Boozt (1K) | Buy | Fundamentals strengthen as growth returns

研报英文原文证据摘录

Boozt (1K) | Buy | Fundamentals strengthen as growth returns

#EarningsPreview #TPchange

Release date: 15 July 2026

Company research

ESG profile BuyBoozt

Sweden | General retail Beta Profile: MCap: SEK9.4bn

Target Price: SEK170.00 (128.00) Change in TP: 32.8 % Bloomberg: BOOZT SS Reuters: BOOZT.ST

Current Price: SEK151.60 Change in Sales: 4.1% 26E/5.8% 27E Free float 81%

Up/downside: 12.1% Change in Adj EBIT: 9.2% 26E/14.6% 27E Avg. daily volume (SEKm) 56.3

YTD abs performance 33.6% Market data: 14 July 2026 Change in Adj. EPS: 9.8% 26E/15.2% 27E

52-week high/low (SEK) 151.80/84.80

Fundamentals strengthen as growth returns Price performance

Why this report?

On 29 June, Boozt announced preliminary Q2 2026 financial results and

upgraded its financial outlook for the full year 2026. Ahead of the full Q2 2026

financial report, due to be published on 14 August, we have updated our

forecasts to reflect the pre-release. We required clearer evidence of a return

to growth to increase our conviction, and while Q1 provided an initial

indication, the Q2 pre-release represents a much larger step in that direction.

With inventories now in better shape after the company spent much of 2025

clearing excess stock, we believe Boozt has entered 2026 in a stronger

operational position. While some uncertainties remain, particularly regarding

the external environment and an increasingly competitive market, we

continue to view the risk/reward profile as attractive, even after the recent

share price rally. We reiterate our Buy rating and raise our target price to FY to 31/12 (SEK) 12/26E 12/27E 12/28E

SEK170 (from SEK128) to reflect higher earnings estimates and a higher Sales 9,013 9,603 10,085

EBITDA adj. 883 981 1,084

warranted multiple. EBIT adj. 587 670 756

Net profit adj.