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Embellence Group

Embellence Group

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Embellence Group is a Swedish brand collective focused on premium wallpaper that is expanding into adjacent product categories (textiles, rugs, window film). It holds leading positions in Sweden and Norway, and top-3 positions in Italy and the UK. It has over 100 years of history and today consists of the brands Artscape Inc., Boråstapeter, Cole & Son, Wall & Decó, Pappelina and Perswall. The group aims to refocus on its brands after a period of M&A.

Sustainability information

Embellence uses a variety of raw materials in its production, making it subject to potential cost inflation that could hamper margins and earnings. Other risks include production-related risks, but we view this risk as fairly low given that the majority of its production is in-house. Embellence also has exchange rate exposure, primarily to GBP, EUR, NOK and USD, which could have a significant impact if large fluctuations occur.

Financials

SEKm 2024 2025e 2026e
Sales 777 780 821
Sales growth (%) 5 0,4 5,2
EBITDA 138 145 152
EBITDA margin (%) 17,8 18,6 18,5
EBIT adj. 93 100 106
EBIT adj. margin (%) 11,9 12,8 12,9
Pretax profit 72 96 97
EPS 2,54 3,26 3,31
EPS growth (%) 46,1 28,1 1,7
EPS adj. 2,54 3,26 3,31
DPS 1,25 1,5 1,75
EV/EBITDA (x) 6,5 5,9 5,3
EV/EBIT adj. (x) 9,7 8,6 7,6
P/E (x) 13,8 10,7 10,6
P/E adj. (x) 13,8 10,7 10,6
EV/sales (x) 1,15 1,1 0,97
FCF yield (%) 12,5 10,8 13,5
Le. adj. FCF yld. (%) 10,6 8,7 11,5
Dividend yield (%) 3,6 4,3 5
Net IB debt/EBITDA (x) 0,7 0,4 0
Le. adj. ND/EBITDA (x) 0,3 0 -0,4
SEKm 2024 2025e 2026e
Sales 777 780 821
COGS -311 -301 -320
Gross profit 466 479 501
Other operating items -328 -334 -349
EBITDA 138 145 152
Depreciation and amortisation -26 -26 -26
of which leasing depreciation -13 -13 -13
EBITA 112 119 126
EO Items 0 0 0
Impairment and PPA amortisation -20 -19 -20
EBIT 93 100 106
Net financial items -21 -4 -9
Pretax profit 72 96 97
Tax -14 -22 -22
Net profit 57 74 75
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 57 74 75
EPS 2,54 3,26 3,31
EPS adj. 2,54 3,26 3,31
Total extraordinary items after tax 0 0 0
Leasing payments -13 -13 -13
Tax rate (%) 19,9 23,2 23
Gross margin (%) 60 61,5 61,1
EBITDA margin (%) 17,8 18,6 18,5
EBITA margin (%) 14,4 15,3 15,3
EBIT margin (%) 11,9 12,8 12,9
Pre-tax margin (%) 9,2 12,3 11,8
Net margin (%) 7,4 9,4 9,1
Sales growth (%) 5 0,4 5,2
EBITDA growth (%) 16,5 5 4,9
EBITA growth (%) 21,8 6,6 5,2
EBIT growth (%) 32,3 8,1 5,7
Net profit growth (%) 46,1 28,1 1,7
EPS growth (%) 46,1 28,1 1,7
Profitability N/A N/A N/A
ROE (%) 12 13,7 13,4
ROE adj. (%) 16,1 17,3 17
ROCE (%) 13,7 15 14,6
ROCE adj. (%) 16,6 17,8 17,3
ROIC (%) 14,2 14,8 16,4
ROIC adj. (%) 14,2 14,8 16,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 138 145 152
EBITDA adj. margin (%) 17,8 18,6 18,5
EBITDA lease adj. 125 132 139
EBITDA lease adj. margin (%) 16,1 17 17
EBITA adj. 112 119 126
EBITA adj. margin (%) 14,4 15,3 15,3
EBIT adj. 93 100 106
EBIT adj. margin (%) 11,9 12,8 12,9
Pretax profit Adj. 91 115 117
Net profit Adj. 77 93 95
Net profit to shareholders adj. 77 93 95
Net adj. margin (%) 9,9 11,9 11,5
SEKm 2024 2025e 2026e
EBITDA 138 145 152
Goodwill 240 240 240
Net financial items -21 -4 -9
Other intangible assets 127 83 63
