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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 762 794 837
Sales growth (%) -2 4,2 5,4
EBITDA 133 147 160
EBITDA margin (%) 17,4 18,5 19,1
EBIT adj. 88 100 113
EBIT adj. margin (%) 11,6 12,6 13,5
Pretax profit 84 95 108
EPS 2,84 3,25 3,69
EPS growth (%) 11,7 14,6 13,5
EPS adj. 2,84 3,25 3,69
DPS 1,5 1,75 2
EV/EBITDA (x) 7,1 6 5,2
EV/EBIT adj. (x) 10,7 8,8 7,3
P/E (x) 13,6 11,9 10,5
P/E adj. (x) 13,6 11,9 10,5
EV/sales (x) 1,24 1,12 0,99
FCF yield (%) 8,3 12,3 13,2
Le. adj. FCF yld. (%) 6,5 10,5 11,4
Dividend yield (%) 3,9 4,5 5,2
Net IB debt/EBITDA (x) 0,5 0,1 -0,3
Le. adj. ND/EBITDA (x) 0,1 -0,3 -0,7
SEKm 2025 2026e 2027e
Sales 762 794 837
COGS -295 -306 -320
Gross profit 467 488 517
Other operating items -334 -342 -358
EBITDA 133 147 160
Depreciation and amortisation -26 -26 -26
of which leasing depreciation -13 -13 -13
EBITA 107 120 133
EO Items 0 0 0
Impairment and PPA amortisation -19 -20 -20
EBIT 88 100 113
Net financial items -4 -5 -5
Pretax profit 84 95 108
Tax -20 -22 -25
Net profit 64 73 83
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 64 73 83
EPS 2,84 3,25 3,69
EPS adj. 2,84 3,25 3,69
Total extraordinary items after tax 0 0 0
Leasing payments -13 -13 -13
Tax rate (%) 23,5 23 23
Gross margin (%) 61,3 61,5 61,8
EBITDA margin (%) 17,4 18,5 19,1
EBITA margin (%) 14,1 15,2 15,9
EBIT margin (%) 11,6 12,6 13,5
Pre-tax margin (%) 11 12 12,9
Net margin (%) 8,4 9,3 10
Sales growth (%) -2 4,2 5,4
EBITDA growth (%) -3,9 10,4 8,8
EBITA growth (%) -4,4 12,4 10,7
EBIT growth (%) -4,6 13,7 12,8
Net profit growth (%) 11,7 14,6 13,5
EPS growth (%) 11,7 14,6 13,5
Profitability N/A N/A N/A
ROE (%) 12,1 13,6 14,3
ROE adj. (%) 15,7 17,3 17,8
ROCE (%) 13,9 15,2 16,1
ROCE adj. (%) 16,8 18,2 18,9
ROIC (%) 13,3 16 18,2
ROIC adj. (%) 13,3 16 18,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 133 147 160
EBITDA adj. margin (%) 17,4 18,5 19,1
EBITDA lease adj. 120 134 147
EBITDA lease adj. margin (%) 15,8 16,9 17,5
EBITA adj. 107 120 133
EBITA adj. margin (%) 14,1 15,2 15,9
EBIT adj. 88 100 113
EBIT adj. margin (%) 11,6 12,6 13,5
Pretax profit Adj. 103 115 128
Net profit Adj. 83 93 103
Net profit to shareholders adj. 83 93 103
Net adj. margin (%) 10,9 11,8 12,3
SEKm 2025 2026e 2027e
EBITDA 133 147 160
Goodwill 240 240 240
Net financial items -4 -5 -5
Other intangible assets 82 62 42
Paid tax -20 -22 -25
Tangible fixed assets 84 85 86
Non-cash items -22 0 0
Right-of-use asset 52 55 58
Cash flow before change in WC 87 120 130
Total other fixed assets 3 3 3
Change in working capital 3 2 0
Fixed assets 461 445 429
Operating cash flow 90 121 130
Inventories 144 150 158
Capex tangible fixed assets -18 -14 -15
Receivables 103 99 96
Capex intangible fixed assets 0 0 0
Other current assets 23 24 25
Acquisitions and Disposals 0 0 0
Cash and liquid assets 50 107 167
Free cash flow 73 107 115
Total assets 780 825 876
Dividend paid -29 -34 -40
Shareholders equity 521 560 604
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -16 -16 -16
Total equity 521 560 604
Other non-cash items 6 0 0
Long-term debt 42 42 42
Pension debt 6 6 6
Convertible debt 0 0 0
Leasing liability 57 57 57
Total other long-term liabilities 16 16 16
Short-term debt 17 17 17
Accounts payable 53 56 59
Other current liabilities 69 72 75
Total liabilities and equity 780 825 876
Net IB debt 69 12 -48
Net IB debt excl. pension debt 63 6 -54
Net IB debt excl. leasing 12 -45 -105
Capital employed 643 682 726
Capital invested 590 572 556
Working capital 148 146 146
Market cap. diluted (m) 872 872 872
Net IB debt adj. 72 15 -45
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 944 887 827
Total assets turnover (%) 94,6 98,9 98,4
Working capital/sales (%) 19,6 18,5 17,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 13,3 2,1 -8
Net debt / market cap (%) 8 1,4 -5,5
Equity ratio (%) 66,7 67,9 68,9
Net IB debt adj. / equity (%) 13,9 2,7 -7,5
Current ratio 2,3 2,64 2,96
EBITDA/net interest 29,9 29,6 32,2
Net IB debt/EBITDA (x) 0,5 0,1 -0,3
Net IB debt/EBITDA lease adj. (x) 0,1 -0,3 -0,7
Interest coverage 13,2 24,3 26,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 2,84 3,25 3,69
Dividend per share 1,5 1,75 2
EPS adj. 2,84 3,25 3,69
BVPS 23,05 24,8 26,75
BVPS adj. 8,79 11,43 14,26
Net IB debt/share 3,21 0,66 -2
Share price 38,6 38,6 38,6
Market cap. (m) 872 872 872
P/E (x) 13,6 11,9 10,5
EV/sales (x) 1,2 1,1 1
EV/EBITDA (x) 7,1 6 5,2
EV/EBITA (x) 8,8 7,4 6,2
EV/EBIT (x) 10,7 8,8 7,3
Dividend yield (%) 3,9 4,5 5,2
FCF yield (%) 8,3 12,3 13,2
Le. adj. FCF yld. (%) 6,5 10,5 11,4
P/BVPS (x) 1,67 1,56 1,44
P/BVPS adj. (x) 4,24 3,29 2,65
P/E adj. (x) 13,6 11,9 10,5
EV/EBITDA adj. (x) 7,1 6 5,2
EV/EBITA adj. (x) 8,8 7,4 6,2
EV/EBIT adj. (x) 10,7 8,8 7,3
EV/CE (x) 1,5 1,3 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 2,3 1,8 1,8
Capex/depreciation 1,4 1 1,1
Capex tangibles / tangible fixed assets 20,9 16,6 17,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 15,3 15,9 15,9

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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 Dec 2025
Erik Åfors 3.4 % 3.4 % 23 Dec 2025
Schroders 3.0 % 3.0 % 23 Dec 2025
Jerker Adeberg Holding AB 2.4 % 2.4 % 23 Dec 2025
Source: Holdings by Modular Finance AB