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 764 786,2 830,8
Sales growth (%) -1,7 2,9 5,7
EBITDA 133 137 152
EBITDA margin (%) 17,4 17,5 18,3
EBIT adj. 89 92 105
EBIT adj. margin (%) 11,6 11,7 12,7
Pretax profit 85 87 101
EPS 2,83 2,91 3,36
EPS growth (%) 11,3 2,7 15,6
EPS adj. 2,83 2,91 3,36
DPS N/A N/A N/A
Dividend per share 1,5 1,75 2
EV/EBITDA (x) 6,7 6,2 5,2
EV/EBIT adj. (x) 10,1 9,2 7,5
P/E (x) 12,37 12,05 10,42
P/E adj. (x) 12,4 12 10,4
EV/sales (x) 1,17 1,08 0,95
FCF yield (%) 8,4 11,8 13,4
Le. adj. FCF yld. (%) 6,4 10,3 12
Dividend yield (%) 4,3 5 5,7
Net IB debt/EBITDA (x) 0,5 0,1 -0,2
Le. adj. ND/EBITDA (x) 0,2 -0,2 -0,6
SEKm 2025 2026e 2027e
Sales 764 786,2 830,8
COGS -294 -294 -308
Gross profit 470 492 522
Other operating items -337 -355 -370
EBITDA 133 137 152
Depreciation and amortisation -26 -28 -29
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -15 -14 -14
EBITA 107,5 109,43 123,43
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 -18 -18
EBIT 89 91,63 105,43
Net financial items -4 -5 -4
Pretax profit 85 87 101
Tax -18 -18 -22
Net profit 67 68 79
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 67 68 79
EPS 2,83 2,91 3,36
EPS adj. 2,83 2,91 3,36
Total extraordinary items after tax 0 0 0
Leasing payments -15 -14 -14
Tax rate (%) 21,6 21 22
Gross margin (%) 61,6 62,6 62,9
EBITDA margin (%) 17,4 17,5 18,3
EBITA margin (%) 14,1 13,9 14,9
EBIT margin (%) 11,6 11,7 12,7
Pre-tax margin (%) 11,1 11 12,2
Net margin (%) 8,7 8,7 9,5
Sales growth (%) -1,7 2,9 5,7
EBITDA growth (%) -3,8 3,3 10,6
EBITA growth (%) -4,1 1,8 12,8
EBIT growth (%) -3,9 3 15,1
Net profit growth (%) 16 2,7 15,6
EPS growth (%) 11,3 2,7 15,6
Profitability N/A N/A N/A
ROE (%) 12,7 12,8 13,7
ROE adj. (%) 16,2 16,1 16,9
ROCE (%) 14,2 14,3 15,5
ROCE adj. (%) 17,1 17 18,1
ROIC (%) 13,8 14,9 17
ROIC adj. (%) 13,8 14,9 17
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 133 137 152
EBITDA adj. margin (%) 17,4 17,5 18,3
EBITDA lease adj. 118 123 138
EBITDA lease adj. margin (%) 15,5 15,7 16,6
EBITA adj. 108 109 123
EBITA adj. margin (%) 14,1 13,9 14,9
EBIT adj. 89 92 105
EBIT adj. margin (%) 11,6 11,7 12,7
Pretax profit Adj. 104 104 119
Net profit Adj. 85 86 97
Net profit to shareholders adj. 85 86 97
Net adj. margin (%) 11,1 11 11,7
SEKm 2025 2026e 2027e
EBITDA 133 137 152
Goodwill 240 240 240
Net financial items -4 -5 -4
Other intangible assets 75 65 47
Paid tax -18 -18 -22
Tangible fixed assets 87 96 96
Non-cash items -21 5 0
Right-of-use asset 50 47 45
Cash flow before change in WC 90 119 126
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 3 3 3
Change in working capital 1 -1 0
Fixed assets 455 449 430
Operating cash flow 91 118 125
Inventories 140 144 152
Capex tangible fixed assets -22 -21 -15
Receivables 111 111 109
Capex intangible fixed assets 0 0 0
Other current assets 18 19 20
