Boozt (Hold, TP: SEK135.00) - Spring/summer sales out of fashion

Q1 earnings missed consensus by 13%, reflecting a weak start to spring/summer sales; however, Boozt reiterated its full-year revenue and EBIT margin guidance. That said, uncertainty is still high (reflected in the wide guidance range), with Nordic consumer confidence still subdued. We reiterate our HOLD but have cut our target price to SEK135 (140) on our lower estimates.

Ready for spring

Softer top line as campaign goods are scarce. We raise '25e-'26e adj. EBIT by 1-2%. Share trading at 15x '24e EV/EBIT, we reiterate BUY.

Boozt (Hold, TP: SEK140.00) - Soft start to 2024

We consider this a weak report for Boozt, including Q1 figures slightly below consensus and a very weak FCF. We expect consensus 2024e adj. EBIT to come down c1–3% on the weaker than expected figures and a negative share price reaction.

Strong data sales is the highlight

Boozt (Hold, TP: SEK140.00) - Set for soft start to spring sales

We are cautious ahead of the Q1 results (due at 07:00 CET on 26 April), expecting sales to be weighed down by a soft start to 2024 on a delayed spring due to unfavourable weather in the Nordics. We believe investor focus will be on current trading and the start of spring sales in Q2. We reiterate our HOLD, but have increased our target price to SEK140 (135) following the recent market revaluation of the shares.

Retail Sector Report - ReTales Q4 2023

Retail Sector Report - ReTales Q4 2023

Retail Sector Report - ReTales Q4 2023

Retail Sector Report - ReTales Q4 2023

Boozt AB: 1 director

A director at Boozt AB sold 25,000 shares at 87.982DKK and the significance rating of the trade was 52/100. 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 showin...

Boozt (Hold, TP: SEK135.00) - Bright star in a dark place

The Q4 results marked a strong finish to the year, with outperformance and market share gains. With a healthy inventory position entering 2024, Boozt is well positioned for continued market share gains where competitors are struggling. That said, uncertainty is still high (reflected in the wide guidance), with Nordic consumers still subdued near-term. We reiterate our HOLD, but have raised our target price to SEK135 (130) on higher estimates.

Boozt (Hold, TP: SEK130.00) - Solid Q4 and upbeat 2024 outlook

We consider this a positive report for Boozt, including better than expected Q4 figures, upbeat 2024 margin guidance, and FCF in line with expectations. At the mid-point of its 2024 guidance, we expect consensus 2024e adj. EBIT to come up c10% on the back of the report, and believe a positive share price reaction is warranted.

Boozt (Hold, TP: SEK130.00) - 2024 outlook and FCF in focus

We are neutral ahead of Boozt’s Q4 report (due at 07:00 CET on 8 February) as we expect adj. EBIT at the mid-point of its 2023 guidance following a strong performance in the first two months of Q4. We expect investor focus to be on its 2024 outlook and FCF. We reiterate our HOLD but have raised our target price to SEK130 (100) on higher estimates, the recent market revaluation of the stock, and as we have rolled over our valuation to 2024–2025e.

Boozt (Hold, TP: SEK100.00) - Record Black Week

Boozt just released a reverse profit warning, where it narrowed its 2023 revenue growth and adj. EBIT guidance towards the high ends following a record-strong sales performance during Black Week. We expect consensus 2023–2024e adj. EBIT to come up c3% on the back of the report and believe a positive share price reaction is warranted. Note that the stock is up 50% over the past month.

Boozt (Hold, TP: SEK100.00) - Unique in a tough market

The Q3 results were solid, and the 2023 guidance was raised following the strong start to Q4 and Q3 results. FCF remains weak and the timing of working capital had a negative effect; Boozt expects FCF to be neutral in 2023, as it has chosen to invest in inventory to capture growth opportunities in the next six months. We reiterate our HOLD, but have increased our target price to SEK100 (90) on raised estimates.

Boozt (Hold, TP: SEK90.00) - Strong Q3 and raised guidance

Boozt just released its Q3 report, with adj. EBIT significantly better than consensus and raised full year guidance, but still weak FCF, hit by negative working capital effects. We expect consensus 2023 adj. EBIT to come up 15–20% on the back of the report and believe a positive share price reaction is warranted.

Boozt (Hold, TP: SEK90.00) - All eyes on Q4

We are slightly above consensus on Q3e adj. EBIT (results due at 07:00 CET on 7 November) and believe focus will be on its full-year guidance, FCF, and Q4 outlook. We reiterate our HOLD, but have cut our target price to SEK90 (115) on our lower estimates and the recent market revaluation of the stock.

Boozt (Hold, TP: SEK115.00) - High season up next

Boozt had a good Q2 report, with strong gross margins and a narrowed 2023 guidance. Although FCF remained weak, the timing effects of working capital had a negative impact, and Boozt reiterated its target of positive FCF for 2023 and was cautiously optimistic about its spring/summer orders for 2024. We reiterate our HOLD, but have lowered our target price to SEK115 (120) on the recent market revaluation.

Boozt (Hold, TP: SEK120.00) - Q2 above and guidance narrowed

Boozt reported Q2 figures above consensus and narrowed its full-year guidance. That said, FCF was still negative and sales growth slowed towards the end of the quarter. We expect consensus 2023e adj. EBIT to come up c1–2% on the back of the report, but note that the stock was weak into the figures.

Northern Lights

Boozt (Hold, TP: SEK120.00) - 2023 guidance set to be in focus

We are 13% below consensus on Q2e adj. EBIT (results due at 07:00 CET on 18 August), and expect focus to be on the 2023 guidance as well as FCF and inventory. We reiterate our HOLD, but have lowered our target price to SEK120 (125) after trimming our estimates.

Boozt (Hold, TP: SEK125.00) - Cash-flow focus increases

Boozt reported mixed Q1 results, with adj. figures above expectations, but weak free cash flow, driven by inventory build-up and timing effects of payments, while the 2023 guidance was unchanged. We reiterate our HOLD and SEK125 target price.