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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 777 778 815
Sales growth (%) 5 0,1 4,8
EBITDA 138 143 151
EBITDA margin (%) 17,8 18,4 18,5
EBIT adj. 93 98 104
EBIT adj. margin (%) 11,9 12,5 12,8
Pretax profit 72 94 98
EPS 2,54 3,22 3,35
EPS growth (%) 46,1 26,7 4,1
EPS adj. 2,54 3,22 3,35
DPS 1,25 1,5 1,75
EV/EBITDA (x) 6,7 6,1 5,4
EV/EBIT adj. (x) 10 9 7,8
P/E (x) 14,3 11,3 10,8
P/E adj. (x) 14,3 11,3 10,8
EV/sales (x) 1,19 1,13 1
FCF yield (%) 12 10,6 13,3
Le. adj. FCF yld. (%) 10,2 8,7 11,3
Dividend yield (%) 3,4 4,1 4,8
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 777 778 815
COGS -311 -303 -320
Gross profit 466 475 496
Other operating items -328 -332 -345
EBITDA 138 143 151
Depreciation and amortisation -26 -25 -26
of which leasing depreciation -13 -13 -13
EBITA 112 118 124
EO Items 0 0 0
Impairment and PPA amortisation -20 -20 -20
EBIT 93 98 104
Net financial items -21 -4 -6
Pretax profit 72 94 98
Tax -14 -21 -23
Net profit 57 73 76
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 57 73 76
EPS 2,54 3,22 3,35
EPS adj. 2,54 3,22 3,35
Total extraordinary items after tax 0 0 0
Leasing payments -13 -13 -13
Tax rate (%) 19,9 22,5 23
Gross margin (%) 60 61 60,8
EBITDA margin (%) 17,8 18,4 18,5
EBITA margin (%) 14,4 15,1 15,3
EBIT margin (%) 11,9 12,5 12,8
Pre-tax margin (%) 9,2 12,1 12,1
Net margin (%) 7,4 9,3 9,3
Sales growth (%) 5 0,1 4,8
EBITDA growth (%) 16,5 3,5 5,6
EBITA growth (%) 21,8 4,8 6
EBIT growth (%) 32,3 5,3 7,2
Net profit growth (%) 46,1 26,7 4,1
EPS growth (%) 46,1 26,7 4,1
Profitability N/A N/A N/A
ROE (%) 12 13,4 13,4
ROE adj. (%) 16,1 17,1 16,9
ROCE (%) 13,7 14,8 14,8
ROCE adj. (%) 16,6 17,8 17,7
ROIC (%) 14,2 14,7 16,2
ROIC adj. (%) 14,2 14,7 16,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 138 143 151
EBITDA adj. margin (%) 17,8 18,4 18,5
EBITDA lease adj. 125 130 138
EBITDA lease adj. margin (%) 16,1 16,7 16,9
EBITA adj. 112 118 124
EBITA adj. margin (%) 14,4 15,1 15,3
EBIT adj. 93 98 104
EBIT adj. margin (%) 11,9 12,5 12,8
Pretax profit Adj. 91 114 118
Net profit Adj. 77 93 96
Net profit to shareholders adj. 77 93 96
Net adj. margin (%) 9,9 11,9 11,7
SEKm 2024 2025e 2026e
EBITDA 138 143 151
Goodwill 240 240 240
Net financial items -21 -4 -6
Other intangible assets 127 85 65
Tangible fixed assets 80 85 86
Paid tax -14 -21 -23
Right-of-use asset 59 56 60
Non-cash items 14 -12 0
Total other fixed assets 3 3 3
Cash flow before change in WC 117 106 122
Fixed assets 509 469 453
Change in working capital -5 0 1
Inventories 147 147 154
Operating cash flow 112 106 123
Receivables 109 105 102
Capex tangible fixed assets -14 -19 -14
Other current assets 24 23 24
Capex intangible fixed assets 0 0 0
Cash and liquid assets 41 80 139
Acquisitions and Disposals 0 0 0
Total assets 830 825 873
Free cash flow 99 87 109
Shareholders equity 538 546 587
Dividend paid 0 -28 -34
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 538 546 587
Leasing liability amortisation -15 -16 -16
Long-term debt 27 27 27
Other non-cash items 22 4 0
Pension debt 7 6 6
Convertible debt 0 0 0
Leasing liability 63 59 59
Total other long-term liabilities 17 17 17
Short-term debt 49 46 46
Accounts payable 59 54 57
Other current liabilities 70 70 73
Total liabilities and equity 830 825 873
Net IB debt 102 55 -4
Net IB debt excl. pension debt 95 49 -10
Net IB debt excl. leasing 39 -4 -63
Capital employed 684 684 725
Capital invested 640 600 583
Working capital 151 151 150
Market cap. diluted (m) 820 820 820
Net IB debt adj. 105 58 -1
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 925 878 819
Total assets turnover (%) 95,3 94 96
Working capital/sales (%) 19,1 19,4 18,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 19 10,1 -0,7
Net debt / market cap (%) 12,4 6,7 -0,5
Equity ratio (%) 64,8 66,1 67,3
Net IB debt adj. / equity (%) 19,5 10,6 -0,2
Current ratio 1,8 2,09 2,38
EBITDA/net interest 6,6 39,7 24,6
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 20,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 2,54 3,22 3,35
Dividend per share 1,25 1,5 1,75
EPS adj. 2,54 3,22 3,35
BVPS 23,82 24,16 26,01
BVPS adj. 7,57 9,76 12,5
Net IB debt/share 4,65 2,57 -0,04
Share price 36,3 36,3 36,3
Market cap. (m) 820 820 820
P/E (x) 14,3 11,3 10,8
EV/sales (x) 1,19 1,13 1
EV/EBITDA (x) 6,7 6,1 5,4
EV/EBITA (x) 8,2 7,5 6,6
EV/EBIT (x) 10 9 7,8
Dividend yield (%) 3,4 4,1 4,8
FCF yield (%) 12 10,6 13,3
Le. adj. FCF yld. (%) 10,2 8,7 11,3
P/BVPS (x) 1,52 1,5 1,4
P/BVPS adj. (x) 4,66 3,65 2,86
P/E adj. (x) 14,3 11,3 10,8
EV/EBITDA adj. (x) 6,7 6,1 5,4
EV/EBITA adj. (x) 8,2 7,5 6,6
EV/EBIT adj. (x) 10 9 7,8
EV/CE (x) 1,4 1,3 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 2,4 1,8
Capex/depreciation 1 1,5 1,1
Capex tangibles / tangible fixed assets 17,1 22,2 16,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 16,63 14,91 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 % 27 Mar 2025
JCE Group 12.4 % 12.4 % 27 Mar 2025
Ramhill AB 10.2 % 10.2 % 27 Mar 2025
Nordnet Pensionsförsäkring 6.0 % 6.0 % 27 Mar 2025
Henrik Nyqvist 4.5 % 4.5 % 15 Jan 2025
FE Fonder 4.2 % 4.2 % 30 Apr 2025
Avanza Pension 4.0 % 4.0 % 27 Mar 2025
Erik Åfors 3.4 % 3.4 % 27 Mar 2025
Schroders 3.0 % 3.0 % 31 Mar 2025
Jerker Adeberg Holding AB 2.4 % 2.4 % 27 Mar 2025
Source: Holdings by Modular Finance AB