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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 2436,78 2749,5
Sales growth (%) 3,2 8,2 12,8
EBITDA 416 402 505
EBITDA margin (%) 18,4 16,5 18,4
EBIT adj. 329 331 408
EBIT adj. margin (%) 14,6 13,6 14,8
Pretax profit 283 259 364
EPS 4,07 3,66 5,18
EPS growth (%) 28,2 -9,9 41,4
EPS adj. 4,34 4,32 5,63
DPS N/A N/A N/A
Dividend per share 2 2 2,25
EV/EBITDA (x) 9,4 10,3 7,7
EV/EBIT adj. (x) 11,8 12,5 9,5
P/E (x) 14,29 15,86 11,22
P/E adj. (x) 13,4 13,5 10,3
EV/sales (x) 1,73 1,7 1,41
FCF yield (%) 5,8 -0,9 12,4
Le. adj. FCF yld. (%) 4,8 -1,6 11,3
Dividend yield (%) 3,4 3,4 3,9
Net IB debt/EBITDA (x) 1,9 2,6 1,5
Le. adj. ND/EBITDA (x) 0,9 1,6 0,8
SEKm 2025 2026e 2027e
Sales 2252,6 2436,78 2749,5
COGS -1191 -1277 -1442
Gross profit 1062 1160 1308
Other operating items -647 -758 -803
EBITDA 416 402 505
Depreciation and amortisation -72 -77 -81
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -32 -32 -32
EBITA 343,6 324,97 424,04
EO Items N/A N/A N/A
Operating EO items 0 -23 -5
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -14 -17 -21
EBIT 329,3 307,77 403,24
Net financial items -47 -49 -40
Pretax profit 283 259 364
Tax -67 -64 -88
Net profit 216 195 276
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 216 195 276
EPS 4,07 3,66 5,18
EPS adj. 4,34 4,32 5,63
Total extraordinary items after tax 0 -23 -5
Leasing payments -32 -32 -32
Tax rate (%) 23,6 24,9 24,1
Gross margin (%) 47,1 47,6 47,6
EBITDA margin (%) 18,4 16,5 18,4
EBITA margin (%) 15,3 13,3 15,4
EBIT margin (%) 14,6 12,6 14,7
Pre-tax margin (%) 12,5 10,6 13,2
Net margin (%) 9,6 8 10
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 3,2 8,2 12,8
EBITDA growth (%) 11 -3,3 25,6
EBITA growth (%) 10,2 -5,4 30,5
EBIT growth (%) 11,2 -6,5 31
Net profit growth (%) 28,5 -9,8 41,7
EPS growth (%) 28,2 -9,9 41,4
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 13,8 11,7 15,2
ROE adj. (%) 14,7 14,1 16,6
ROCE (%) 12,9 11,1 14
ROCE adj. (%) 13,5 12,6 14,9
ROIC (%) 11,1 9,4 11,8
ROIC adj. (%) 11,1 10,1 11,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 416 425 509
EBITDA adj. margin (%) 18,4 17,4 18,5
EBITDA lease adj. 384 393 477
EBITDA lease adj. margin (%) 17 16,1 17,4
EBITA adj. 344 348 429
EBITA adj. margin (%) 15,3 14,3 15,6
EBIT adj. 329 331 408
EBIT adj. margin (%) 14,6 13,6 14,8
Pretax profit Adj. 297 299 389
Net profit Adj. 230 235 301
Net profit to shareholders adj. 230 235 301
Net adj. margin (%) 10,2 9,6 11
SEKm 2025 2026e 2027e
EBITDA 416 402 505
Goodwill 819 1003 1003
Net financial items -47 -49 -40
Other intangible assets 511 661 651
Paid tax -67 -64 -88
Tangible fixed assets 856 867 787
Non-cash items -23 102 32
Right-of-use asset 0 0 0
Cash flow before change in WC 279 391 409
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 0 0 0
Change in working capital 124 -56 16
Fixed assets 2187 2532 2441
Operating cash flow 403 335 426
Inventories 541 634 632
Capex tangible fixed assets -27 -69 -32
Receivables 298 317 357
Capex intangible fixed assets -9 -9 -11
