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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 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 2024 2025e 2026e
Sales 2183 2216 2270
Sales growth (%) 19,7 1,5 2,5
EBITDA 374 405 436
EBITDA margin (%) 17,1 18,3 19,2
EBIT adj. 297 318 347
EBIT adj. margin (%) 13,6 14,4 15,3
Pretax profit 229 270 317
EPS 3,17 3,78 4,49
EPS growth (%) -5,9 19,2 18,9
EPS adj. 3,47 4,05 4,76
DPS 1,5 1,75 2
EV/EBITDA (x) 9,9 8,6 7,6
EV/EBIT adj. (x) 12,5 10,9 9,5
P/E (x) 17,5 14,7 12,4
P/E adj. (x) 16 13,7 11,7
EV/sales (x) 1,7 1,57 1,45
FCF yield (%) 4,4 3,3 9,5
Le. adj. FCF yld. (%) 3,6 2,4 8,7
Dividend yield (%) 2,7 3,1 3,6
Net IB debt/EBITDA (x) 2,1 1,3 0,8
Le. adj. ND/EBITDA (x) 1,9 1,2 0,6
SEKm 2024 2025e 2026e
Sales 2183 2216 2270
COGS -1188 -1166 -1188
Gross profit 996 1050 1082
Other operating items -621 -645 -646
EBITDA 374 405 436
Depreciation and amortisation -62 -72 -75
of which leasing depreciation -24 -24 -24
EBITA 312 333 361
EO Items 0 0 0
Impairment and PPA amortisation -16 -14 -14
EBIT 296 318 347
Net financial items -67 -49 -30
Pretax profit 229 270 317
Tax -61 -69 -79
Net profit 168 200 238
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 168 200 238
EPS 3,17 3,78 4,49
EPS adj. 3,47 4,05 4,76
Total extraordinary items after tax 0 0 0
Leasing payments -24 -24 -24
Tax rate (%) 26,6 25,7 25
Gross margin (%) 45,6 47,4 47,7
EBITDA margin (%) 17,1 18,3 19,2
EBITA margin (%) 14,3 15 15,9
EBIT margin (%) 13,6 14,4 15,3
Pre-tax margin (%) 10,5 12,2 14
Net margin (%) 7,7 9 10,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 19,7 1,5 2,5
EBITDA growth (%) 36,7 8,3 7,5
EBITA growth (%) 40,7 6,7 8,5
EBIT growth (%) 40,7 7,5 9
Net profit growth (%) 41,2 19,2 18,9
EPS growth (%) -5,9 19,2 18,9
Profitability N/A N/A N/A
ROE (%) 13,4 12,9 14,4
ROE adj. (%) 14,7 13,8 15,3
ROCE (%) 12,2 13,4 15,7
ROCE adj. (%) 12,9 14 16,3
ROIC (%) 10,4 11,2 12,9
ROIC adj. (%) 10,4 11,2 12,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 375 405 436
EBITDA adj. margin (%) 17,2 18,3 19,2
EBITDA lease adj. 351 381 412
EBITDA lease adj. margin (%) 16,1 17,2 18,1
EBITA adj. 312 333 361
EBITA adj. margin (%) 14,3 15 15,9
EBIT adj. 297 318 347
EBIT adj. margin (%) 13,6 14,4 15,3
Pretax profit Adj. 245 284 331
Net profit Adj. 184 215 252
Net profit to shareholders adj. 184 215 252
Net adj. margin (%) 8,4 9,7 11,1
SEKm 2024 2025e 2026e
EBITDA 374 405 436
Goodwill 886 849 849
Net financial items -67 -49 -30
Other intangible assets 559 533 528
Paid tax -61 -69 -79
Tangible fixed assets 515 469 445
Non-cash items 50 -42 0
Right-of-use asset 0 0 0
Cash flow before change in WC 296 245 327
Total other fixed assets 0 0 0
Change in working capital -107 78 11
Fixed assets 1959 1850 1822
Operating cash flow 189 323 338
Inventories 559 510 499
Capex tangible fixed assets -24 -30 -27
Receivables 295 299 306
Capex intangible fixed assets -7 -7 -9
Other current assets 73 51 53
Acquisitions and Disposals -30 -188 -23
