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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 777 775 809
Sales growth (%) 5 -0,3 4,4
EBITDA 138 142 150
EBITDA margin (%) 17,8 18,3 18,6
EBIT adj. 93 97 104
EBIT adj. margin (%) 11,9 12,5 12,8
Pretax profit 72 94 99
EPS 2,54 3,19 3,39
EPS growth (%) 46,1 25,4 6,4
EPS adj. 2,54 3,19 3,39
DPS 1,25 1,5 1,75
EV/EBITDA (x) 6,8 6,4 5,6
EV/EBIT adj. (x) 10,2 9,3 8,1
P/E (x) 14,6 11,6 10,9
P/E adj. (x) 14,6 11,6 10,9
EV/sales (x) 1,21 1,16 1,04
FCF yield (%) 11,8 9,8 13,2
Le. adj. FCF yld. (%) 10 7,9 11,3
Dividend yield (%) 3,4 4,1 4,7
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 777 775 809
COGS -311 -299 -314
Gross profit 466 476 495
Other operating items -328 -334 -345
EBITDA 138 142 150
Depreciation and amortisation -26 -26 -26
of which leasing depreciation -13 -13 -13
EBITA 112 116 124
EO Items 0 0 0
Impairment and PPA amortisation -20 -19 -20
EBIT 93 97 104
Net financial items -21 -3 -4
Pretax profit 72 94 99
Tax -14 -22 -23
Net profit 57 72 77
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 57 72 77
EPS 2,54 3,19 3,39
EPS adj. 2,54 3,19 3,39
Total extraordinary items after tax 0 0 0
Leasing payments -13 -13 -13
Tax rate (%) 19,9 23,2 23
Gross margin (%) 60 61,4 61,2
EBITDA margin (%) 17,8 18,3 18,6
EBITA margin (%) 14,4 15 15,3
EBIT margin (%) 11,9 12,5 12,8
Pre-tax margin (%) 9,2 12,1 12,3
Net margin (%) 7,4 9,3 9,5
Sales growth (%) 5 -0,3 4,4
EBITDA growth (%) 16,5 2,7 5,9
EBITA growth (%) 21,8 3,7 6,5
EBIT growth (%) 32,3 4,6 7,2
Net profit growth (%) 46,1 25,4 6,4
EPS growth (%) 46,1 25,4 6,4
Profitability N/A N/A N/A
ROE (%) 12 13,4 13,8
ROE adj. (%) 16,1 17 17,4
ROCE (%) 13,7 15,1 15,4
ROCE adj. (%) 16,6 18 18,4
ROIC (%) 14,2 14,4 16,2
ROIC adj. (%) 14,2 14,4 16,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 138 142 150
EBITDA adj. margin (%) 17,8 18,3 18,6
EBITDA lease adj. 125 129 137
EBITDA lease adj. margin (%) 16,1 16,7 17
EBITA adj. 112 116 124
EBITA adj. margin (%) 14,4 15 15,3
EBIT adj. 93 97 104
EBIT adj. margin (%) 11,9 12,5 12,8
Pretax profit Adj. 91 113 119
Net profit Adj. 77 91 97
Net profit to shareholders adj. 77 91 97
Net adj. margin (%) 9,9 11,8 11,9
SEKm 2024 2025e 2026e
EBITDA 138 142 150
Goodwill 240 240 240
Net financial items -21 -3 -4
Other intangible assets 127 83 63
Paid tax -14 -22 -23
Tangible fixed assets 80 85 85
Non-cash items 14 -17 0
Right-of-use asset 59 57 60
Cash flow before change in WC 117 100 123
Total other fixed assets 3 3 3
Change in working capital -5 1 1
Fixed assets 509 467 451
Operating cash flow 112 100 124
Inventories 147 147 153
Capex tangible fixed assets -14 -18 -14
Receivables 109 105 101
Capex intangible fixed assets 0 0 0
Other current assets 24 23 24
Acquisitions and Disposals 0 0 0
Cash and liquid assets 41 53 113
Free cash flow 99 82 110
Total assets 830 795 843
Dividend paid 0 -29 -34
Shareholders equity 538 535 577
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -16 -16
Total equity 538 535 577
Other non-cash items 22 2 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 8 8
Accounts payable 59 54 57
Other current liabilities 70 70 73
Total liabilities and equity 830 795 843
Net IB debt 102 63 3
Net IB debt excl. pension debt 95 57 -3
Net IB debt excl. leasing 39 3 -57
Capital employed 684 654 696
Capital invested 640 598 580
Working capital 151 150 149
Market cap. diluted (m) 836 836 836
Net IB debt adj. 105 66 6
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 941 902 841
Total assets turnover (%) 95,3 95,4 98,8
Working capital/sales (%) 19,1 19,4 18,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 19 11,8 0,5
Net debt / market cap (%) 12,2 7,5 0,3
Equity ratio (%) 64,8 67,3 68,5
Net IB debt adj. / equity (%) 19,5 12,3 1
Current ratio 1,8 2,48 2,85
EBITDA/net interest 6,6 44,8 33,8
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 16,8 27,8
SEKm 2024 2025e 2026e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 2,54 3,19 3,39
Dividend per share 1,25 1,5 1,75
EPS adj. 2,54 3,19 3,39
BVPS 23,82 23,67 25,57
BVPS adj. 7,57 9,37 12,15
Net IB debt/share 4,65 2,92 0,26
Share price 37 37 37
Market cap. (m) 836 836 836
P/E (x) 14,6 11,6 10,9
EV/sales (x) 1,2 1,2 1
EV/EBITDA (x) 6,8 6,4 5,6
EV/EBITA (x) 8,4 7,8 6,8
EV/EBIT (x) 10,2 9,3 8,1
Dividend yield (%) 3,4 4,1 4,7
FCF yield (%) 11,8 9,8 13,2
Le. adj. FCF yld. (%) 10 7,9 11,3
P/BVPS (x) 1,55 1,56 1,45
P/BVPS adj. (x) 4,75 3,84 2,98
P/E adj. (x) 14,6 11,6 10,9
EV/EBITDA adj. (x) 6,8 6,4 5,6
EV/EBITA adj. (x) 8,4 7,8 6,8
EV/EBIT adj. (x) 10,2 9,3 8,1
EV/CE (x) 1,4 1,4 1,2
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 21,6 16,8
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 Sep 2025
Avanza Pension 4.2 % 4.2 % 26 Jun 2025
Erik Åfors 3.4 % 3.4 % 26 Jun 2025
Schroders 3.0 % 3.0 % 31 Aug 2025
Jerker Adeberg Holding AB 2.4 % 2.4 % 26 Jun 2025
Source: Holdings by Modular Finance AB