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Svedbergs Group

Svedbergs Group

Svedbergs Group is a premium bathroom manufacturer with a Nordic market share of 7%. The company supplies bathroom furnishings through its subsidiaries Svedbergs, Macro Design, Cassoe, Thebalux, UBC Group and Roper Rhodes. The group’s strategy is to gain market share through both organic and acquisition-driven growth. Svedbergs aims to achieve annual revenue growth of 10% (including M&A) and an EBITA margin of at least 15%.

Sustainability information

M&A activities can be a risk to the company. With the ambitious EBITA margin target of 15%, we expect the criterion for acquisitions to be rather strict. With the M&A focus in place, this can lead to 1) high acquisition multiples 2) a price focus leading to a lower quality acquisition or 3) resources spent on M&A processes that ends up leading nowhere. Further, the company is exposed to FX and raw material prices, which have short-term effects on margins.

SEKm 2025 2026e 2027e
Sales 2252,6 2460,95 2755,59
Sales growth (%) 3,2 9,2 12
EBITDA 416 432 507
EBITDA margin (%) 18,4 17,5 18,4
EBIT adj. 329 352 416
EBIT adj. margin (%) 14,6 14,3 15,1
Pretax profit 283 298 378
EPS 4,07 4,23 5,39
EPS growth (%) 28,2 4 27,6
EPS adj. 4,34 4,61 5,65
DPS N/A N/A N/A
Dividend per share 2 2 2,25
EV/EBITDA (x) 9,9 10,1 8,2
EV/EBIT adj. (x) 12,5 12,3 10
P/E (x) 15,4 14,81 11,6
P/E adj. (x) 14,4 13,6 11,1
EV/sales (x) 1,83 1,76 1,51
FCF yield (%) 5,4 0,1 10,2
Le. adj. FCF yld. (%) 4,5 -0,7 9,3
Dividend yield (%) 3,2 3,2 3,6
Net IB debt/EBITDA (x) 1,9 2,4 1,6
Le. adj. ND/EBITDA (x) 0,9 1,4 0,8
SEKm 2025 2026e 2027e
Sales 2252,6 2460,95 2755,59
COGS -1191 -1282 -1445
Gross profit 1062 1179 1311
Other operating items -647 -747 -804
EBITDA 416 432 507
Depreciation and amortisation -72 -75 -77
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -32 -32 -32
EBITA 343,6 357,09 429,99
EO Items N/A N/A N/A
Operating EO items 0 -9 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -14 -14 -14
EBIT 329,3 343,49 416,39
Net financial items -47 -46 -38
Pretax profit 283 298 378
Tax -67 -73 -91
Net profit 216 225 287
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 216 225 287
EPS 4,07 4,23 5,39
EPS adj. 4,34 4,61 5,65
Total extraordinary items after tax 0 -9 0
Leasing payments -32 -32 -32
Tax rate (%) 23,6 24,5 24
Gross margin (%) 47,1 47,9 47,6
EBITDA margin (%) 18,4 17,5 18,4
EBITA margin (%) 15,3 14,5 15,6
EBIT margin (%) 14,6 14 15,1
Pre-tax margin (%) 12,5 12,1 13,7
Net margin (%) 9,6 9,1 10,4
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 3,2 9,2 12
EBITDA growth (%) 11 3,9 17,3
EBITA growth (%) 10,2 3,9 20,4
EBIT growth (%) 11,2 4,3 21,2
Net profit growth (%) 28,5 4,1 27,9
EPS growth (%) 28,2 4 27,6
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 13,8 13,5 15,8
ROE adj. (%) 14,7 14,9 16,6
ROCE (%) 12,9 12,7 14,7
ROCE adj. (%) 13,5 13,5 15,2
ROIC (%) 11,1 10,5 12
ROIC adj. (%) 11,1 10,7 12
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 416 441 507
EBITDA adj. margin (%) 18,4 17,9 18,4
EBITDA lease adj. 384 409 475
EBITDA lease adj. margin (%) 17 16,6 17,2
EBITA adj. 344 366 430
EBITA adj. margin (%) 15,3 14,9 15,6
EBIT adj. 329 352 416
EBIT adj. margin (%) 14,6 14,3 15,1
Pretax profit Adj. 297 320 392
Net profit Adj. 230 247 301
Net profit to shareholders adj. 230 247 301
Net adj. margin (%) 10,2 10 10,9
SEKm 2025 2026e 2027e
EBITDA 416 432 507
Goodwill 819 1072 1072
Net financial items -47 -46 -38
Other intangible assets 511 514 500
Paid tax -67 -73 -91
Tangible fixed assets 856 883 871
