Clas Ohlson (1K) | Reduce | Ahead of Q4 and CMD (due 3 June)

研报英文原文证据摘录

Clas Ohlson (1K) | Reduce | Ahead of Q4 and CMD (due 3 June)

#Earnings preview #TPchange

Release date: 22 May 2026

Company research

Reduce Clas Ohlson

Sweden | General retail Beta Profile: MCap: SEK27.9bn

Target Price: SEK360.00 (335.00) Change in TP: 7.5% Bloomberg: CLASB SS Reuters: CLASb.ST

Current Price: SEK439.80 Change in Sales: 0.1% 26E/2.9% 27E Free float 59.0%

Avg. daily volume (SEKm) 57.5 Up/downside: -18.1% Change in Adj EBIT: 0.2% 26E/4.0% 27E

YTD abs performance 45.0%

Market data: 21 May 2026 Change in Adj. EPS: 0.4% 26E/4.3% 27E

52-week high/low (SEK) 439.80/262.00

Ahead of Q4 and CMD (due 3 June) Price performance

Why this report?

Clas Ohlson will report Q4 results and host a CMD on 3 June. Our revised 440

estimates mainly reflect stronger-than-expected pre-announced sales (0.6% 420400

above forecasts) and positive FX effects from a stronger NOK (c. 40% of group 380

sales). In the seasonally small Q4 (Feb–Apr), we expect another quarter of 360340

strong earnings growth, supported by continued sales momentum and 320

further gross margin expansion. Our main concern remains valuation. Clas 300280

Ohlson now trades broadly in line with global apparel retailer H&M and 260

May 25 Nov 25 May 26

Swedish food retailer Axfood — an unusual relative valuation relationship —

while remaining the highest-valued company in our European general retail Price Stoxx Europe 600 (rebased)

coverage. We reiterate our Reduce rating and raise our TP to SEK360 (from

SEK335), reflecting somewhat higher medium-term estimates. Expectations

for another strong quarter, together with the upcoming CMD, could act as

near-term catalysts, supporting sentiment and potentially limiting the scope FY to 30/04 (SEK) 04/26E 04/27E 04/28E

Sales (bn) 12.5 13.8 14.5 for a near-term de-rating.