With roots back to 1851, Gabriel is today a niche company within the global furniture industry, which throughout the value chain, from idea to furniture user, develops, manufactures and sells furniture fabrics, components, upholstered surfaces and related products and services, through its business areas Fabrics, FurnMaster, SampleMaster and Screen Solutions. Gabriel sells B2B, and is growing with the largest market participants, working closely with leading international manufacturers and major users of upholstered furniture, seats and upholstered surfaces.
I vores seneste opdatering på Gabriel Holding video gennemgår vi selskabets resultater for 2024/25, de fortsatte markedsandelsgevinster på tværs af alle geografier samt forventningerne til det kommende år. Vi ser også nærmere på udviklingen i forbindelse med FurnMaster-carve-out’en og forklarer, hvorfor den underliggende bedring i kerneforretningen fremstår stadig mere solid – på trods af fortsatte markedsmodvinde.
The 2024/25 results strengthen confidence in Gabriel’s turnaround, after a cyclical market downturn and restructuring of its FurnMaster (discontinuing) Mexican subsidiary. While headline results were pre-announced, we believe the market share gains across geographies demonstrate a sustained competitive advantage from the sales strategy to grow with key accounts supported by global showrooms. Continuing operations can therefore maintain positive development with more stable markets and reduced tariff uncertainty. We also believe the FurnMaster restructuring in 2024/25 is improving the business unit’s valuation, making a carve-out more likely in 2025/26. Following a year of strong execution, we believe the latest guidance for 2025/26 is slightly conservative, while valuation favours a positive risk-reward, and we upgrade our recommendation to “Accumulate” with a new price target of DKK 280 per share, from “Reduce” and DKK 210 previously.
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Gabriel ventes at offentliggøre årsregnskab for 2024/25 – torsdag d. 20. november 2025. Dagen efter – fredag d. 21. november kl. 10.00 har du mulighed for at høre mere om hvordan kvartalet og året som helhed er forløbet hos Gabriel.
Gabriel has pre-announced its preliminary FY’24/25 results ahead of the annual report on 20 November 2025, confirming stronger-than-expected performance in the core continuing operations, while the FurnMaster unit again weighs on the group result. The preliminary figures show continuing operations revenue of DKK 516m (+6.8% y/y) and EBIT of DKK 44m (8.5% margin), exceeding the latest guidance of DKK 35-40m. At the same time, the pre-announcement reveals a deeper-than-expected full-year EBIT loss of DKK 16m in FurnMaster, underlining the operational and strategic challenges in the discontinuing operations as the carve-out process continues. The early release of results reduces uncertainty around the turnaround in the core business but also reinforces known risks tied to FurnMaster’s performance and valuation.
I dagens Morgenbørs ser vi ind i blandede futures globalt og en afventende stemning forud for Nvidias regnskab og jobtal senere på ugen. Herhjemme er der fokus på GreenMobility og FLS.
I dagens Morgenbørs ser vi ind marginalt stigende futures, mangler fortsat detaljer på XI/Trump. Herhjemme fokus Netcompany, Norden, Carlsberg, Skjern Bank.
Following the preliminary full year 2024/25 results, Gabriel is building confidence in its turnaround, after a cyclical market downturn, and restructuring of its FurnMaster (discontinuing) Mexican subsidiary. Execution in the core continuing operations remained solid with revenue growth of 6.7% y/y to MDKK 516, and EBIT margin expansion of 4.4 p.p. to 8.5% from 4.1% in 2023/24, despite ongoing macro headwinds. However, the FurnMaster unit remains uncertain with an implied negative full-year EBIT of MDKK -16 for 2024/25, and uncertainty relating to the carve-out and development of tariffs. In our view, a valuation of EV/EBIT 11.6x for 2025/26E does not favor short-term risk/reward, given FurnMaster’s ongoing weaker performance, carve-out uncertainty, and lingering market weakness. We reiterate our Reduce recommendation and slightly raise our price target to DKK 210/share.
I dagens Morgenbørs ser vi ind i lille positiv åbning i Europa trods nedtur i USA. Herhjemme endnu en dag med toldtrusler nu på pharma, Novo indikeret 3-4% ned (tradegate).