Non-cash items -23 91 0
Right-of-use asset 0 0 0
Cash flow before change in WC 279 404 378
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 0 0 0
Change in working capital 124 -47 -4
Fixed assets 2187 2469 2443
Operating cash flow 403 357 374
Inventories 541 615 634
Capex tangible fixed assets -27 -81 -32
Receivables 298 320 358
Capex intangible fixed assets -9 -4 0
Other current assets 42 50 57
Acquisitions and Disposals -188 -268 0
Cash and liquid assets 162 107 110
Free cash flow 178 5 341
Total assets 3230 3562 3602
Dividend paid -80 -106 -106
Shareholders equity 1605 1724 1905
Share issues and buybacks 3 10 0
Minority 0 0 0
Leasing liability amortisation -29 -27 -32
Total equity 1605 1724 1905
Other non-cash items N/A N/A N/A
Other changes in net debt -101 -92 0
Long-term debt 445 630 430
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 471 424 424
Total other long-term liabilities 192 193 193
Short-term debt 51 69 69
Accounts payable 220 240 269
Other current liabilities 246 283 313
Total liabilities and equity 3230 3562 3602
Net IB debt 805 1015 812
Net IB debt excl. pension debt 805 1015 812
Net IB debt excl. leasing 334 591 388
Capital employed 2572 2846 2827
Capital invested 2410 2739 2717
Working capital 415 462 467
Market cap. diluted (m) 3324 3328 3336
Net IB debt adj. 805 1015 812
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 4129 4343 4148
Total assets turnover (%) 70,9 72,5 76,9
Working capital/sales (%) 21,2 17,8 16,9
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 50,2 58,9 42,6
Net debt / market cap (%) 24,2 30,5 24,3
Equity ratio (%) 49,7 48,4 52,9
Net IB debt adj. / equity (%) 50,2 58,9 42,6
Current ratio 2,02 1,85 1,78
EBITDA/net interest 8,9 9,4 13,3
Net IB debt/EBITDA (x) 1,9 2,4 1,6
Net IB debt/EBITDA lease adj. (x) 0,9 1,4 0,8
Interest coverage 7,4 7,8 11,3
SEKm 2025 2026e 2027e
Shares outstanding adj. 53 53 53
Diluted shares adj. 53 53 53
EPS 4,07 4,23 5,39
Dividend per share 2 2 2,25
EPS adj. 4,34 4,61 5,65
BVPS 30,22 32,42 35,74
BVPS adj. 5,17 2,59 6,24
Net IB debt/share 15,16 19,1 15,24
Share price 62,6 62,6 62,6
Market cap. (m) 3324 3328 3336
Valuation N/A N/A N/A
P/E (x) 15,4 14,81 11,6
EV/sales (x) 1,83 1,76 1,51
EV/EBITDA (x) 9,9 10,1 8,2
EV/EBITA (x) 12 12,2 9,6
EV/EBIT (x) 12,5 12,6 10
Dividend yield (%) 3,2 3,2 3,6
FCF yield (%) 5,4 0,1 10,2
Le. adj. FCF yld. (%) 4,5 -0,7 9,3
P/BVPS (x) 2,07 1,93 1,75
P/BVPS adj. (x) 12,11 24,18 10,04
P/E adj. (x) 14,4 13,6 11,1
EV/EBITDA adj. (x) 9,9 9,9 8,2
EV/EBITA adj. (x) 12 11,9 9,6
EV/EBIT adj. (x) 12,5 12,3 10
EV/CE (x) 1,6 1,5 1,5
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,6 -3,4 -1,2
Capex/depreciation 0,9 2 0,7
Capex tangibles / tangible fixed assets 3,1 9,1 3,7
Capex intangibles / definite intangibles 1,8 0,8 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 4,68 4,86 5,15

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Media

Svedbergs Group - Company presentation with CEO Per-Arne Andersson
Svedbergs Group - Company presentation with CEO Per-Arne Andersson

Main shareholders - Svedbergs Group

Main shareholders Share capital % Voting shares % Verified
Stena 43.3 % 43.3 % 29 Jul 2026
Nordea Funds 14.8 % 14.8 % 29 Jul 2026
If Skadeförsäkring AB 11.4 % 11.4 % 29 Jul 2026
Handelsbanken Fonder 2.8 % 2.8 % 29 Jul 2026
Avanza Pension 2.4 % 2.4 % 29 Jul 2026
Nordnet Pensionsförsäkring 1.2 % 1.2 % 29 Jul 2026
Sune Svedberg 0.9 % 0.9 % 29 Jul 2026
Nordea Funds (Lux) 0.7 % 0.7 % 30 Jun 2026
Kavaljer Fonder 0.7 % 0.7 % 29 Jul 2026
SEB Funds 0.6 % 0.6 % 30 Jun 2026
Source: Holdings by Modular Finance AB