Further FX pain

We forecast Q1'24e org. growth +6%. Margin pressure due to adverse FX. Price adjustments to support '24e earnings: BUY.

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

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.

ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Slower gross margin recovery but solid outlook

Further market share gains. Softer gross margin outlook in FY'24e. Reiterate BUY, TP cut to SEK 42 (45).

ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

A taste of earnings recovery ahead

We forecast Q4'23e org. growth +5%. Margin pressure due to adverse FX. Price adjustments to support '24e earnings : BUY.

ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Solid prospects for margin expansion ahead

Further market share gains. Improved margin outlook in FY'24e. Reiterate BUY, TP left unchanged at SEK 43.

ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
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