We expect growth in Q2 but visibility is still low

Q1 likely marked the negative organic growth trough. But visibility remains low and valuation still elevated. EBIT +1-5% mainly on FX, we stick to HOLD, TP SEK 350 (330).

Q1 miss but comps now get easier

Mips AB: 1 director

A director at Mips AB bought 1,100 shares at 333.400SEK and the significance rating of the trade was 69/100. 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 clearly showi...

MIPS - Hitting a wall in the bike retail market

We expect Q4e to be as weak as Q3 (-50% org. growth) 2023e EBIT down 20%, leaving the stock at 23x EV/EBIT Growth in non-bike categories in H1’23e to offset; BUY

MIPS - Q3 weaker than expected

-50% org growth (ABGe -45%) caused -40% EBIT miss Good OCF, guides for weak Q4 and beginning of 2023 Cons -15% 2022e, -5-10% 2023e, stock down ~5% today

MIPS - Revisiting estimates post-profit warning

Short-term reductions in inventory levels hurt… …but do not lead us to question the long-term case Low financial risk and strong value proposition: BUY

MIPS - An anticipated proft warning

Follows Thule and confirms weak bike retail channels -20% on 2023e sales would reduce EBIT by 27% Share -11% y-day discounted this a bit, down less today

MIPS - Tough comps ahead, but we stick to BUY

Small Q2 beat, we lower Q3e slightly to neg org growth… …while USD offsets partly, leaving EBIT -2% in ’22e-‘24e High-quality asset at 20x 2023e EV/EBIT; BUY

MIPS - Small beat in Q2, growth to come down in H2e

Sales +3% and EBIT +5% vs cons in Q2 Short-term potential weakness in bike, strong elsewhere Ok cash flow, estimates and share neutral today

MIPS - Targets released ahead of tomorrow’s CMD

Sales SEK >2bn ‘27 (>1bn ‘25), EBIT margin 50% (40%) 50% TAM expansion to 195m (130m) surprises positively Share should perform well on the solid growth plan

MIPS - Thoughts ahead of CMD 9 June

We expect a new 2025 sales target of SEK ~1.4bn (>1bn) EBIT margin target potentially raised to >50% (>40%) An upgrade of the current TAM is the potential upside surprise

MIPS - Demand continues to outshine tough comps

Low inventory and strong demand to continue in Q2e Adj. EBIT up 5-6% for 2022-24e CMD and take-off in Safety sales next triggers: BUY

MIPS - Strong Q1 report

48% organic growth puts EBIT +16% vs cons Strong start in Snow, highlights uvex signing in Safety Estimates and share up ~5% today

MIPS - Partnership with uvex in safety

Uvex, a major player in safety, teams up with MIPS Two models launching in Q2 and Q3 this year Clearly supportive for the growth case

MIPS - A solid Q1e coming up

Q1e: 35% organic growth, EBIT up 24% y-o-y Bike and Snow main drivers in Q1e, Safety from H2e CMD in June another trigger, we reiterate BUY

MIPS - Lazer KinetiCore launched last week

Another competing rotational solution to MIPS Lazer, Bontrager & POC now with MIPS & own solutions We see little financial impact, but can create worry

MIPS - Positive outlook for 2022

Q4 EBIT miss explained by weak moto and higher opex Low extrapolation, 2022-23e EBIT down -4-5% Valuation-driven share reaction, momentum intact: BUY

MIPS - Strong growth and high demand but EBIT miss

35% organic in Q4 (cons 41%) caused -12% EBIT miss No new targets today, but will come on CMD in June Estimates down slightly on higher opex, share -5% today

MIPS - A rare opportunity, up to BUY (Hold)

40% organic growth and 49% adj. EBIT growth in Q4e Safety launch ahead of plan, possible new targets at Q4 Share down -25% YTD, we upgrade to BUY (Hold)

MIPS AB suffers a double requalification, which weighs heavily on its ...

The independent financial analyst theScreener just downgraded the general evaluation of MIPS AB (SE), active in the Recreational Products industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of the analysis date...