contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


bjorn-borg-initiation-of-coverage-serving-up-profitable-growth

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Lucas Mattsson

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.

Here is a new company report on Björn Borg from Lucas following the Q4 results.  Björn Borg’s Q4 results were strong, driven by stable sales volumes and good cost control. In our view, the outlook for next year is positive, and combined with last year’s strong finish, this has led us to raise our earnings forecasts for the coming years. Based on our updated forecasts, the company’s valuation multiples for this year are at the lower end of our acceptable valuation range, with a P/E ratio of approximately 15x and an EV/EBIT ratio of 12x. Consequently, we are upgrading our recommendation to Accumulate (prev. Reduce) and our target price to SEK 67 per share (prev. SEK 57 per share), primarily due to the increased forecasts.                   Inderes              Björn Borg Q4'25: Marginaalin vahvuus ajoi päivityksen - Inderes    Björn Borgin Q4-tulos oli vahva vankkojen myyntimäärien ja hyvän kulukurin ansiosta. Näkemyksemme mukaan ensi vuoden näkymät ovat positiiviset, ja yhdessä viime vuoden vahvan lopputuloksen kanssa tämä on saanut meidät nostamaan lähivuosien...

And here are Lucas’s quick comments on BB’s morning results.  Björn Borg’s Q4 revenue was in line with our forecasts, and the sportswear category continued its strong performance. The report’s clear positive highlight was profitability, which significantly exceeded our expectations thanks to strong cost discipline. In our view, for the company to achieve higher growth in line with its targets, it must also improve the performance of the footwear category, which has underperformed so far.                   Inderes              Björn Borg Q4’25 -pikakommentti: Vahvaa tuloskasvua - Inderes    Björn Borgin Q4-liikevaihto oli linjassa ennusteidemme, mutta raportin selkeä positiivinen kohokohta oli kannattavuus.

Here are Lucas’s pre-comments as Björn Borg reports its Q4 results on Friday, February 13th.  Björn Borg will publish its Q4’25 results on Friday, February 13th, 2026. We expect the company to report moderate revenue growth, as it faces tough comparison figures in its largest market, Sweden, as well as a volatile retail environment. Although we expect the sportswear category to remain the growth driver, reported total revenue growth is likely to be slowed down by the strengthening SEK. We anticipate profitability to remain at a stable level, supported by good cost control and favorable currency exchange effects on gross margins.                   Inderes              Björn Borg Q4’25 ennakko: Vakaa tulos rivi, vaikka vauhti hidastuu - Inderes    Björn Borg julkaisee Q4’25-tuloksensa perjantaina 13.2.2026. Odotamme yhtiön raportoivan maltillista liikevaihdon kasvua, sillä sen suurimmalla markkinalla Ruotsissa on vastassa tiukat vertailuluvut ja vähittäiskaupan toimintaympäristö on epävakaa....

Department stores were selling and are still selling those Björn Borg underwear at a 50% discount. Doubts about the stock price rise…

Here are Lucas’s comments on the performance of the Swedish clothing market in early December.  Preliminary December sales figures for the Swedish clothing market up to the 16th fell by 8.4%. Although we consider the figures to be quite weak, the period is relatively short, so it can be influenced by several factors, such as the timing of Black Week sales.                   Inderes              Ruotsin vaatemarkkina laski joulukuun alussa - Inderes    Ruotsin vaatemarkkinan alustavat joulukuun myyntiluvut laskivat 8,4 % joulukuun 16. päivään mennessä. Vaikka uskomme lukujen olleen suhteellisen heikkoja, ajanjakso on melko lyhyt, joten siihen voivat vaikuttaa useat tekijät, kuten Black Week...

And here is the new company report on Björn Borg by Lucas.  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 costs, as gross margins (FX adj.) have decreased over the last three quarters. At current valuation levels (2026 P/E: 17x and EV/EBIT: 13x), we would like to see clearer evidence that the company can successfully expand its footwear and sportswear categories while maintaining stable 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.                   Inderes              Björn Borg Q3'25: Vahva Q3-raportti, mutta arvostus pysyy venytettynä - Inderes    Björn Borgin Q3-raportti oli kokonaisuutena suunnilleen linjassa ennusteidemme kanssa. Näkemyksemme mukaan yhtiö osoittaa edelleen hyvää liikevaihdon kasvua, mutta se ei tule ilman kustannuksia, sillä bruttomarginaaleissa (FX oik.) on laskua kolmen...

And here are Lucas’s quick comments on the morning’s results.  Björn Borg’s Q3 revenue was only slightly below our absolute forecasts. Although operational cost development was stable, slightly lower revenue than our expectations also led to Q3 operating profit being slightly below our expectations. Overall, the sportswear category continues to outperform, but for the company to achieve the higher growth in line with its targets, it must also boost the footwear category, which has underperformed so far.                   Inderes              Björn Borg Q3’25 pikakommentti: Ei suuria yllätyksiä - Inderes    Björn Borgin Q3-liikevaihto jäi absoluuttisesti vain hieman ennusteistamme. Vaikka operatiivisten kustannusten kehitys oli vakaata, hieman odotuksiamme matalampi liikevaihto johti myös siihen, että Q3:n liikevoitto jäi hieman odotuksistamme....

Björn Borg

Björn Borg has a strong track record of profitable growth, consistently generating value for its shareholders. We see solid growth opportunities in key markets for this strong Nordic brand. The valuation of P/E 15x and EV/EBIT 11x for 2025 looks moderate and a combination of dividends and earnings growth should give around 10-15% expected return.

<p>Bj&#xf6;rn Borg has a strong track record of profitable growth, consistently generating value for its shareholders. We see solid growth opportunities in key markets for this strong Nordic brand. The valuation of P/E 15x and EV/EBIT 11x for 2025 looks moderate and a combination of dividends and earnings growth should give around 10-15% expected return.</p>

	2023	24e	25e
Revenue	891.8	954.7	1,035.2
growth-%	3.6 %	7.1 %	8.4 %
EBIT (adj.)	100.6	110.6	127.0
EBIT-% (adj.)	11.3 %	11.6 %	12.3 %
EPS (adj.)	3.02	3.16	3.78
Dividend	3.00	3.00	3.40
Dividend %	6.6 %	5.0 %	5.7 %
P/E (adj.)	15.0	19.0	15.9
EV/EBITDA	8.7	10.7	9.5

Björn Borg initiation of coverage: Serving up profitable growth

Key Estimate Figures2024-08-07

Forum discussions