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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 2025 2026e 2027e
Sales 764 771 811
Sales growth (%) -1,7 0,9 5,2
EBITDA 133 140 152
EBITDA margin (%) 17,4 18,1 18,7
EBIT adj. 89 94 106
EBIT adj. margin (%) 11,6 12,2 13
Pretax profit 85 90 101
EPS 2,95 3,07 3,46
EPS growth (%) 16 4 12,8
EPS adj. 2,95 3,07 3,46
DPS 1,5 1,75 2
EV/EBITDA (x) 6,3 5,7 4,9
EV/EBIT adj. (x) 9,4 8,4 7
P/E (x) 11,5 11,1 9,8
P/E adj. (x) 11,5 11,1 9,8
EV/sales (x) 1,1 1,03 0,91
FCF yield (%) 9 12,4 14,4
Le. adj. FCF yld. (%) 6,9 10,3 12,3
Dividend yield (%) 4,4 5,1 5,9
Net IB debt/EBITDA (x) 0,5 0,2 -0,2
Le. adj. ND/EBITDA (x) 0,1 -0,2 -0,6
SEKm 2025 2026e 2027e
Sales 764 771 811
COGS -294 -295 -308
Gross profit 470 476 504
Other operating items -337 -337 -352
EBITDA 133 140 152
Depreciation and amortisation -26 -26 -27
of which leasing depreciation -13 -13 -13
EBITA 108 113 125
EO Items 0 0 0
Impairment and PPA amortisation -19 -19 -19
EBIT 89 94 106
Net financial items -4 -4 -4
Pretax profit 85 90 101
Tax -18 -21 -23
Net profit 67 69 78
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 67 69 78
EPS 2,95 3,07 3,46
EPS adj. 2,95 3,07 3,46
Total extraordinary items after tax 0 0 0
Leasing payments -13 -13 -13
Tax rate (%) 21,6 23 23
Gross margin (%) 61,6 61,8 62,1
EBITDA margin (%) 17,4 18,1 18,7
EBITA margin (%) 14,1 14,7 15,4
EBIT margin (%) 11,6 12,2 13
Pre-tax margin (%) 11,1 11,7 12,5
Net margin (%) 8,7 9 9,6
Sales growth (%) -1,7 0,9 5,2
EBITDA growth (%) -3,8 5,1 8,7
EBITA growth (%) -4,1 5,4 10,1
EBIT growth (%) -3,9 5,9 12,2
Net profit growth (%) 16 4 12,8
EPS growth (%) 16 4 12,8
Profitability N/A N/A N/A
ROE (%) 12,7 13,1 13,8
ROE adj. (%) 16,2 16,6 17,1
ROCE (%) 14,2 14,7 15,6
ROCE adj. (%) 17,1 17,7 18,4
ROIC (%) 13,8 15,1 17
ROIC adj. (%) 13,8 15,1 17
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 133 140 152
EBITDA adj. margin (%) 17,4 18,1 18,7
EBITDA lease adj. 120 127 139
EBITDA lease adj. margin (%) 15,7 16,5 17,2
EBITA adj. 108 113 125
EBITA adj. margin (%) 14,1 14,7 15,4
EBIT adj. 89 94 106
EBIT adj. margin (%) 11,6 12,2 13
Pretax profit Adj. 104 109 120
Net profit Adj. 85 88 97
Net profit to shareholders adj. 85 88 97
Net adj. margin (%) 11,1 11,5 12
SEKm 2025 2026e 2027e
EBITDA 133 140 152
Goodwill 240 240 240
Net financial items -4 -4 -4
Other intangible assets 75 56 37
Paid tax -18 -21 -23
Tangible fixed assets 87 95 95
Non-cash items -21 0 0
Right-of-use asset 50 53 56
Cash flow before change in WC 90 115 124
Total other fixed assets 3 3 3
Change in working capital 1 2 0
Fixed assets 455 447 431
Operating cash flow 91 117 125
Inventories 140 141 149
Capex tangible fixed assets -22 -21 -14
Receivables 111 109 106
Capex intangible fixed assets 0 0 0
Other current assets 18 18 19
Acquisitions and Disposals 0 0 0
Cash and liquid assets 38 83 138
