Q2 Preview: Growth Remains Strong, Valuation Remains Depressed

研报英文原文证据摘录

Q2 Preview: Growth Remains Strong, Valuation Remains Depressed

EUROPE | European Midcaps

MIPS EquityJuneResearch23, 2026

ESTIMATE CHANGEQ2 Preview: Growth Remains Strong, Valuation

RATING BUYRemains Depressed

PRICE SEK230.20^

We make modest estimate revisions ahead of MIPS' Q2 report and continue

to expect strong execution, with 31% organic growth despite an uncertain PRICE TARGET | % TO PT SEK540.00 | +135%

consumer backdrop. While Koroyd dilutes gross margins, we expect operating 52W HIGH-LOW SEK465.20 - SEK206.00

leverage to support a flat adjusted EBIT margin y/y. Following a material FLOAT (%) | ADV MM (USD) 99.3% | 2.86

de-rating, the shares trade at just 14x EV/EBIT ('27e), which we view as MARKET CAP SEK6.1B | $635.0M

undemanding given continued market share gains and strong profitability. We TICKER MIPS SS ^Prior trading day's closing price unless otherwise

reiterate Buy. noted.

Penetration gains continue to drive growth. Despite a muted end-market, MIPS continues to FY (Dec) CHANGE TO JEFe JEF vs CONS

materially outgrow underlying demand trends. Management commentary remains consistent that 2026 2027 2026 2027

the bike industry is broadly flat, with growth increasingly driven by rising adoption across customer REV +3% +1% -1% -2%

portfolios and categories rather than cyclical volume recovery. We forecast 31% organic growth in

EPS -3% -3% -2% -5%

Q2, implying another quarter of significant outperformance versus the market. Importantly, growth

remains broad-based across geographies and categories, supporting the view that the penetration

2026 (SEK) Q1 Q2 Q3 Q4 FY

opportunity remains far from exhausted.

EPS -- -- -- -- 8.67

Mix pressure masks resilient profitability. We forecast a gross margin of 71.7% in Q2 (-240bps y/y), PREV 8.95