Björn Borg

Björn Borg’s Q1 results came in above our expectations, and we view the share price reaction following the report as justified. While we have raised our short-term estimates following the Q1 beat, our mid- to long-term estimates remain largely unchanged. In our view, given the ongoing uncertainty in the operating environment and lack of clear evidence that the company can successfully scale its footwear segment, we believe the stock is already fairly priced for its expected earnings growth (2026e P/E: 17x). As a result, we reiterate our Reduce recommendation and target price of SEK 67 per share.

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Björn Borg levererade ett starkt Q1. Vi intervjuade VD Henrik Bunge.

Björn Borg's Q1 revenue growth was better than our expectations, which in combination with increased gross margins resulted in a strong earnings beat. In our view, we view positivley on that sports apparel category contniues to show double-digit growth, however, there were yet no clear signs of an overall turnaround in the footwear category, which we belive will be key for the company to accelerate its revenue growth going forward.

We have lowered our near-term estimates to reflect softer end-market demand than previously anticipated.