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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 777 762 794
Sales growth (%) 5 -2 4,2
EBITDA 138 133 147
EBITDA margin (%) 17,8 17,4 18,5
EBIT adj. 93 88 100
EBIT adj. margin (%) 11,9 11,6 12,6
Pretax profit 72 84 95
EPS 2,54 2,84 3,25
EPS growth (%) 46,1 11,7 14,6
EPS adj. 2,54 2,84 3,25
DPS 1,25 1,5 1,75
EV/EBITDA (x) 7,1 7,1 6
EV/EBIT adj. (x) 10,5 10,7 8,8
P/E (x) 15,2 13,6 11,9
P/E adj. (x) 15,2 13,6 11,9
EV/sales (x) 1,26 1,24 1,12
FCF yield (%) 11,3 8,3 12,3
Le. adj. FCF yld. (%) 9,6 6,5 10,5
Dividend yield (%) 3,2 3,9 4,5
Net IB debt/EBITDA (x) 0,7 0,5 0,1
Le. adj. ND/EBITDA (x) 0,3 0,1 -0,3
SEKm 2024 2025e 2026e
Sales 777 762 794
COGS -311 -295 -306
Gross profit 466 467 488
Other operating items -328 -334 -342
EBITDA 138 133 147
Depreciation and amortisation -26 -26 -26
of which leasing depreciation -13 -13 -13
EBITA 112 107 120
EO Items 0 0 0
Impairment and PPA amortisation -20 -19 -20
EBIT 93 88 100
Net financial items -21 -4 -5
Pretax profit 72 84 95
Tax -14 -20 -22
Net profit 57 64 73
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 57 64 73
EPS 2,54 2,84 3,25
EPS adj. 2,54 2,84 3,25
Total extraordinary items after tax 0 0 0
Leasing payments -13 -13 -13
Tax rate (%) 19,9 23,5 23
Gross margin (%) 60 61,3 61,5
EBITDA margin (%) 17,8 17,4 18,5
EBITA margin (%) 14,4 14,1 15,2
EBIT margin (%) 11,9 11,6 12,6
Pre-tax margin (%) 9,2 11 12
Net margin (%) 7,4 8,4 9,3
Sales growth (%) 5 -2 4,2
EBITDA growth (%) 16,5 -3,9 10,4
EBITA growth (%) 21,8 -4,4 12,4
EBIT growth (%) 32,3 -4,6 13,7
Net profit growth (%) 46,1 11,7 14,6
EPS growth (%) 46,1 11,7 14,6
Profitability N/A N/A N/A
ROE (%) 12 12,1 13,6
ROE adj. (%) 16,1 15,7 17,3
ROCE (%) 13,7 13,9 15,2
ROCE adj. (%) 16,6 16,8 18,2
ROIC (%) 14,2 13,3 16
ROIC adj. (%) 14,2 13,3 16
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 138 133 147
EBITDA adj. margin (%) 17,8 17,4 18,5
EBITDA lease adj. 125 120 134
EBITDA lease adj. margin (%) 16,1 15,8 16,9
EBITA adj. 112 107 120
EBITA adj. margin (%) 14,4 14,1 15,2
EBIT adj. 93 88 100
EBIT adj. margin (%) 11,9 11,6 12,6
Pretax profit Adj. 91 103 115
Net profit Adj. 77 83 93
Net profit to shareholders adj. 77 83 93
Net adj. margin (%) 9,9 10,9 11,8
SEKm 2024 2025e 2026e
EBITDA 138 133 147
Goodwill 240 240 240
Net financial items -21 -4 -5
Other intangible assets 127 82 62
Paid tax -14 -20 -22
Tangible fixed assets 80 84 85
Non-cash items 14 -22 0
Right-of-use asset 59 52 55
Cash flow before change in WC 117 87 120
Total other fixed assets 3 3 3
Change in working capital -5 3 2
Fixed assets 509 461 445
Operating cash flow 112 90 121
Inventories 147 144 150
Capex tangible fixed assets -14 -18 -14
