Embellence Group

* We forecast net sales of SEK 178m in Q3'26e * DTC-related cost ramp-up now in comps, EBITA +3% y-o-y * We reiterate our fair value range of SEK 35-42 Pappelina and external manufacturing drive growth We expect growth in Q3'26 to be driven by Pappelina...

* Net sales -6% y-o-y, EBITA -13% y-o-y * Strategic staffing-up now in comps, DTC progressing well * We trim our fair value range to SEK 35-42 (36-43) A perfect storm hit in Q2, but subsiding in H2 Embellence's Q2 contained several, but separate, issues...

* Net sales SEK 181m, -5% vs ABGSCe * EBITA SEK 23m vs ABGSCe SEK 24m * The share is trading at 7.2-5.9x '26e EV/EBITA Q2 in brief: Softer growth, margins in line with forecasts Overall, we believe Embellence Group's Q2 report is softer than our expectations...

* 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 ...