Swedish Retail Undervalued over 20% based on DCF

Rusta

Market Cap: SEK 14.4b

Engages in the retail of products in home decoration, consumables, seasonal products, leisure, and Do It Yourself (DIY) categories in Sweden, Norway, Finland, and Germany.

Bilia

Market Cap: SEK 11.4b

Operates as a full-service supplier for car ownership in Sweden, Norway, Luxemburg, and Belgium.

RVRC Holding

Market Cap: SEK 7.1b

Engages in the e-commerce outdoor clothing business in Germany, Sweden, and internationally.

Boozt

Market Cap: SEK 5.8b

Sells fashion, apparel, shoes, accessories, kids, home, sports, and beauty products online.

BHG Group

Market Cap: SEK 4.3b

Operates as a consumer e-commerce company in Sweden, Finland, Denmark, Norway, rest of Europe, and internationally.

Haypp Group

Market Cap: SEK 3.9b

Operates as an online retailer of tobacco-free nicotine pouches and snus products in Sweden, Norway, the rest of Europe, and the United States.

Byggmax Group

Market Cap: SEK 3.2b

Sells building materials and related products for DIY projects in Sweden, Norway, and internationally.

Bokusgruppen

Market Cap: SEK 1.1b

Operates as a book retailer in Sweden.

CDON

Market Cap: SEK 802.9m

Operates online marketplace in Sweden and other Nordics region.

Vuxen Group

Market Cap: SEK 201.6m

Through its subsidiaries, develops and operates multi-brand e-commerce and direct to consumer stores in Sweden and internationally.

NanoCap Group

Market Cap: SEK 20.0m

NanoCap Group AB (publ), previously known as New Equity Venture International AB, is a private equity, venture capital and family ownership firm, specializing in early venture, middle venture and late venture, bridge, mature and growth stage investments.