E-commerce traffic - October 2024

Quality just got cheaper

Boozt (Hold, TP: SEK115.00) - Q3 miss highlights Q4 uncertainty

Despite the weak Q3 results, management reiterated its full-year guidance, implying a strong finish to the year. However, given its YTD performance and Q4 facing very tough YOY comparables, we see a risk of Boozt missing the mid-point of its adj. EBIT guidance (we expect it to be at the bottom end). We reiterate our HOLD, but have cut our target price to SEK115 (120), mainly on our lower estimates.

Boozt (Hold, TP: SEK120.00) - Weak Q3, unchanged guidance

We consider this a weak report for Boozt, including Q3 figures significantly below consensus, reflecting a weak gross margin, and unchanged 2024 guidance. We expect consensus 2024e adj. EBIT to come down c3–5% on the Q3 results and believe a negative share price reaction is warranted.

Guides for a strong end of year

E-handelsindikatorn +28% y-o-y for September

Strong online fashion markets in Q3

E-commerce traffic - September 2024

Boozt (Hold, TP: SEK120.00) - Benign weather, tough comparables

We are neutral ahead of the Q3 results, expecting adj. EBIT in line with consensus. We forecast continued good sales growth despite tough comparables and a drag on the gross margin due to still-reduced campaign buys. We reiterate our HOLD and SEK120 target price.

E-handelsindikatorn +1% for August

E-commerce traffic - August 2024

Small Cap Miner – August 2024

Boozt (Hold, TP: SEK120.00) - Set for volatile H2

Boozt narrowed its 2024 guidance to better reflect the soft Nordic consumer sentiment and we believe H2 could prove volatile and backend-loaded. We note signs of headwinds (e.g. lower campaign buys) that could put pressure on margins but find the inflow of new customers and greater customer activity encouraging. We reiterate our HOLD, but have cut our target price to SEK120 (130), mainly due to lower estimates.

More fulfillment improvements in the works

Steady as she goes

Boozt (Hold, TP: SEK130.00) - Soft Q2

We consider this a soft report for Boozt, including Q2 adj. EBIT c5% below consensus and a narrowed full-year guidance. The soft results were mainly driven by a slightly higher gross margin versus consensus, offset by higher-than-expected opex, with the latter hit by temporarily higher fulfilment costs related to manual hours needed to build and test the new transfer cells at its fulfilment centre. Based on the mid-point of the new adj. EBIT guidance for 2024. We expect a slightly negative share...

Boozt (Hold, TP: SEK130.00) - Neutral Q2e, focus on H2e

We are neutral ahead of the Q2 results, expecting adj. EBIT only slightly below consensus. We forecast good sales in May to be offset by a weak June, along with fewer campaign buys weighing on the gross margin. We reiterate our HOLD, but have reduced our target price to SEK130 (135) on our lower estimates.

Navigating a volatile market

Q2 report due 16 August. Q2'24e net sales of SEK 1,893m, adj. EBIT of SEK 96m. 15x '24e EV/EBIT, below historical range, we reiterate BUY.

Boozt AB: 3 directors

Three Directors at Boozt AB sold after exercising options/sold 87,537 shares at between 88.300DKK and 90.036DKK. The significance rating of the trade was 68/100. 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 comp...

E-commerce traffic – May 2024

We have evaluated Similarweb data for May. Aggregated traffic to e-commerce sites up 1% y-o-y. We see signs that RVRC's 20/20 strategy is bearing fruit.