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ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath

Mips AB: 1 director

A director at Mips AB sold 4,500 shares at 540.000SEK and the significance rating of the trade was 58/100. 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 showing...

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath

Q3-Q4e will be even stronger

Bike inventory normalisation behind beat , and will drive H2e more. '24e EBIT up 10%, 3-5% in '25-'26e as we are already above cons . We stick to BUY, TP SEK 650 (550).

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath

Back to growth in Q2e

We expect 15% organic growth in Q2e after 7 declining quarters. Growth beyond Q2e should be even stronger through several drivers. We remain clearly above cons. on both Q2e and 2025-26e: BUY.

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath

Time to beat expectations, up to BUY

Growth returns in Q2e and we expect strong acceleration in H2'24e. Dominant position with impressive financials; we are above consensus. We upgrade to BUY (Hold), TP to SEK 550 (350) for 25% upside.

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath

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).

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Daniel Thorsson
  • Simon Granath
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

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

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