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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 764 773,72 833,73
Sales growth (%) -1,7 1,3 7,8
EBITDA 133 134 151
EBITDA margin (%) 17,4 17,3 18,1
EBIT adj. 89 91 104
EBIT adj. margin (%) 11,6 11,7 12,4
Pretax profit 85 86 100
EPS 2,83 2,87 3,33
EPS growth (%) 11,3 1,5 15,9
EPS adj. 2,83 2,87 3,33
DPS N/A N/A N/A
Dividend per share 1,5 1,75 2
EV/EBITDA (x) 6 5,7 4,7
EV/EBIT adj. (x) 9 8,4 6,8
P/E (x) 10,99 10,83 9,35
P/E adj. (x) 11 10,8 9,4
EV/sales (x) 1,05 0,98 0,85
FCF yield (%) 9,4 12,2 14,6
Le. adj. FCF yld. (%) 7,2 10,6 13
Dividend yield (%) 4,8 5,6 6,4
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 764 773,72 833,73
COGS -294 -290 -310
Gross profit 470 483 523
Other operating items -337 -349 -373
EBITDA 133 134 151
Depreciation and amortisation -26 -27 -29
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -15 -14 -14
EBITA 107,5 106,87 121,58
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 -16 -18
EBIT 89 90,87 103,58
Net financial items -4 -5 -3
Pretax profit 85 86 100
Tax -18 -18 -22
Net profit 67 68 78
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 67 68 78
EPS 2,83 2,87 3,33
EPS adj. 2,83 2,87 3,33
Total extraordinary items after tax 0 0 0
Leasing payments -15 -14 -14
Tax rate (%) 21,6 21,1 22
Gross margin (%) 61,6 62,5 62,8
EBITDA margin (%) 17,4 17,3 18,1
EBITA margin (%) 14,1 13,8 14,6
EBIT margin (%) 11,6 11,7 12,4
Pre-tax margin (%) 11,1 11,1 12
Net margin (%) 8,7 8,7 9,4
Sales growth (%) -1,7 1,3 7,8
EBITDA growth (%) -3,8 0,9 12,2
EBITA growth (%) -4,1 -0,6 13,8
EBIT growth (%) -3,9 2,1 14
Net profit growth (%) 16 1,5 15,9
EPS growth (%) 11,3 1,5 15,9
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 12,7 12,5 13,4
ROE adj. (%) 16,2 15,5 16,5
ROCE (%) 14,2 14,3 15,4
ROCE adj. (%) 17,1 16,8 18
ROIC (%) 13,8 14,4 16,3
ROIC adj. (%) 13,8 14,4 16,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 133 134 151
EBITDA adj. margin (%) 17,4 17,3 18,1
EBITDA lease adj. 118 120 137
EBITDA lease adj. margin (%) 15,5 15,5 16,4
EBITA adj. 108 107 122
EBITA adj. margin (%) 14,1 13,8 14,6
EBIT adj. 89 91 104
EBIT adj. margin (%) 11,6 11,7 12,4
Pretax profit Adj. 104 102 118
Net profit Adj. 85 84 96
Net profit to shareholders adj. 85 84 96
Net adj. margin (%) 11,1 10,8 11,5
SEKm 2025 2026e 2027e
EBITDA 133 134 151
Goodwill 240 240 240
Net financial items -4 -5 -3
Other intangible assets 75 74 56
Paid tax -18 -18 -22
Tangible fixed assets 87 98 98
Non-cash items -21 6 0
Right-of-use asset 50 45 43
Cash flow before change in WC 90 117 125
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 3 3 3
Change in working capital 1 -3 -4
Fixed assets 455 460 440
Operating cash flow 91 114 122
Inventories 140 142 153
Capex tangible fixed assets -22 -25 -15
Receivables 111 109 109
Capex intangible fixed assets 0 0 0
Other current assets 18 18 20
Acquisitions and Disposals 0 0 0
Cash and liquid assets 38 65 113
Free cash flow 69 89 107
Total assets 762 795 835
Dividend paid -29 -35 -41
Shareholders equity 513 565 602
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -16 -12 -12
Total equity 513 565 602
Other non-cash items N/A N/A N/A
Other changes in net debt 6 1 0
Long-term debt 39 33 33
Pension debt 5 5 5
Convertible debt 0 0 0
Leasing liability 54 50 50
Total other long-term liabilities 20 20 20
Short-term debt 12 6 0
Accounts payable 50 46 50
Other current liabilities 69 70 75
Total liabilities and equity 762 795 835
Net IB debt 69 26 -28
Net IB debt excl. pension debt 64 21 -33
Net IB debt excl. leasing 15 -24 -78
Capital employed 623 659 690
Capital invested 582 590 573
Working capital 150 153 156
Market cap. diluted (m) 732 732 732
Net IB debt adj. 72 29 -25
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 804 761 707
Total assets turnover (%) 96 99,4 102,3
Working capital/sales (%) 19,7 19,6 18,5
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 13,5 4,5 -4,7
Net debt / market cap (%) 9,4 3,5 -3,9
Equity ratio (%) 67,3 71 72,1
Net IB debt adj. / equity (%) 14 5,1 -4,2
Current ratio 2,34 2,73 3,15
EBITDA/net interest 33,3 25,5 46,8
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 17,2 37,8
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,83 2,87 3,33
Dividend per share 1,5 1,75 2
EPS adj. 2,83 2,87 3,33
BVPS 21,79 23,98 25,56
BVPS adj. 8,41 10,65 12,99
Net IB debt/share 3,06 1,22 -1,07
Share price 31,1 31,1 31,1
Market cap. (m) 732 732 732
P/E (x) 10,99 10,83 9,35
EV/sales (x) 1,05 0,98 0,85
EV/EBITDA (x) 6 5,7 4,7
EV/EBITA (x) 7,5 7,1 5,8
EV/EBIT (x) 9 8,4 6,8
Dividend yield (%) 4,8 5,6 6,4
FCF yield (%) 9,4 12,2 14,6
Le. adj. FCF yld. (%) 7,2 10,6 13
P/BVPS (x) 1,43 1,3 1,22
P/BVPS adj. (x) 3,62 2,83 2,33
P/E adj. (x) 11 10,8 9,4
EV/EBITDA adj. (x) 6 5,7 4,7
EV/EBITA adj. (x) 7,5 7,1 5,8
EV/EBIT adj. (x) 9 8,4 6,8
EV/CE (x) 1,3 1,2 1
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -2,9 -3,2 -1,8
Capex/depreciation 2,1 1,9 1
Capex tangibles / tangible fixed assets 25,3 25,1 14,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 12,26 13,5 15,21

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Media

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 17.0 % 17.0 % 28 Sep 2026
JCE Group 12.4 % 12.4 % 28 Sep 2026
Ramhill AB 10.8 % 10.8 % 28 Sep 2026
Nordnet Pensionsförsäkring 8.8 % 8.8 % 28 Sep 2026
Henrik Nyqvist 4.5 % 4.5 % 31 Dec 2025
FE Fonder 4.3 % 4.3 % 30 Sep 2026
Avanza Pension 3.7 % 3.7 % 28 Sep 2026
Erik Åfors 3.4 % 3.4 % 28 Sep 2026
Provobis Holding AB 3.2 % 3.2 % 28 Sep 2026
Schroders 3.0 % 3.0 % 31 Aug 2026
Source: Holdings by Modular Finance AB