HomeMaid

We have modestly lowered our EBITA estimate to better reflect typical Q4 sequential margin compression, but we still anticipate solid earnings growth, supported by the ongoing Rimab turnaround and continued efficiency gains in the core home cleaning business.

HomeMaid announced on Friday that its CEO, Stefan Högkvist, has sold 280,000 shares (at SEK 29 per share) in the company. The total value of the transaction amounted to 8.1 MSEK. Following this transaction, Stefan Högkvist’s holding in HomeMaid amounts to 155,000 shares (~0.8% of outstanding shares) and call options corresponding to 350,000 shares.

The acquisition aligns with HomeMaid’s strategy to consolidate the fragmented cleaning market and increase local density. However, given the size of the acquisition (<1% of 2026e revenue), it will only have a small positive impact on our estimates and valuation. We will incorporate the acquisition into our estimates by the latest in connection with the Q4 earnings release.

We see increasing odds of acquisitions becoming a more systematic element of value creation.

We expect a strong revenue growth of 30%, primarily driven by the consolidation of Rimab (acquired in July), but also supported by continued solid organic momentum

HomeMaid delivered slightly weaker Q2 revenues than expected, while adjusted EBITA came in broadly in line with our estimates. The home cleaning market (RUT) remains favorable and supported continued strong growth momentum in HomeMaid’s B2C segment.

HomeMaid has started 2025 on a strong footing with double-digit revenue growth, and we expect this momentum to extend into Q2, supported by a continued positive development in the RUT market, particularly within home cleaning.

The acquisition of Rimab aligns well with HomeMaid’s strategy to strengthen its presence in the B2B segment and unlock potential synergies. That said, we are somewhat surprised that HomeMaid went for such a large acquisition

Our initial take of HomeMaid’s latest acquisition is positive, despite the inherent risks of acquiring a company undergoing a turnaround. In our view, the transaction price appears modest, and we see potential for value creation if HomeMaid successfully implements operational improvements and realizes synergies. We will incorporate the acquisition into our forecasts no later than in connection with the company’s next quarterly report.

We believe HomeMaid holds a strategically attractive position in the steadily growing and resilient Swedish cleaning and services market. The company has a long history of successfully combining organic growth with a disciplined M&A strategy, capitalizing on the industry’s fragmented landscape by acquiring smaller players at attractive valuations.