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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 764 784 829
Sales growth (%) -1,7 2,6 5,8
EBITDA 133 136 151
EBITDA margin (%) 17,4 17,4 18,3
EBIT adj. 89 91 105
EBIT adj. margin (%) 11,6 11,6 12,6
Pretax profit 85 86 101
EPS 2,83 2,87 3,34
EPS growth (%) 11,3 1,6 16,3
EPS adj. 2,83 2,87 3,34
DPS 1,5 1,75 2
EV/EBITDA (x) 6,6 6 5,1
EV/EBIT adj. (x) 9,8 9,1 7,3
P/E (x) 12 11,8 10,2
P/E adj. (x) 12 11,8 10,2
EV/sales (x) 1,14 1,05 0,92
FCF yield (%) 8,6 12,1 13,8
Le. adj. FCF yld. (%) 6,6 10,6 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) 0,2 -0,2 -0,6
SEKm 2025 2026e 2027e
Sales 764 784 829
COGS -294 -293 -308
Gross profit 470 490 521
Other operating items -337 -354 -370
EBITDA 133 136 151
Depreciation and amortisation -26 -28 -29
of which leasing depreciation -15 -14 -14
EBITA 108 108 123
EO Items 0 0 0
Impairment and PPA amortisation -19 -18 -18
EBIT 89 91 105
Net financial items -4 -5 -4
Pretax profit 85 86 101
Tax -18 -18 -22
Net profit 67 68 79
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 67 68 79
EPS 2,83 2,87 3,34
EPS adj. 2,83 2,87 3,34
Total extraordinary items after tax 0 0 0
Leasing payments -15 -14 -14
Tax rate (%) 21,6 21 22
Gross margin (%) 61,6 62,6 62,9
EBITDA margin (%) 17,4 17,4 18,3
EBITA margin (%) 14,1 13,8 14,8
EBIT margin (%) 11,6 11,6 12,6
Pre-tax margin (%) 11,1 10,9 12,2
Net margin (%) 8,7 8,6 9,5
Sales growth (%) -1,7 2,6 5,8
EBITDA growth (%) -3,8 2,6 11
EBITA growth (%) -4,1 0,9 13,3
EBIT growth (%) -3,9 1,9 15,6
Net profit growth (%) 16 1,6 16,3
EPS growth (%) 11,3 1,6 16,3
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 12,7 12,7 13,7
ROE adj. (%) 16,2 16 16,8
ROCE (%) 14,2 14,1 15,4
ROCE adj. (%) 17,1 16,9 18,1
ROIC (%) 13,8 14,8 16,9
ROIC adj. (%) 13,8 14,8 16,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 133 136 151
EBITDA adj. margin (%) 17,4 17,4 18,3
EBITDA lease adj. 118 122 137
EBITDA lease adj. margin (%) 15,5 15,6 16,6
EBITA adj. 108 108 123
EBITA adj. margin (%) 14,1 13,8 14,8
EBIT adj. 89 91 105
EBIT adj. margin (%) 11,6 11,6 12,6
Pretax profit Adj. 104 103 119
Net profit Adj. 85 85 97
Net profit to shareholders adj. 85 85 97
Net adj. margin (%) 11,1 10,9 11,7
SEKm 2025 2026e 2027e
EBITDA 133 136 151
Goodwill 240 240 240
Net financial items -4 -5 -4
Other intangible assets 75 65 47
Paid tax -18 -18 -22
Tangible fixed assets 87 96 96
Non-cash items -21 5 0
Right-of-use asset 50 47 45
Cash flow before change in WC 90 118 125
Total other fixed assets 3 3 3
Change in working capital 1 0 0
Fixed assets 455 449 430
Operating cash flow 91 118 125
Inventories 140 144 152
Capex tangible fixed assets -22 -21 -15
Receivables 111 110 109
Capex intangible fixed assets 0 0 0
Other current assets 18 18 20
Acquisitions and Disposals 0 0 0
Cash and liquid assets 38 81 138
Free cash flow 69 97 110
Total assets 762 803 848
Dividend paid -29 -35 -41
Shareholders equity 513 556 594
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -16 -12 -12
Total equity 513 556 594
Other non-cash items 6 -1 0
Long-term debt 39 36 36
Pension debt 5 5 5
Convertible debt 0 0 0
Leasing liability 54 52 52
Total other long-term liabilities 20 20 20
Short-term debt 12 12 12
Accounts payable 50 51 54
Other current liabilities 69 71 75
Total liabilities and equity 762 803 848
Net IB debt 69 21 -36
Net IB debt excl. pension debt 64 16 -41
Net IB debt excl. leasing 15 -31 -88
Capital employed 623 661 699
Capital invested 582 577 557
Working capital 150 150 151
Market cap. diluted (m) 800 800 800
Net IB debt adj. 72 24 -33
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 872 824 767
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 3,7 -6,1
Net debt / market cap (%) 8,6 2,6 -4,5
Equity ratio (%) 67,3 69,2 70
Net IB debt adj. / equity (%) 14 4,2 -5,6
Current ratio 2,34 2,64 2,96
EBITDA/net interest 33,3 27,2 37,6
Net IB debt/EBITDA (x) 0,5 0,2 -0,2
Net IB debt/EBITDA lease adj. (x) 0,2 -0,2 -0,6
Interest coverage 13,9 21,6 30,5
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,83 2,87 3,34
Dividend per share 1,5 1,75 2
EPS adj. 2,83 2,87 3,34
BVPS 21,79 23,64 25,23
BVPS adj. 8,41 10,71 13,07
Net IB debt/share 3,06 1 -1,42
Share price 34 34 34
Market cap. (m) 800 800 800
P/E (x) 12 11,8 10,2
EV/sales (x) 1,1 1,1 0,9
EV/EBITDA (x) 6,6 6 5,1
EV/EBITA (x) 8,1 7,6 6,2
EV/EBIT (x) 9,8 9,1 7,3
Dividend yield (%) 4,4 5,1 5,9
FCF yield (%) 8,6 12,1 13,8
Le. adj. FCF yld. (%) 6,6 10,6 12,3
P/BVPS (x) 1,56 1,44 1,35
P/BVPS adj. (x) 3,96 3,1 2,55
P/E adj. (x) 12 11,8 10,2
EV/EBITDA adj. (x) 6,6 6 5,1
EV/EBITA adj. (x) 8,1 7,6 6,2
EV/EBIT adj. (x) 9,8 9,1 7,3
EV/CE (x) 1,4 1,2 1,1
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 2,9 2,7 1,8
Capex/depreciation 2,1 1,5 1
Capex tangibles / tangible fixed assets 25,3 22,1 15,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 12,3 14,6 15,2

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

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Main shareholders - Embellence Group

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 16.6 % 16.6 % 29 Apr 2026
JCE Group 12.4 % 12.4 % 29 Apr 2026
Ramhill AB 10.2 % 10.2 % 29 Apr 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 May 2026
Avanza Pension 4.0 % 4.0 % 27 Mar 2026
Erik Åfors 3.4 % 3.4 % 29 Apr 2026
Provobis Holding AB 3.2 % 3.2 % 29 Apr 2026
Schroders 3.0 % 3.0 % 30 Apr 2026
Source: Holdings by Modular Finance AB