Björn Borg initiation of coverage: Serving up profitable growth
Björn Borg has a strong track record of profitable growth, consistently generating value for its shareholders. We see solid growth opportunities in key markets for this strong Nordic brand. The valuation of P/E 15x and EV/EBIT 11x for 2025 looks moderate and a combination of dividends and earnings growth should give around 10-15% expected return.
Björn Borg
Björn Borg is active in the retail industry. The company is a manufacturer and retailer of clothing, shoes, bags, glasses, and other accessories, with a focus on the sports segment. The Group has its own operations at all stages from brand development to consumer sales and sales take place via concept stores, licensed retailers. as well as via E-commerce. The largest market is in the Nordic region. The head office is located in Stockholm.
Read more on company pageKey Estimate Figures07.08
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 891.8 | 954.7 | 1,035.2 |
growth-% | 3.57 % | 7.06 % | 8.43 % |
EBIT (adj.) | 100.6 | 110.6 | 127.0 |
EBIT-% (adj.) | 11.28 % | 11.58 % | 12.27 % |
EPS (adj.) | 3.02 | 3.16 | 3.78 |
Dividend | 3.00 | 3.00 | 3.40 |
Dividend % | 6.61 % | 5.34 % | 6.06 % |
P/E (adj.) | 15.03 | 17.79 | 14.86 |
EV/EBITDA | 8.67 | 10.02 | 8.93 |