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ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

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.

BMAX BYGGMAX GROUP AB
04/23/24 April 23, 2024 1 EN
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BMAX Byggmax Group A...

Byggmax Group AB: 1 director

A director at Byggmax Group AB bought 50,000 shares at 33.485SEK and the significance rating of the trade was 65/100. 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...

BMAX BYGGMAX GROUP AB
07/20/23 July 20, 2023 1 EN
Benjamin Wahlstedt ... (+2)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

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

BMAX BYGGMAX GROUP AB
10/20/22 October 20, 2022 1 EN
Benjamin Wahlstedt ... (+2)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

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%

BMAX BYGGMAX GROUP AB
10/20/22 October 20, 2022 1 EN
Benjamin Wahlstedt ... (+3)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Philip Ekengren
PREMIUM
BMAX Byggmax Group A...

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

BMAX BYGGMAX GROUP AB
10/18/22 October 18, 2022 1 EN
Benjamin Wahlstedt ... (+2)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

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

BMAX BYGGMAX GROUP AB
07/18/22 July 18, 2022 1 EN
Benjamin Wahlstedt ... (+2)
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

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

BMAX BYGGMAX GROUP AB
07/15/22 July 15, 2022 1 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

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

BMAX BYGGMAX GROUP AB
04/21/22 April 21, 2022 1 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

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

BMAX BYGGMAX GROUP AB
04/21/22 April 21, 2022 1 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

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

BMAX BYGGMAX GROUP AB
03/28/22 March 28, 2022 1 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
BMAX Byggmax Group A...

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

BMAX BYGGMAX GROUP AB
02/28/22 February 28, 2022 1 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

BYGGmax - EBIT takes a hit, but margin at record level

Impressive gross margin on par with Q4’20’s record level Market slowdown ahead likely, but cost control could aid A welcome DPS hike to SEK 4 per share

BMAX BYGGMAX GROUP AB
01/26/22 January 26, 2022 1 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

BYGGmax - Q4 sales in line but higher costs

Sales +1% vs ABGSC, -1% vs Infront cons. EBIT -51% vs ABGSC, -50% vs Infront cons. Small quarter with no drama

BMAX BYGGMAX GROUP AB
01/26/22 January 26, 2022 1 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

BYGGmax - Set to end the year in style

Q4’21 report due on 26 January We expect sales of SEK 1.3bn and EBITA of SEK 29m Expectations looking fair, reiterate HOLD

BMAX BYGGMAX GROUP AB
12/23/21 December 23, 2021 1 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

BYGGmax - Strong beat despite market slowdown

Q3’21 EBIT grew 21% y-o-y Impressive gross margin, 170bps above ABGSCe Target price raised to SEK 80 (78), reiterate HOLD

BMAX BYGGMAX GROUP AB
10/19/21 October 19, 2021 10 EN
Anna Danfors ... (+2)
  • Anna Danfors
  • Fredrik Ivarsson
PREMIUM
BMAX Byggmax Group A...

BYGGmax - Another strong beat

Sales +1% vs ABGSC, 3% vs cons EBIT +16% vs cons We remain somewhat cautious beyond 2021e

BMAX BYGGMAX GROUP AB
10/19/21 October 19, 2021 4 EN
Anna Danfors ... (+3)
  • Anna Danfors
  • Fredrik Ivarsson
  • Johan Brown
PREMIUM
BMAX Byggmax Group A...

BYGGmax - A slowdown in momentum

Q3’21 report due on October 19 We expect sales of SEK 2.4bn and EBITA of SEK 356m Reiterate HOLD and target price of SEK 78

BMAX BYGGMAX GROUP AB
10/06/21 October 6, 2021 12 EN
Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Johan Brown
PREMIUM
BMAX Byggmax Group A...

BYGGmax - A strengthened outlook

Q2’21 grew 51% above Q2’19 in LFL terms Double-digit estimate revisions Target price raised to SEK 78; reiterate HOLD

BMAX BYGGMAX GROUP AB
07/19/21 July 19, 2021 11 EN
Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Johan Brown
PREMIUM
BMAX Byggmax Group A...

BYGGmax - Resetting from a higher base

DIY markets in a good place ’22 EPS estimate up by ~26% Valuation far from stretched but limited upside from here

BMAX BYGGMAX GROUP AB
04/21/21 April 21, 2021 14 EN
Fredrik Ivarsson ... (+2)
  • Fredrik Ivarsson
  • Johan Brown
PREMIUM
BMAX Byggmax Group A...

BYGGmax - Stay-at-HOLD

A solid +7% beat on EBIT Strong momentum into Q4’20e Reiterate HOLD and SEK 56 target

BMAX BYGGMAX GROUP AB
10/22/20 October 22, 2020 12 EN
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