Björn Borg

Björn Borg has announced a three-year strategic partnership with the Swedish department store Åhléns and the Belgian department store Inno to develop and sell new lifestyle categories. The company estimates that the agreement, which includes existing business, will have a total retail value of 200–300 MSEK over the three-year term. In our view, the partnership is a logical step in Björn Borg’s strategy to broaden its brand presence and product offering, although the immediate financial impact is limited as the first launches are not scheduled until fall 2026. In addition, we have already factored in relatively high sales growth of around 6-8% for the coming years, and given the early phase of the partnership, we are not making any changes to our estimates at this stage, though the partnership could support our current estimates if successful.

20:09

Lönsamheten stack ut positivt i Q4-rapporten från Björn Borg, 2025 var ett rekordår för Metacon och har vi sett starten på vändningen för värmepumpsmarknaden och NIBE? Lyssna på denna analytikerintervju där vi behandlar 2025 i stora pensel drag och dyker oss ner i bolagens senaste kvartalsrapporter.

Björn Borg delivered strong Q4 earnings, due to solid sales volumes and good cost control. In our view, the outlook for next year is positive, and combined with a strong finish to last year, this has led us to raise our earnings estimates for the coming years. With our updated estimates, the company’s earnings multiples for this year are at the lower end of our acceptable valuation range, with a P/E ratio of around 15x and EV/EBIT of 12x. As a result, we raise our recommendation to Accumulate (prev. Reduce) and increase our target price to SEK 67 per share (prev. SEK 57 per share), mainly due to increased estimates.

15:25

Efter Q4-rapporten från Björn Borg tog vi ett samtal om helåret 2025, det sista kvartalets utfall, marknadsläget och vägen framåt. I intervjun delar VD Henrik Bunge sina tankar om bolagets tillväxtdrivare, lönsamheten och synen på 2026 och framåt.

Björn Borg delivered Q4 revenue that was in line with our estimates, with the sports apparel category continuing to outperform. The clear positive highlight in the report was the profitability that significantly exceeded our expectations, driven by solid cost control. In our view, for the company to achieve higher growth in line with its targets, it needs to lift the shoe category as well, which has so far underperformed.