* All-cash public offer SEK 77 per share * Nilörn's largest shareholder (58% of votes) has accepted * 53% upside to current share price The...
* Soft sales mostly on FX and order timing * We cut '26e-'27e adj.
* Sales -8% and adj. EBIT -16% vs. ABGSCe * Order intake SEK 218m, below expectations * Likely minor negative consensus estimate revisions ...
* Relatively light comps in Q1e, but market still tough * We raise '26e-'28e EBIT by 1-3% * Trading at 6.
* A soft end to '25 on earnings * We cut '26e-'27e adj.
* Sales 2% and adj. EBIT -31% vs. ABGSCe * Order intake SEK 251m, above expectations * Likely negative consensus estimate revisions Q4'25 i...
* Negative FX and calendar effects * We trim '25e-'27e EBIT by 2% * Trading at 9x NTM EV/EBIT FX and Chinese New Year weigh on Q4e In Q4'25...
* CEO highlighted potential future M&A * Finding the balance between efficiency and individuality * The profitability in Bangladesh was emph...
* Stronger than expected across the board * We raise '25e-'27e adj.
* Sales +13% and adj. EBIT +39% vs. ABGSCe * Order intake SEK 224m, in line with ABGSCe * Likely positive consensus estimate revisions Q3'25...
* Organic growth of 5% offset by FX headwinds * Minor negative revisions on '25e-'27e EBIT * NTM EV/EBIT slightly above 7x What to look for ...
Solid order bookings given a cautious market The Q2 report showed lower sales than we expected, as well as lower adj.
Q2'25 impressions Nilörn reports Q2'25 sales of SEK 237m (-3% vs.
- Earnings naturally hedged - Potential to generate order intake above the historical average - NTM EV/EBIT just short of 8x What to look fo...
CEO highlighted importance of product innovation New Bangladesh factory remains core part of strategy Reiterates target of 10% EBIT margin ...
The outdoor segment supports strong order bookings Minor estimate revisions '25e EV/EBIT ~7x Outdoor segment: back to normal volumes The Q1...
Sales +6% and EBIT -8% vs. ABGSCe Order bookings 11% better than ABGSCe Slightly positive consensus estimate revisions Q1'25 impressions Ni...
FX-driven estimate changes Direct tariff impact likely minor NTM EV/EBIT of just below 7x What to look for in Q1'25e In Q1'25e, we expect p...
Minor estimate revisions To achieve run-rate output in new factories in H2'27e '25e EV/EBIT 7-8x Back to normal volumes in outdoor In terms...
Sales +7% and EBIT +34% vs. ABGSCe Organic growth of +13%, above ABGSCe +6% Limited but positive consensus estimate revisions Q4'24 impress...
Minor estimate revisions Tougher order intake comps in Q4 NTM EV/EBIT around 7x What to look for in Q4'24e We continue to expect positive o...
- ~40% y-o-y order intake growth in Q3 provides visibility - Minor positive estimate revisions - NTM EV/EBIT ~8x Strong order intake is clea...
- Sales -4% and EBIT -1% vs. ABGSCe - Organic growth of +1%, below ABGSCe +5% - Likely to see marginally positive consensus estimate revisio...
Minor near-term estimate cuts following the cyberattack Outlook for order intake unchanged NTM EV/EBIT around 7x What to look for in Q3'24e...
- Order intake growth driven by sports & outdoor clients - We raise '24e-'26e sales by 2-1% and EBIT by 3-2% - NTM EV/EBIT ~9x Recovery unde...
- Sales +9% and EBIT +11% vs. ABGSCe - Organic growth of +14%, better than ABGSCe +5% - Likely to see marginally positive consensus estimate...
- We expect continued strong order intake momentum - Minor estimate changes - NTM EV/EBIT around 9x What to look for in Q2'24e Following the...
Positive order intake momentum Outdoor demand rebound during Q3e '24e-'26e EBIT up 3-2% Positive momentum continues Nilörngruppen continues...
Sales +7% and EBIT +11% vs. ABGSCe Organic growth of +10%, better than ABGSCe +3% Order bookings beat supports positive cons.
Order intake likely to improve Sports & outdoor demand should normalise during '24 '24e-'26e EBIT up 2% What to look for in Q1'24 Following...
Order intake growth adds visibility Sports & outdoor demand should normalise during '24 '24e-'25e EBIT up 2% Another beat Q4 was better tha...
Sales +7% vs. ABGSCe, EBIT +18% vs. ABGSCe Organic growth of +3%, better than ABGSCe -5% Order bookings SEK 256m, +41% q-o-q Q4'23 impressi...
Vast majority of inventory normalisation... ...likely to be completed in the coming 6-9 months '23e-'25e EBIT down 4-1% What to look for in...
Quarterly order intake of SEK 160-180m likely maintainable '23e-'25e adj.
Sales +9% vs. ABGSCe, EBIT +75% vs. ABGSCe Organic growth of -10%, better than ABGSCe -20% Order bookings SEK 182m, +9% q-o-q Q3'23 impress...
Order intake likely to start stabilising Healthy balance sheet helpful to gain market share '23e-'25e EBIT down 13-4% What to look for in Q...
• Overstocked clients to hamper recovery in H2'23e • 25% q-o-q order booking decline • '23e-'25e adj.
• Sales +1% vs. ABGSCe, adj. EBIT -22% vs. ABGSCe • Organic growth of -18%, better than ABGSCe -23% • Order bookings SEK 167m vs.
- Retailers' underlying operations still weak... - .
Clients still overstocked, but demand is holding up 3% q-o-q order booking decline '23e-'25e EBIT down 7-1% Takeaways from the Q1 report Co...
Sales +7% vs. ABGSCe, EBIT -14% vs. ABGSCe Organic growth of -13%, better than ABGSCe -24% We expect cons.
No indication of consumer rebound yet '23e EBIT down 5%, '24e-'25e unchanged 8.
Takeaways from the Q4 report We were surprised by the pace with which the order bookings and the sales decline occurred, as overstocked clie...
Sales -23% vs. ABGSCe, EBIT -58% vs. ABGSCeOrganic growth of -15% below ABGSCe -2%We expect cons.
Q4 estimates nearly unchanged We cut '23e-'24e EBIT by 3-2% 8x '23e EV/EBIT What to look for in Q4'22 We mostly maintain our estimates: red...
Solid operating performance 3% order intake decline 2022e EBIT up 5%, 2023e-2024e up 3% Consumer concerns start to appear in order intake N...
Sales +5% vs. ABGSCe, EBIT +25% vs. ABGSCe Organic growth of 2% in line with ABGSCe 2% We expect cons.
’22e-‘24e EBIT estimates down 1-13% Orderbook growth likely to contract in tougher times Net cash position set for dividends and investmen...
Continuing to outperform significantly Strong order intake, up by 43% 2022e EBIT up 28%, 2023-2024e up 6% No signs of a top-line slowdown N...
Sales +21% vs ABGSCe, EBIT +67% vs ABGSCe Organic growth of 39% (+10pp.
Q2 report due on 15 July We expect sales of SEK 222m and EBIT of SEK 27m Share trading at EV/EBIT 8.
Main points from the Q2’21 report Nilörngruppen continued its strong 2021 performance on profitability in its Q2 report on Friday.
