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Third party research

Svedbergs Group: A well-polished start to the year - ABG

Svedbergs Group

This is a third party research report and does not necessarily reflect our views or values

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Acceleration across segments - organic momentum improved
Another (self-funded) Thebalux-size acquisition now possible
Trading at 9.5x '25e EV/EBITA


Solid Q1, all segments accelerated vs Q4

All segments' top-line growth improved vs Q4. The Svedbergs brand's growth, while still negative at -6% y-o-y, improved by 11pp. Commentary during the Q&A suggests that management believes the trajectory from here will remain positive. The newest acquisition, Thebalux, was the strongest, growing 8% organically. Macro Design lifted margins 4pp y-o-y on significant efficiency gains. All in all, EBITA grew 12% y-o-y (15% if adjusting the Q1'25 figures for costs related to a CEO swap in the Svedbergs brand) to SEK 94m for a 15.7% margin. Below EBITA, interest rate swaps had a negative impact on net financials, but the underlying interest net was rather in line with FactSet consensus.
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