Embellence Group

* We forecast net sales of SEK 191m in Q2'26e * DTC could weigh on Q2 EBITA, -7% y-o-y at SEK 24m * We reiterate our SEK 36-43 fair value range We forecast EBITA -6% y-o-y in Q2 on elevated DTC efforts We expect sequentially tougher comps to lead to ...

* Cole & Son management changes weigh on Q1 EBITA * We expect Cole & Son to move toward hospitality * We reiterate our fair value range of SEK 36-43 Nordics performed better, DTC changes the P&L In Q1, Embellence Group accelerated to 3% organic growth...

* Net sales SEK 201m, +1% vs ABGSCe * EBITA SEK 28m vs ABGSCe SEK 27m * The share is trading at 7-6x '26e EV/EBITA Q1: In line, transformation weighed on margins Overall, we believe Embellence Group's Q1 report is in line with our expectations. Net sales...

* We expect EBITA adj. of SEK 27m in Q1, -15% y-o-y * We cut '26e EBITA by 3% * We reiterate our fair value range of SEK 36-43 We expect EBITA adj. growth of -15% in Q1'26e Embellence Group's net sales development keeps being dictated by previous comparable...

* Good underlying growth, investing for the future weighs on margin * DTC could accelerate in 2026 * The share is trading at 7x-6x '26e-'27e EV/EBITA Investing for the future Embellence Group's Q4 report showed strength for the Nordic parts of the business...