Björn Borg Q3'24: Maintaining a good pace despite challenging conditions
The operating environment continues to be challenging due to low consumer purchasing power and confidence. In addition, Björn Borg has, during the past year, struggled with internal challenges in integrating the footwear distribution from the previous partner that went bankrupt early this year. Despite these factors, we believe that Björn Borg delivered a stable third quarter, although it was somewhat below our expectations in terms of sales. The valuation of P/E 17x and EV/EBIT 13x for 2025 looks quite attractive and a combination of dividends and earnings growth should give around 10% total shareholder 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 Figures18.11
2023 | 24e | 25e | |
---|---|---|---|
Omsætning | 872,3 | 971,3 | 1.053,9 |
vækst-% | 4,44 % | 11,35 % | 8,50 % |
EBIT (adj.) | 100,6 | 105,2 | 119,9 |
EBIT-% (adj.) | 11,53 % | 10,83 % | 11,38 % |
EPS (adj.) | 3,02 | 3,04 | 3,65 |
Udbytte | 3,00 | 3,00 | 3,40 |
Udbytte % | 6,61 % | 5,98 % | 6,78 % |
P/E (adj.) | 15,03 | 16,47 | 13,72 |
EV/EBITDA | 8,67 | 9,68 | 8,75 |