E-commerce traffic - April 2025

Storytel (Hold, TP: SEK83.00) - Struggled to live up to expectations

Investors had grown accustomed to strong results after five consecutive quarterly ‘high quality’ beats. However, its Q1 results did not meet MF consensus, which dents the short-term momentum of the story, in our view. We believe Storytel could reverse the negative sentiment at its 15 May CMD, but remain on the sidelines to see if the high bar from consensus is revised. The valuation remains undemanding, in our opinion, as we forecast adj. EBIT growth of 25% YOY in 2025. We reiterate our HOLD, an...

Attractive entry point amid strong growth path

Q1: solid overall but a tad light

Sweden's preferred beauty retailer

Suppliers see the beauty

Sweden: the land of opportunity?

Starting to scale on group costs

E-commerce traffic - Q1 2025

Q1e: solid growth and expanding margins

Storytel (Hold, TP: SEK96.00) - A story on pause

We continue to see a neutral risk/reward ahead of Storytel’s Q1 results and strategy update in May, as expectations have crept up with recent share price gains. Its step-change in profitability and cash flows is mainly explained by gross-margin expansion, and limited low-hanging fruit remains, in our view. Thus, we see less upside potential for meaningful consensus revisions to propel the stock higher. Valuation is undemanding, as we forecast EPS growth of 32% YOY in 2025. We reiterate our HOLD ...

Dividend signals confidence, but strategic update matters more

Much ado about nothing, it seems

E-commerce traffic - February 2025

E-commerce Q4'24: just the beginning

Q4 could be the start of something new

Large profitability beat

Storytel (Hold, TP: SEK96.00) - A story on hold

The Q4 results were strong across the board, and a solid gross margin again largely explained the recent profit step change; however, we believe there are few low-hanging fruit left. While we forecast 33% YOY growth in EPS in 2025 and the valuation remains undemanding, we see little likelihood of meaningful consensus revisions providing a catalyst other than multiples expansion, implying a modest risk/return. Storytel plans to unveil new medium-term targets in Q2; we believe they could be conser...

Confidence grows after a strong Q4

Strong Q4 across the board with impressive profitability