Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Embellence Group

Embellence Group

Send subscription Close

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 764 772,58 826,69
Sales growth (%) -1,7 1,1 7
EBITDA 133 134 149
EBITDA margin (%) 17,4 17,3 18,1
EBIT adj. 89 91 102
EBIT adj. margin (%) 11,6 11,7 12,4
Pretax profit 85 85 98
EPS 2,83 2,86 3,25
EPS growth (%) 11,3 1,1 13,8
EPS adj. 2,83 2,86 3,25
DPS N/A N/A N/A
Dividend per share 1,5 1,75 2
EV/EBITDA (x) 6,1 5,7 4,8
EV/EBIT adj. (x) 9,1 8,4 7
P/E (x) 11,13 11,01 9,68
P/E adj. (x) 11,1 11 9,7
EV/sales (x) 1,06 0,99 0,86
FCF yield (%) 9,3 12,6 14,4
Le. adj. FCF yld. (%) 7,1 11 12,8
Dividend yield (%) 4,8 5,6 6,3
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 764 772,58 826,69
COGS -294 -290 -308
Gross profit 470 482 519
Other operating items -337 -349 -370
EBITDA 133 134 149
Depreciation and amortisation -26 -27 -29
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -15 -14 -14
EBITA 107,5 106,66 120,32
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 90,66 102,32
Net financial items -4 -5 -4
Pretax profit 85 85 98
Tax -18 -18 -22
Net profit 67 67 77
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 67 67 77
EPS 2,83 2,86 3,25
EPS adj. 2,83 2,86 3,25
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 11,9
Net margin (%) 8,7 8,7 9,3
Sales growth (%) -1,7 1,1 7
EBITDA growth (%) -3,8 0,7 11,4
EBITA growth (%) -4,1 -0,8 12,8
EBIT growth (%) -3,9 1,9 12,9
Net profit growth (%) 16 1,1 13,8
EPS growth (%) 11,3 1,1 13,8
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 12,7 12,5 13,2
ROE adj. (%) 16,2 15,5 16,3
ROCE (%) 14,2 14,2 14,9
ROCE adj. (%) 17,1 16,7 17,5
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. 133 134 149
EBITDA adj. margin (%) 17,4 17,3 18,1
EBITDA lease adj. 118 120 135
EBITDA lease adj. margin (%) 15,5 15,5 16,4
EBITA adj. 108 107 120
EBITA adj. margin (%) 14,1 13,8 14,6
EBIT adj. 89 91 102
EBIT adj. margin (%) 11,6 11,7 12,4
Pretax profit Adj. 104 101 116
Net profit Adj. 85 83 95
Net profit to shareholders adj. 85 83 95
Net adj. margin (%) 11,1 10,8 11,4
SEKm 2025 2026e 2027e
EBITDA 133 134 149
Goodwill 240 240 240
Net financial items -4 -5 -4
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 90 117 124
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 3 3 3
Change in working capital 1 2 -2
Fixed assets 455 460 440
Operating cash flow 91 118 121
Inventories 140 142 151
Capex tangible fixed assets -22 -25 -15
Receivables 111 109 108
Capex intangible fixed assets 0 0 0
Other current assets 18 18 19
Acquisitions and Disposals 0 0 0
Cash and liquid assets 38 80 133
Free cash flow 69 94 107
Total assets 762 809 852
Dividend paid -29 -35 -41
Shareholders equity 513 564 600
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -16 -12 -12
Total equity 513 564 600
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 16 16
Accounts payable 50 51 54
Other current liabilities 69 70 75
Total liabilities and equity 762 809 852
Net IB debt 69 21 -32
Net IB debt excl. pension debt 64 16 -37
Net IB debt excl. leasing 15 -29 -82
Capital employed 623 668 704
Capital invested 582 586 567
Working capital 150 148 150
Market cap. diluted (m) 741 741 741
Net IB debt adj. 72 24 -29
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 813 766 712
Total assets turnover (%) 96 98,4 99,5
Working capital/sales (%) 19,7 19,3 18,1
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 13,5 3,8 -5,4
Net debt / market cap (%) 9,3 2,9 -4,3
Equity ratio (%) 67,3 69,8 70,4
Net IB debt adj. / equity (%) 14 4,3 -4,9
Current ratio 2,34 2,55 2,85
EBITDA/net interest 33,3 24,9 36,3
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 16,9 29,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,83 2,86 3,25
Dividend per share 1,5 1,75 2
EPS adj. 2,83 2,86 3,25
BVPS 21,79 23,97 25,48
BVPS adj. 8,41 10,63 12,9
Net IB debt/share 3,06 1,04 -1,24
Share price 31,5 31,5 31,5
Market cap. (m) 741 741 741
P/E (x) 11,13 11,01 9,68
EV/sales (x) 1,06 0,99 0,86
EV/EBITDA (x) 6,1 5,7 4,8
EV/EBITA (x) 7,6 7,2 5,9
EV/EBIT (x) 9,1 8,4 7
Dividend yield (%) 4,8 5,6 6,3
FCF yield (%) 9,3 12,6 14,4
Le. adj. FCF yld. (%) 7,1 11 12,8
P/BVPS (x) 1,45 1,31 1,24
P/BVPS adj. (x) 3,67 2,87 2,38
P/E adj. (x) 11,1 11 9,7
EV/EBITDA adj. (x) 6,1 5,7 4,8
EV/EBITA adj. (x) 7,6 7,2 5,9
EV/EBIT adj. (x) 9,1 8,4 7
EV/CE (x) 1,3 1,1 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 15,22

Equity research

Read earlier research

Media

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

View more media

Main shareholders - Embellence Group

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 16.6 % 16.6 % 26 Jun 2026
JCE Group 12.4 % 12.4 % 26 Jun 2026
Ramhill AB 10.2 % 10.2 % 26 Jun 2026
Nordnet Pensionsförsäkring 9.5 % 9.5 % 26 Jun 2026
Henrik Nyqvist 4.5 % 4.5 % 31 Dec 2025
FE Fonder 4.3 % 4.3 % 26 Jun 2026
Avanza Pension 3.8 % 3.8 % 26 Jun 2026
Erik Åfors 3.4 % 3.4 % 26 Jun 2026
Provobis Holding AB 3.2 % 3.2 % 26 Jun 2026
Schroders 3.0 % 3.0 % 30 Apr 2026
Source: Holdings by Modular Finance AB