• Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Morning ReviewDaily market recap and key overnight highlights
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • PortfolioInderes model portfolio
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
    • Earnings SeasonCompare EPS estimates to reported results
    • Compound Interest CalculatorSee how your savings grow with the power of compound interest.
Find us on social media
  • Inderes Forum
  • Youtube
  • Instagram
  • Facebook
  • X (Twitter)
Get in touch
  • info@inderes.se
  • +46 8 411 43 80
  • Vattugatan 17, 5tr
    111 52 Stockholm
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Q&A
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Bergs Timber: Executing on its value-add strategy - ABG

Bergs TimberThird party research2023-06-29 15:38

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Buys wooden furniture & components manufacturer Hedlunda
Adds ~46% to PF EBITDA for '23e
3.2x r12m EV/EBITDA (excl. earn-outs)


Acquires Hedlunda and adds ~46% to PF '23e EBITDA

Today, Bergs acquired Hedlunda, a manufacturer of wooden furniture and components such as wooden components for beds. Hedlunda has production facilities in Lycksele and Poland and has ~400 employees as well as r12m net sales and EBITDA of SEK ~620m and ~70m, respectively. Based on our estimates for 2023e, this alone would add ~22% and ~46% to net sales and EBITDA, respectively, on a PF basis. The largest customer is a "multinational company that sells ready-to-assemble furniture", which Hedlunda has had a business relationship for more than 35 years.