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

Q1 preview: slight improvements

Bike recovery expected to offset weak RV performance. We estimate sales +8% (org) and adj. EBIT of SEK 421m. Downside risk to consensus ests. and punchy valuation: SELL.

04/08/24 April 8, 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
THULE-SE THULE GROUP

Sector least preferred

An optimistic outlook, including double-digit EPS growth, overshadowed by high consensus estimates and rich valuation. Look for a better entry point. SELL.

03/08/24 March 8, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
THULE-SE THULE GROUP

A soft Q4 but optimistic outlook

Organic growth of -6% 4pp below ABGSCe. We estimate bike-related grew +5%, remaining products -8%. Estimates down on neg. FX; reiterate SELL and TP of SEK 250.

02/12/24 February 12, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
02/09/24 February 9, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
THULE-SE THULE GROUP

Carrying too-high expectations

Eventful period of product launches ahead. Expectations look elevated to us while valuation is rich. At 18.3x EV/EBIT ('24e), we initiate with SELL and a TP of SEK 250.

12/18/23 December 18, 2023 1 EN
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