Paid tax -14 -22 -22
Tangible fixed assets 80 85 86
Non-cash items 14 -15 0
Right-of-use asset 59 57 60
Cash flow before change in WC 117 104 121
Total other fixed assets 3 3 3
Change in working capital -5 0 0
Fixed assets 509 467 451
Operating cash flow 112 103 121
Inventories 147 148 155
Capex tangible fixed assets -14 -18 -14
Receivables 109 105 103
Capex intangible fixed assets 0 0 0
Other current assets 24 23 25
Acquisitions and Disposals 0 0 0
Cash and liquid assets 41 103 161
Free cash flow 99 85 107
Total assets 830 847 895
Dividend paid 0 -29 -34
Shareholders equity 538 536 577
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -16 -16
Total equity 538 536 577
Other non-cash items 22 -1 0
Long-term debt 27 45 45
Pension debt 7 6 6
Convertible debt 0 0 0
Leasing liability 63 60 60
Total other long-term liabilities 17 17 17
Short-term debt 49 58 58
Accounts payable 59 55 57
Other current liabilities 70 70 74
Total liabilities and equity 830 847 895
Net IB debt 102 63 5
Net IB debt excl. pension debt 95 57 -1
Net IB debt excl. leasing 39 3 -55
Capital employed 684 705 746
Capital invested 640 599 582
Working capital 151 151 151
Market cap. diluted (m) 790 790 790
Net IB debt adj. 105 66 8
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 895 856 799
Total assets turnover (%) 95,3 93 94,3
Working capital/sales (%) 19,1 19,4 18,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 19 11,7 0,9
Net debt / market cap (%) 12,9 7,9 0,7
Equity ratio (%) 64,8 63,3 64,5
Net IB debt adj. / equity (%) 19,5 12,2 1,5
Current ratio 1,8 2,08 2,34
EBITDA/net interest 6,6 33,5 17,6
Net IB debt/EBITDA (x) 0,7 0,4 0
Net IB debt/EBITDA lease adj. (x) 0,3 0 -0,4
Interest coverage 5,4 14,8 14,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 2,54 3,26 3,31
Dividend per share 1,25 1,5 1,75
EPS adj. 2,54 3,26 3,31
BVPS 23,82 23,74 25,55
BVPS adj. 7,57 9,44 12,14
Net IB debt/share 4,65 2,9 0,37
Share price 35 35 35
Market cap. (m) 790 790 790
P/E (x) 13,8 10,7 10,6
EV/sales (x) 1,2 1,1 1
EV/EBITDA (x) 6,5 5,9 5,3
EV/EBITA (x) 8 7,2 6,4
EV/EBIT (x) 9,7 8,6 7,6
Dividend yield (%) 3,6 4,3 5
FCF yield (%) 12,5 10,8 13,5
Le. adj. FCF yld. (%) 10,6 8,7 11,5
P/BVPS (x) 1,47 1,47 1,37
P/BVPS adj. (x) 4,49 3,61 2,82
P/E adj. (x) 13,8 10,7 10,6
EV/EBITDA adj. (x) 6,5 5,9 5,3
EV/EBITA adj. (x) 8 7,2 6,4
EV/EBIT adj. (x) 9,7 8,6 7,6
EV/CE (x) 1,3 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 2,4 1,8
Capex/depreciation 1 1,4 1,1
Capex tangibles / tangible fixed assets 17,1 21,7 16,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 16,6 15,1 15,9

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Media

Embellence Group - Company presentation with CEO Olle Svensk
Embellence Group - Company presentation with CEO Olle Svensk & CFO Karin Lidén

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Main shareholders - Embellence Group

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 15.7 % 15.7 % 26 Jun 2025
JCE Group 12.4 % 12.4 % 26 Jun 2025
Ramhill AB 10.2 % 10.2 % 26 Jun 2025
Nordnet Pensionsförsäkring 6.9 % 6.9 % 26 Jun 2025
Henrik Nyqvist 4.5 % 4.5 % 15 Jan 2025
FE Fonder 4.2 % 4.2 % 30 Jun 2025
Avanza Pension 4.2 % 4.2 % 26 Jun 2025
Erik Åfors 3.4 % 3.4 % 26 Jun 2025
Schroders 3.0 % 3.0 % 30 Jun 2025
Jerker Adeberg Holding AB 2.4 % 2.4 % 26 Jun 2025
Source: Holdings by Modular Finance AB