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Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Nikola Kalanoski

Humble Group - Set for an exciting Q4

‘23e-‘24e EBITA estimates up 5% Working capital build-up sets high Q4 expectations Share trading at EV/EBITA ‘23e-‘24e 9-7x

Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Nikola Kalanoski

Humble Group - Q3 beats expectations

Sales of SEK 1,354m, +12% vs ABGSCe EBITA of SEK 108m, +18% vs ABGSCe We expect cons. to make positive estimate revisions

Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Nikola Kalanoski

Humble Group - Logistics starting to help out

Q3’22 report due Wednesday, 23 November Transportation costs coming down Share trading at EV/EBITDA ’23e-‘24e of 7.9-6.2x

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Nikola Kalanoski

Humble Group - Positioned in the sweet spot

Keeps steady acquisition pace Well positioned for a tougher market Currently trading at 10-8x EV/EBITA ’23e-‘24e

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Nikola Kalanoski

Humble Group - Proforma organic growth of 23%

Adj. EBITA slightly below expectations Continued strong organic growth of 44% Solid outlook with continuous growth and potential deals

Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Walking the talk: a busy start to 2022

An eventful start to 2022 Q2’22 report due on 24 August Valuation down to around 14x-12x EV/EBITA (’22e-‘23e)

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - A sweet start to the year

Q1 report in line with preliminary figures… …with a strong performance across the board Value range intact at SEK 24-43 per share

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Performing strong in seasonally soft quarter

Q1 report in line with prel. numbers Continued strong org. growth of 25% Margin growth y-o-y reassuring in seasonally soft quarter

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Firing up for further growth and M&A

Q1 report due on Wednesday 25 May… …but the preliminary Q1 numbers are already out We expect sales of SEK 897m and adj. EBITDA of 90m

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Pre-announcing Q1 numbers

Expecting sales of SEK 875-925m (vs ABGSCe 871m) … … and adj. EBITDA of SEK 85-95m (vs ABGSCe 102m) Intend to carry out a directed share issue of SEK 500m

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Some icing on the cake

Executing on both M&A and organic growth ‘22e-‘23e estimates up on higher growth expectations Value range lifted to SEK 22-39 (21-37) per share

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Beating expectations and strong org. growth

Sales +11% vs ABGSCe EBITA +51% vs ABGSCe Strong organic growth of 42% in Q4 and 28% for FY’21

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - A sweet ending to an intense year

Q4 report due on 25 February We expect sales of SEK 778m and adj. EBITA of 80m Adj. EV/EBITA of 20.7x-15.9x in ‘22e-‘23e

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Santa bringing the 23rd acquisition of the year

Acquires Slovenian manufacturer Bio Pak Adding 2.7% on sales and 3.6% on EBITDA in ‘22e Pays 4.3x EV/EBITDA

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Entering Norwegian territory

Expanding the sports nutrition vertical Adding 2% to sales and 2.8% to EBITDA in ’22e Pays 3.4x EV/EBITDA

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - Off to a strong start

Acquires True-Gum Adding 3.5% to sales and 6% to EBITA in ’22 (ABGSCe) Continues executing on ambitious M&A strategy

Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown

Humble Group - In the sweet spot

An FMCG giant in the making ’21e-‘23e adj. EBITA PF CAGR of 20% Fair valuation range of SEK 27-44 per share

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

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