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ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
4h / 22m 4h / 22m 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
08/28/24 August 28, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
08/28/24 August 28, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
08/21/24 August 21, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
VIVA-SE VIVA WINE GROUP

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).

05/16/24 May 16, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
05/16/24 May 16, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
VIVA-SE VIVA WINE GROUP

Further FX pain

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

04/23/24 April 23, 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
PREMIUM
VIVA-SE VIVA WINE GROUP

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).

02/22/24 February 22, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
02/22/24 February 22, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
VIVA-SE VIVA WINE GROUP

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.

02/15/24 February 15, 2024 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
VIVA-SE VIVA WINE GROUP

Solid prospects for margin expansion ahead

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

11/23/23 November 23, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
11/22/23 November 22, 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
PREMIUM
VIVA-SE VIVA WINE GROUP

Q3 preview: Solid volumes but FX weigh

Q3'23e org. sales growth of +6%. FX weigh on margins once again. At 8x EV/EBITA ('24e), we reiterate BUY.

10/30/23 October 30, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
VIVA-SE VIVA WINE GROUP

Gaining share in a "pour" market

Impressive market share gains. FX continue to weigh but price hikes could offset in '24e. Good value: reiterate BUY and TP of SEK 45.

08/29/23 August 29, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
08/29/23 August 29, 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
PREMIUM
VIVA-SE VIVA WINE GROUP

Market share gains but FX weighs

Q2'23e org. sales growth of +4%. Margins expected to contract due to FX. We see good value and reiterate BUY.

08/09/23 August 9, 2023 1 EN
ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
VIVA-SE VIVA WINE GROUP

Ageing better as FX headwinds ease

Market share gains and strong cost control. FX weighs, but we expect a recovery in H2'23e. Good value: reiterate BUY and raise our TP to SEK 51 (50).

05/19/23 May 19, 2023 1 EN
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