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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 764 780,56 825,82
Sales growth (%) -1,7 2,2 5,8
EBITDA 133 137 152
EBITDA margin (%) 17,4 17,5 18,4
EBIT adj. 89 92 107
EBIT adj. margin (%) 11,6 11,8 12,9
Pretax profit 85 88 103
EPS 2,95 2,98 3,5
EPS growth (%) 16 1,2 17,2
EPS adj. 2,95 2,98 3,5
DPS N/A N/A N/A
Dividend per share 1,5 1,75 2
EV/EBITDA (x) 6,8 6,3 5,3
EV/EBIT adj. (x) 10,1 9,4 7,5
P/E (x) 12,44 12,3 10,49
P/E adj. (x) 12,4 12,3 10,5
EV/sales (x) 1,18 1,1 0,98
FCF yield (%) 8,3 11 13,2
Le. adj. FCF yld. (%) 6,4 9 11,2
Dividend yield (%) 4,1 4,8 5,4
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 764 780,56 825,82
COGS -294 -298 -313
Gross profit 470 482 513
Other operating items -337 -346 -361
EBITDA 133 137 152
Depreciation and amortisation -26 -26 -27
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -13 -13 -13
EBITA 107,5 110,2 124,88
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -19 -18 -18
EBIT 89 91,8 106,88
Net financial items -4 -4 -4
Pretax profit 85 88 103
Tax -18 -20 -24
Net profit 67 67 79
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 67 67 79
EPS 2,95 2,98 3,5
EPS adj. 2,95 2,98 3,5
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 17,5 18,4
EBITA margin (%) 14,1 14,1 15,1
EBIT margin (%) 11,6 11,8 12,9
Pre-tax margin (%) 11,1 11,2 12,4
Net margin (%) 8,7 8,6 9,6
Sales growth (%) -1,7 2,2 5,8
EBITDA growth (%) -3,8 2,8 11,3
EBITA growth (%) -4,1 2,5 13,3
EBIT growth (%) -3,9 3,1 16,4
Net profit growth (%) 16 1,2 17,2
EPS growth (%) 16 1,2 17,2
Profitability N/A N/A N/A
ROE (%) 12,7 12,7 14
ROE adj. (%) 16,2 16,2 17,1
ROCE (%) 14,2 14,3 15,8
ROCE adj. (%) 17,1 17,2 18,5
ROIC (%) 13,8 14,7 16,9
ROIC adj. (%) 13,8 14,7 16,9
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 133 137 152
EBITDA adj. margin (%) 17,4 17,5 18,4
EBITDA lease adj. 120 124 139
EBITDA lease adj. margin (%) 15,7 15,9 16,9
EBITA adj. 108 110 125
EBITA adj. margin (%) 14,1 14,1 15,1
EBIT adj. 89 92 107
EBIT adj. margin (%) 11,6 11,8 12,9
Pretax profit Adj. 104 106 121
Net profit Adj. 85 86 97
Net profit to shareholders adj. 85 86 97
Net adj. margin (%) 11,1 11 11,7
SEKm 2025 2026e 2027e
EBITDA 133 137 152
Goodwill 240 240 240
Net financial items -4 -4 -4
Other intangible assets 75 57 39
Paid tax -18 -20 -24
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 90 112 124
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 3 3 3
Change in working capital 1 0 0
Fixed assets 455 448 433
Operating cash flow 91 112 124
Inventories 140 143 151
Capex tangible fixed assets -22 -21 -15
Receivables 111 110 108
Capex intangible fixed assets 0 0 0
Other current assets 18 18 19
Acquisitions and Disposals 0 0 0
Cash and liquid assets 38 79 133
Free cash flow 69 91 109
Total assets 762 798 845
Dividend paid -29 -34 -40
Shareholders equity 513 547 586
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -16 -16 -16
Total equity 513 547 586
Other non-cash items N/A N/A N/A
Other changes in net debt 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 51 54
Other current liabilities 69 70 75
Total liabilities and equity 762 798 845
Net IB debt 69 28 -26
Net IB debt excl. pension debt 64 23 -31
Net IB debt excl. leasing 15 -26 -80
Capital employed 623 657 696
Capital invested 582 574 560
Working capital 150 150 150
Market cap. diluted (m) 829 829 829
Net IB debt adj. 72 31 -23
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 901 860 806
Total assets turnover (%) 96 100,1 100,5
Working capital/sales (%) 19,7 19,2 18,2
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 13,5 5,1 -4,4
Net debt / market cap (%) 8,3 3,4 -3,1
Equity ratio (%) 67,3 68,5 69,4
Net IB debt adj. / equity (%) 14 5,7 -3,9
Current ratio 2,34 2,62 2,93
EBITDA/net interest 33,3 31,9 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 25,7 29,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 2,95 2,98 3,5
Dividend per share 1,5 1,75 2
EPS adj. 2,95 2,98 3,5
BVPS 22,72 24,2 25,95
BVPS adj. 8,77 11,07 13,61
Net IB debt/share 3,19 1,37 -1,01
Share price 36,7 36,7 36,7
Market cap. (m) 829 829 829
P/E (x) 12,44 12,3 10,49
EV/sales (x) 1,18 1,1 0,98
EV/EBITDA (x) 6,8 6,3 5,3
EV/EBITA (x) 8,4 7,8 6,5
EV/EBIT (x) 10,1 9,4 7,5
Dividend yield (%) 4,1 4,8 5,4
FCF yield (%) 8,3 11 13,2
Le. adj. FCF yld. (%) 6,4 9 11,2
P/BVPS (x) 1,62 1,52 1,41
P/BVPS adj. (x) 4,1 3,26 2,66
P/E adj. (x) 12,4 12,3 10,5
EV/EBITDA adj. (x) 6,8 6,3 5,3
EV/EBITA adj. (x) 8,4 7,8 6,5
EV/EBIT adj. (x) 10,1 9,4 7,5
EV/CE (x) 1,4 1,3 1,2
Investment ratios N/A N/A N/A
Year 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 22,7 15,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 14,6 14,42 15,17

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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 16.6 % 16.6 % 27 Mar 2026
JCE Group 12.4 % 12.4 % 27 Mar 2026
Ramhill AB 10.2 % 10.2 % 27 Mar 2026
Nordnet Pensionsförsäkring 10.0 % 10.0 % 27 Mar 2026
Henrik Nyqvist 4.5 % 4.5 % 31 Dec 2025
FE Fonder 4.3 % 4.3 % 31 Mar 2026
Avanza Pension 4.0 % 4.0 % 27 Mar 2026
Erik Åfors 3.4 % 3.4 % 27 Mar 2026
Schroders 3.0 % 3.0 % 28 Feb 2026
Jerker Adeberg Holding AB 2.4 % 2.4 % 27 Mar 2026
Source: Holdings by Modular Finance AB