Björn Borg operates in the fashion industry and focuses on the design, manufacture and distribution of sportswear and underwear. The company's products are aimed at private individuals looking for comfortable and stylish clothing. The business is global with a main presence in the Nordic region and Europe. Björn Borg was founded in 1984 and is headquartered in Solna.
Analytiker Lucas har släppt nya analyser av Björn Borg och NIBE. Hur har marknadsklimatet utvecklats under tredje kvartalet? Går det att växa lönsamt i dagens läge och hur ser han på värderingarna? Svaren får du i vår analytikerintervju.
Björn Borg’s Q3 report was overall roughly in line with our estimates. In our view, the company continues to show good revenue growth, but it does not come without cost as gross margins (FX adj.) have declined in the past three quarters. At current valuations (2026 P/E: 17x and EV/EBIT: 13x), we would like to see clearer evidence that the company can successfully expand its footwear and sports apparel category while maintaining solid gross margins. As a result, we reiterate our Reduce recommendation but raise our target price to SEK 57 per share (prev. SEK 55), mainly due to a slight increase in short-term earnings estimates.
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Björn Borg publicerade sin Q3-rapport i dag, där omsättningen återigen steg mycket tack vare en stark utveckling inom sportkläder. Vi sammanfattar kvartalet tillsammans med VD Henrik Bunge. Vi diskuterar även varför skoverksamheten inte riktigt fått fart ännu och hur Henrik ser på utvecklingen på den viktiga tyska marknaden.
Björn Borg delivered Q3 revenue that was only slightly below our estimates in absolute terms. While operational cost development was solid, the marginally lower revenue also led to Q3 operating profit coming in just below our expectations. Overall, the sports apparel category continues to outperform, but 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.
I denna analytikerintervju går vi igenom analyserna av NIBE, Metacon och Björn Borg efter Q2-rapportperioden. Vi diskuterar marknadsläget, efterfrågan och våra förväntningar på resten av 2025.
Björn Borg’s Q2 results were mixed. While the company reported strong revenue, it did not come without costs and profitability was lower than our expectations. The company’s earnings multiples for this year are at the upper end of our acceptable valuation range, with a P/E ratio of approximately 18x and an EV/EBIT of ~14x. At current valuations, we would like to see clearer evidence that the company can successfully expand its revenue while maintaining solid gross margins. As a result, we reiterate our Reduce recommendation and target price of SEK 55 per share.
Björn Borg's Q2 report delivered mixed results. While revenue slightly exceeded our expectations, profitability fell short, primarily due to lower gross margins. It is worth noting, however, that Q2 is seasonally the smallest quarter, accounting for only around 5% of full-year EPS on average over the past three years.