Cash and liquid assets 236 106 119
Free cash flow 128 97 279
Total assets 3121 2817 2799
Dividend paid -53 -79 -93
Shareholders equity 1530 1579 1725
Share issues and buybacks 394 0 0
Minority 0 0 0
Leasing liability amortisation -23 -27 -24
Total equity 1530 1579 1725
Other non-cash items -118 246 23
Long-term debt 651 500 350
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 90 90 90
Total other long-term liabilities 199 192 192
Short-term debt 265 56 34
Accounts payable 183 188 193
Other current liabilities 205 211 216
Total liabilities and equity 3121 2817 2799
Net IB debt 769 539 354
Net IB debt excl. pension debt 769 539 354
Net IB debt excl. leasing 680 450 265
Capital employed 2534 2225 2198
Capital invested 2299 2119 2079
Working capital 539 461 449
Market cap. diluted (m) 2946 2946 2946
Net IB debt adj. 769 539 354
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 3715 3486 3300
Total assets turnover (%) 72,3 74,6 80,8
Working capital/sales (%) 22,2 22,6 20
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 50,3 34,2 20,5
Net debt / market cap (%) 26,1 18,3 12
Equity ratio (%) 49 56,1 61,6
Net IB debt adj. / equity (%) 50,3 34,2 20,5
Current ratio 1,78 2,12 2,21
EBITDA/net interest 5,6 8,3 14,7
Net IB debt/EBITDA (x) 2,1 1,3 0,8
Net IB debt/EBITDA lease adj. (x) 1,9 1,2 0,6
Interest coverage 4,6 6,8 12,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 53 53 53
Diluted shares adj. 53 53 53
EPS 3,17 3,78 4,49
Dividend per share 1,5 1,75 2
EPS adj. 3,47 4,05 4,76
BVPS 28,87 29,8 32,55
BVPS adj. 1,61 3,73 6,56
Net IB debt/share 14,52 10,18 6,68
Share price 55,6 55,6 55,6
Market cap. (m) 2946 2946 2946
Valuation N/A N/A N/A
P/E (x) 17,5 14,7 12,4
EV/sales (x) 1,7 1,6 1,5
EV/EBITDA (x) 9,9 8,6 7,6
EV/EBITA (x) 11,9 10,5 9,1
EV/EBIT (x) 12,5 10,9 9,5
Dividend yield (%) 2,7 3,1 3,6
FCF yield (%) 4,4 3,3 9,5
Le. adj. FCF yld. (%) 3,6 2,4 8,7
P/BVPS (x) 1,93 1,87 1,71
P/BVPS adj. (x) 34,61 14,92 8,47
P/E adj. (x) 16 13,7 11,7
EV/EBITDA adj. (x) 9,9 8,6 7,6
EV/EBITA adj. (x) 11,9 10,5 9,1
EV/EBIT adj. (x) 12,5 10,9 9,5
EV/CE (x) 1,5 1,6 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1,4 1,7 1,6
Capex/depreciation 0,8 0,8 0,7
Capex tangibles / tangible fixed assets 4,6 6,5 6
Capex intangibles / definite intangibles 1,2 1,4 1,7
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 7,5 10,4 11,4

Equity research

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Media

Svedbergs Group - Fireside chat 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 43.0 % 43.0 % 27 Aug 2025
Nordea Funds 14.6 % 14.6 % 27 Aug 2025
If Skadeförsäkring AB 11.5 % 11.5 % 27 Aug 2025
Avanza Pension 3.2 % 3.2 % 27 Aug 2025
Nordnet Pensionsförsäkring 1.6 % 1.6 % 27 Aug 2025
Sune Svedberg 0.9 % 0.9 % 27 Aug 2025
Kavaljer Fonder 0.8 % 0.8 % 31 Aug 2025
Nordea Funds (Lux) 0.8 % 0.8 % 27 Aug 2025
Ida Svedberg Sandström 0.8 % 0.8 % 27 Aug 2025
Handelsbanken Fonder 0.6 % 0.6 % 31 Aug 2025
Source: Holdings by Modular Finance AB