Free cash flow 69 95 110
Total assets 762 798 843
Dividend paid -29 -34 -40
Shareholders equity 513 548 587
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -16 -16 -16
Total equity 513 548 587
Other non-cash items 6 0 0
Long-term debt 39 39 39
Pension debt 5 5 5
Convertible debt 0 0 0
Leasing liability 54 54 54
Total other long-term liabilities 20 20 20
Short-term debt 12 12 12
Accounts payable 50 50 53
Other current liabilities 69 70 73
Total liabilities and equity 762 798 843
Net IB debt 69 24 -31
Net IB debt excl. pension debt 64 19 -36
Net IB debt excl. leasing 15 -30 -85
Capital employed 623 658 697
Capital invested 582 572 556
Working capital 150 148 148
Market cap. diluted (m) 768 768 768
Net IB debt adj. 72 27 -28
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 840 794 740
Total assets turnover (%) 96 98,8 98,8
Working capital/sales (%) 19,7 19,3 18,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 13,5 4,3 -5,3
Net debt / market cap (%) 9 3,1 -4,1
Equity ratio (%) 67,3 68,7 69,6
Net IB debt adj. / equity (%) 14 4,8 -4,8
Current ratio 2,34 2,66 2,98
EBITDA/net interest 33,3 32,6 35,5
Net IB debt/EBITDA (x) 0,5 0,2 -0,2
Net IB debt/EBITDA lease adj. (x) 0,1 -0,2 -0,6
Interest coverage 13,9 26,4 29,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 2,95 3,07 3,46
Dividend per share 1,5 1,75 2
EPS adj. 2,95 3,07 3,46
BVPS 22,72 24,28 25,99
BVPS adj. 8,77 11,18 13,73
Net IB debt/share 3,19 1,17 -1,25
Share price 34 34 34
Market cap. (m) 768 768 768
P/E (x) 11,5 11,1 9,8
EV/sales (x) 1,1 1 0,9
EV/EBITDA (x) 6,3 5,7 4,9
EV/EBITA (x) 7,8 7 5,9
EV/EBIT (x) 9,4 8,4 7
Dividend yield (%) 4,4 5,1 5,9
FCF yield (%) 9 12,4 14,4
Le. adj. FCF yld. (%) 6,9 10,3 12,3
P/BVPS (x) 1,5 1,4 1,31
P/BVPS adj. (x) 3,8 2,99 2,45
P/E adj. (x) 11,5 11,1 9,8
EV/EBITDA adj. (x) 6,3 5,7 4,9
EV/EBITA adj. (x) 7,8 7 5,9
EV/EBIT adj. (x) 9,4 8,4 7
EV/CE (x) 1,3 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 2,9 2,8 1,8
Capex/depreciation 1,7 1,6 1
Capex tangibles / tangible fixed assets 25,3 22,6 15,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 14,6 14,4 15,2

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Media

Embellence Group - Company presentation with CEO Johan Andgren
Embellence Group - Company presentation with CEO Olle Svensk

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Main shareholders - Embellence Group

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 16.1 % 16.1 % 23 Dec 2025
JCE Group 12.4 % 12.4 % 23 Dec 2025
Ramhill AB 10.2 % 10.2 % 23 Dec 2025
Nordnet Pensionsförsäkring 8.5 % 8.5 % 23 Dec 2025
Avanza Pension 4.7 % 4.7 % 23 Dec 2025
Henrik Nyqvist 4.5 % 4.5 % 15 Jan 2025
FE Fonder 4.4 % 4.4 % 31 Jan 2026
Erik Åfors 3.4 % 3.4 % 23 Dec 2025
Schroders 3.0 % 3.0 % 31 Dec 2025
Jerker Adeberg Holding AB 2.4 % 2.4 % 23 Dec 2025
Source: Holdings by Modular Finance AB