Acquisitions and Disposals 0 0 0
Cash and liquid assets 38 82 139
Free cash flow 69 97 111
Total assets 762 805 849
Dividend paid -29 -35 -41
Shareholders equity 513 557 595
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -16 -12 -12
Total equity 513 557 595
Other non-cash items N/A N/A N/A
Other changes in net debt 6 -1 0
Long-term debt 39 36 36
Pension debt 5 5 5
Convertible debt 0 0 0
Leasing liability 54 52 52
Total other long-term liabilities 20 20 20
Short-term debt 12 12 12
Accounts payable 50 51 54
Other current liabilities 69 71 75
Total liabilities and equity 762 805 849
Net IB debt 69 20 -37
Net IB debt excl. pension debt 64 15 -42
Net IB debt excl. leasing 15 -32 -89
Capital employed 623 662 700
Capital invested 582 577 558
Working capital 150 151 151
Market cap. diluted (m) 824 824 824
Net IB debt adj. 72 23 -34
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 896 847 790
Total assets turnover (%) 96 100,4 100,5
Working capital/sales (%) 19,7 19,1 18,2
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 13,5 3,7 -6,3
Net debt / market cap (%) 8,4 2,5 -4,5
Equity ratio (%) 67,3 69,2 70
Net IB debt adj. / equity (%) 14 4,2 -5,7
Current ratio 2,34 2,64 2,97
EBITDA/net interest 33,3 27,4 37,7
Net IB debt/EBITDA (x) 0,5 0,1 -0,2
Net IB debt/EBITDA lease adj. (x) 0,2 -0,2 -0,6
Interest coverage 13,9 21,8 30,6
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,83 2,91 3,36
Dividend per share 1,5 1,75 2
EPS adj. 2,83 2,91 3,36
BVPS 21,79 23,67 25,28
BVPS adj. 8,41 10,74 13,12
Net IB debt/share 3,06 0,99 -1,45
Share price 35 35 35
Market cap. (m) 824 824 824
P/E (x) 12,37 12,05 10,42
EV/sales (x) 1,17 1,08 0,95
EV/EBITDA (x) 6,7 6,2 5,2
EV/EBITA (x) 8,3 7,7 6,4
EV/EBIT (x) 10,1 9,2 7,5
Dividend yield (%) 4,3 5 5,7
FCF yield (%) 8,4 11,8 13,4
Le. adj. FCF yld. (%) 6,4 10,3 12
P/BVPS (x) 1,61 1,48 1,38
P/BVPS adj. (x) 4,08 3,18 2,62
P/E adj. (x) 12,4 12 10,4
EV/EBITDA adj. (x) 6,7 6,2 5,2
EV/EBITA adj. (x) 8,3 7,7 6,4
EV/EBIT adj. (x) 10,1 9,2 7,5
EV/CE (x) 1,4 1,3 1,1
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -2,9 -2,7 -1,8
Capex/depreciation 2,1 1,5 1
Capex tangibles / tangible fixed assets 25,3 22,2 15,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 12,26 14,6 15,18

Equity research

Read earlier research

Media

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

View more media

Main shareholders - Embellence Group

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 16.6 % 16.6 % 27 Mar 2026
JCE Group 12.4 % 12.4 % 27 Mar 2026
Ramhill AB 10.2 % 10.2 % 27 Mar 2026
Nordnet Pensionsförsäkring 10.0 % 10.0 % 27 Mar 2026
Henrik Nyqvist 4.5 % 4.5 % 31 Dec 2025
FE Fonder 4.3 % 4.3 % 31 Mar 2026
Avanza Pension 4.0 % 4.0 % 27 Mar 2026
Erik Åfors 3.4 % 3.4 % 27 Mar 2026
Schroders 3.0 % 3.0 % 31 Mar 2026
Jerker Adeberg Holding AB 2.4 % 2.4 % 27 Mar 2026
Source: Holdings by Modular Finance AB