Structural Growth, Expanding Opportunity, Undemanding Valuation

研报英文原文证据摘录

Structural Growth, Expanding Opportunity, Undemanding Valuation

EUROPE | European Midcaps

MIPS EquityJulyResearch17, 2026

TARGET | ESTIMATE CHANGEStructural Growth, Expanding Opportunity,

RATING BUYUndemanding Valuation

PRICE SEK280.20^

MIPS delivered an exceptional Q2 and reinforced the core pillars of the

SEK565.00 (SEK540.00)

investment case: accelerating market share gains, a longer-than-appreciated PRICE TARGET | % TO PT | +102%

growth runway, the emergence of Safety as a meaningful second growth 52W HIGH-LOW SEK465.20 - SEK206.00

engine, and continued evidence that the business retains substantial operating FLOAT (%) | ADV MM (USD) 99.3% | 33.85

leverage. We make positive estimate revisions, raise our DCF-derived PT to SEK MARKET CAP NM | NM

565, and reiterate Buy. TICKER MIPS SS

^Prior trading day's closing price unless otherwise

Acceleration, not recovery. MIPS delivered an exceptional Q2, with net sales of SEK 232m (+72% y/ noted.

y; +42% organic) and adjusted EBIT of SEK 108m, beating consensus by 8% and 29%, respectively.

More importantly, growth was broad-based across Sports, Motorcycle and Safety, suggesting that FY (Dec) CHANGE TO JEFe JEF vs CONS

the business is benefiting from structural market share gains rather than a temporary end-market 2026 2027 2026 2027

recovery. The key conclusion from Q2 is that MIPS continues to grow significantly faster than

REV +5% +4% +2% +2%

its underlying markets while retaining the operating leverage that many investors had begun to

EPS +11% +7% +8% +2%

question.

The penetration story has years left. The continued strength in Bike (11th consecutive quarter 2026 (SEK) Q1 Q2 Q3 Q4 FY

of volume growth) reinforces our view that MIPS remains early in its penetration journey. EPS -- -- -- -- 9.60