Receivables 109 103 99
Capex intangible fixed assets 0 0 0
Other current assets 24 23 24
Acquisitions and Disposals 0 0 0
Cash and liquid assets 41 50 107
Free cash flow 99 73 107
Total assets 830 780 825
Dividend paid 0 -29 -34
Shareholders equity 538 521 560
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -16 -16
Total equity 538 521 560
Other non-cash items 22 6 0
Long-term debt 27 42 42
Pension debt 7 6 6
Convertible debt 0 0 0
Leasing liability 63 57 57
Total other long-term liabilities 17 16 16
Short-term debt 49 17 17
Accounts payable 59 53 56
Other current liabilities 70 69 72
Total liabilities and equity 830 780 825
Net IB debt 102 69 12
Net IB debt excl. pension debt 95 63 6
Net IB debt excl. leasing 39 12 -45
Capital employed 684 643 682
Capital invested 640 590 572
Working capital 151 148 146
Market cap. diluted (m) 872 872 872
Net IB debt adj. 105 72 15
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 977 944 887
Total assets turnover (%) 95,3 94,6 98,9
Working capital/sales (%) 19,1 19,6 18,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 19 13,3 2,1
Net debt / market cap (%) 11,7 8 1,4
Equity ratio (%) 64,8 66,7 67,9
Net IB debt adj. / equity (%) 19,5 13,9 2,7
Current ratio 1,8 2,3 2,64
EBITDA/net interest 6,6 29,9 29,6
Net IB debt/EBITDA (x) 0,7 0,5 0,1
Net IB debt/EBITDA lease adj. (x) 0,3 0,1 -0,3
Interest coverage 5,4 13,2 24,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 2,54 2,84 3,25
Dividend per share 1,25 1,5 1,75
EPS adj. 2,54 2,84 3,25
BVPS 23,82 23,05 24,8
BVPS adj. 7,57 8,79 11,43
Net IB debt/share 4,65 3,21 0,66
Share price 38,6 38,6 38,6
Market cap. (m) 872 872 872
P/E (x) 15,2 13,6 11,9
EV/sales (x) 1,3 1,2 1,1
EV/EBITDA (x) 7,1 7,1 6
EV/EBITA (x) 8,7 8,8 7,4
EV/EBIT (x) 10,5 10,7 8,8
Dividend yield (%) 3,2 3,9 4,5
FCF yield (%) 11,3 8,3 12,3
Le. adj. FCF yld. (%) 9,6 6,5 10,5
P/BVPS (x) 1,62 1,67 1,56
P/BVPS adj. (x) 4,95 4,24 3,29
P/E adj. (x) 15,2 13,6 11,9
EV/EBITDA adj. (x) 7,1 7,1 6
EV/EBITA adj. (x) 8,7 8,8 7,4
EV/EBIT adj. (x) 10,5 10,7 8,8
EV/CE (x) 1,4 1,5 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 2,3 1,8
Capex/depreciation 1 1,4 1
Capex tangibles / tangible fixed assets 17,1 20,9 16,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 16,6 15,3 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 Sep 2025
JCE Group 12.4 % 12.4 % 26 Sep 2025
Ramhill AB 10.2 % 10.2 % 26 Sep 2025
Nordnet Pensionsförsäkring 9.1 % 9.1 % 26 Sep 2025
Avanza Pension 4.8 % 4.8 % 26 Sep 2025
Henrik Nyqvist 4.5 % 4.5 % 15 Jan 2025
FE Fonder 4.3 % 4.3 % 31 Oct 2025
Erik Åfors 3.4 % 3.4 % 26 Sep 2025
Schroders 3.0 % 3.0 % 30 Sep 2025
Jerker Adeberg Holding AB 2.4 % 2.4 % 26 Sep 2025
Source: Holdings by Modular Finance AB