Byggmax Group AB: 1 director

A director at Byggmax Group AB bought 25,000 shares at 49.700SEK and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

Ends the year on a high note

7.5% LFL growth is better than forecast

Pent-up demand could be limited

Steep valuation, more gradual recovery, SELL

Opportunities for cost savings have diminished

Recovery pushed further out

Be cautious in extrapolating the gross margin

Soft top-line momentum in Q2, -7% LFL growth. Cost cuts match LFL declines, gross margins are strong. We reiterate SELL and raise our TP to SEK 32 (30)

The low cost base was trimmed further

Valuation running ahead of profit recovery

SELL built on high expectations

Despite cost cuts, EBITA is -19% y-o-y. Q2: positive LFL unlikely on tough opex comparable. We repeat SELL, more soft signals to come.

BYGGmax - ’23 likely to test the foundations

Operational improvements more effective than expected We raise our ‘23e-‘24e EBITA by 10-11% HOLD on cons. estimate risk and rich valuation

BYGGmax - Margin beat, sales in line for Q3

Sales 3% vs ABGSCe, 0% vs Infront cons. EBITA 28% vs ABGSCe, 10% vs Infront cons. We expect FY’22 EBITA ests up 5-7%

BYGGmax - Hardware turns soft: downgrade to HOLD

DIY market looks soft into ‘23e We lower EBITA by 34-12% for ‘23e-‘24e Trading at 11-10x EV/EBITA ‘22e-‘24e

BYGGmax - Value once again: upgrade to BUY (Hold)

Discounter position continues to be beneficial We cut ’23e-’24e EBITA (pre IFRS 16) by 4-7% Once again value at EV/EBITA of 9x (’23e), BUY

BYGGmax - EBIT 10% below consensus

Sales +1% vs ABGSCe, -3 % vs Infront cons. EBIT -1% vs ABGSCe, -10% vs Infront cons. Expecting cons. estimates to come down high single digit

BYGGmax - A discounter to count on

Holding up better than expected Discounter position should aid in uncertain market Reiterate HOLD, raising TP to SEK 85 (78) per share

BYGGmax - Holding up better than expected

Sales +17% vs ABGSC, +11% vs Infront cons. EBIT +73% vs ABGSC, +68% vs Infront cons. Beating expectations across the board

BYGGmax - Seasonally softer, but setup looks resilient

Q1 report due on April 21 We expect sales of SEK ~1.1bn and EBITA of -56m Reiterate HOLD and TP of SEK 78 per share

BYGGmax - Strengthening its Danish position

Acquires Danish e-commerce company BygMax A/S Limited additions to our ‘22e estimates… … but strengthening its e-commerce and Danish position