Other current assets 42 46 52
Acquisitions and Disposals -188 -285 0
Cash and liquid assets 162 179 123
Free cash flow 178 -28 383
Total assets 3230 3706 3606
Dividend paid -80 -106 -106
Shareholders equity 1605 1726 1896
Share issues and buybacks 3 10 0
Minority 0 0 0
Leasing liability amortisation -29 -22 -32
Total equity 1605 1726 1896
Other non-cash items N/A N/A N/A
Other changes in net debt -101 -134 32
Long-term debt 445 751 451
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 471 421 389
Total other long-term liabilities 192 220 220
Short-term debt 51 63 63
Accounts payable 220 238 268
Other current liabilities 246 287 319
Total liabilities and equity 3230 3706 3606
Net IB debt 805 1057 780
Net IB debt excl. pension debt 805 1057 780
Net IB debt excl. leasing 334 636 391
Capital employed 2572 2961 2799
Capital invested 2410 2783 2676
Working capital 415 471 455
Market cap. diluted (m) 3085 3088 3096
Net IB debt adj. 805 1057 780
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 3890 4145 3876
Total assets turnover (%) 70,9 70,3 75,2
Working capital/sales (%) 21,2 18,2 16,8
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 50,2 61,2 41,1
Net debt / market cap (%) 26,1 34,2 25,2
Equity ratio (%) 49,7 46,6 52,6
Net IB debt adj. / equity (%) 50,2 61,2 41,1
Current ratio 2,02 2 1,79
EBITDA/net interest 8,9 8,3 12,8
Net IB debt/EBITDA (x) 1,9 2,6 1,5
Net IB debt/EBITDA lease adj. (x) 0,9 1,6 0,8
Interest coverage 7,4 6,7 10,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 53 53 53
Diluted shares adj. 53 53 53
EPS 4,07 3,66 5,18
Dividend per share 2 2 2,25
EPS adj. 4,34 4,32 5,63
BVPS 30,22 32,47 35,57
BVPS adj. 5,17 1,16 4,53
Net IB debt/share 15,16 19,88 14,64
Share price 58,1 58,1 58,1
Market cap. (m) 3085 3088 3096
Valuation N/A N/A N/A
P/E (x) 14,29 15,86 11,22
EV/sales (x) 1,73 1,7 1,41
EV/EBITDA (x) 9,4 10,3 7,7
EV/EBITA (x) 11,3 12,8 9,1
EV/EBIT (x) 11,8 13,5 9,6
Dividend yield (%) 3,4 3,4 3,9
FCF yield (%) 5,8 -0,9 12,4
Le. adj. FCF yld. (%) 4,8 -1,6 11,3
P/BVPS (x) 1,92 1,79 1,63
P/BVPS adj. (x) 11,24 50,05 12,82
P/E adj. (x) 13,4 13,5 10,3
EV/EBITDA adj. (x) 9,4 9,8 7,6
EV/EBITA adj. (x) 11,3 11,9 9
EV/EBIT adj. (x) 11,8 12,5 9,5
EV/CE (x) 1,5 1,4 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,6 -3,2 -1,6
Capex/depreciation 0,9 1,7 0,9
Capex tangibles / tangible fixed assets 3,1 7,9 4,1
Capex intangibles / definite intangibles 1,8 1,3 1,6
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 4,68 5,18 6,21

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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 % 28 Sep 2026
Nordea Funds 14.8 % 14.8 % 28 Sep 2026
If Skadeförsäkring AB 11.4 % 11.4 % 28 Sep 2026
Handelsbanken Fonder 2.8 % 2.8 % 30 Sep 2026
Avanza Pension 2.5 % 2.5 % 28 Sep 2026
Nordnet Pensionsförsäkring 1.2 % 1.2 % 28 Sep 2026
Sune Svedberg 0.9 % 0.9 % 28 Sep 2026
Nordea Funds (Lux) 0.7 % 0.7 % 31 Aug 2026
Kavaljer Fonder 0.7 % 0.7 % 30 Sep 2026
SEB Funds 0.6 % 0.6 % 30 Sep 2026
Source: Holdings by Modular Finance AB