Björn Borg

Björn Borg’s Q1 results came in above our expectations, and we view the share price reaction following the report as justified. While we have raised our short-term estimates following the Q1 beat, our mid- to long-term estimates remain largely unchanged. In our view, given the ongoing uncertainty in the operating environment and lack of clear evidence that the company can successfully scale its footwear segment, we believe the stock is already fairly priced for its expected earnings growth (2026e P/E: 17x). As a result, we reiterate our Reduce recommendation and target price of SEK 67 per share.

Björn Borg's Q1 revenue growth was better than our expectations, which in combination with increased gross margins resulted in a strong earnings beat. In our view, we view positivley on that sports apparel category contniues to show double-digit growth, however, there were yet no clear signs of an overall turnaround in the footwear category, which we belive will be key for the company to accelerate its revenue growth going forward.

We have lowered our near-term estimates to reflect softer end-market demand than previously anticipated.

Björn Borg has announced a three-year strategic partnership with the Swedish department store Åhléns and the Belgian department store Inno to develop and sell new lifestyle categories. The company estimates that the agreement, which includes existing business, will have a total retail value of 200–300 MSEK over the three-year term. In our view, the partnership is a logical step in Björn Borg’s strategy to broaden its brand presence and product offering, although the immediate financial impact is limited as the first launches are not scheduled until fall 2026. In addition, we have already factored in relatively high sales growth of around 6-8% for the coming years, and given the early phase of the partnership, we are not making any changes to our estimates at this stage, though the partnership could support our current estimates if successful.

Björn Borg leverede en stærk regnskabsmeddelelse for fjerde kvartal på grund af solid salgsvolumen og god omkostningsstyring. Efter vores vurdering er udsigterne for næste år positive, og kombineret med en stærk afslutning på sidste år har dette fået os til at hæve vores estimater for de kommende år. Med vores opdaterede estimater ligger selskabets indtjeningsmultipler for i år i den lave ende af vores acceptable værdiansættelsesinterval, med en P/E-multipel på cirka 15x og EV/EBIT på 12x. Som et resultat heraf hæver vi vores anbefaling til Akkumuler (tidl. Reducer) og øger vores kursmål til 67 SEK per aktie (tidl. 57 SEK per aktie), primært på grund af øgede estimater.

Björn Borg leverede en omsætning for fjerde kvartal, der var på linje med vores estimater, hvor sportstøjskategorien fortsat outperformede. Det klare positive højdepunkt i rapporten var rentabiliteten, der oversteg vores forventninger betydeligt, drevet af solid omkostningsstyring. Efter vores opfattelse skal selskabet også løfte skokategorien, som hidtil har underpræsteret, for at opnå højere vækst i overensstemmelse med sine mål.