Aankondiging • Oct 01
BHG Group AB (publ) to Report Q1, 2026 Results on Apr 23, 2026 BHG Group AB (publ) announced that they will report Q1, 2026 results on Apr 23, 2026 Aankondiging • Sep 26
BHG Group AB (publ), Annual General Meeting, May 05, 2026 BHG Group AB (publ), Annual General Meeting, May 05, 2026. Aankondiging • Apr 03
The CEO, Gustaf Öhrn and Chief Digital Officer of IP-Agency Finland Oy completed the acquisition of 70% stake in IP-Agency Finland Oy from BHG Group AB (publ) (OM:BHG) in a management buyout transaction. The CEO, Gustaf Öhrn and Chief Digital Officer of IP-Agency Finland Oy entered into an agreement to acquire remaining 70% stake in IP-Agency Finland Oy from BHG Group AB (publ) (OM:BHG) in a management buyout transaction for SEK 58 million on November 22, 2024. A cash consideration of SEK 58 million will be paid by the buyer. As part of consideration, SEK 58 million is paid towards common equity of IP-Agency Finland Oy.
For the period ending September 30, 2024, IP-Agency Finland Oy reported total revenue of SEK 307 million and EBIT of SEK 15 million.
The transaction is subject to approval of offer by the shareholders of BHG Group AB. The shareholders of BHG Group AB (publ) are summoned to an extraordinary general meeting, to be held on Wednesday, 18 December 2024. As Of December 18, 2024 The general meeting resolved, in accordance with the board of directors’ proposal, to approve the transfer of 100 percent of the shares in IP-Agency Finland from BHG.
The CEO, Gustaf Öhrn and Chief Digital Officer of IP-Agency Finland Oy completed the acquisition of 70% stake in IP-Agency Finland Oy from BHG Group AB (publ) (OM:BHG) in a management buyout transaction on April 1, 2025. Aankondiging • Jan 13
BHG Group AB (publ) Announces Management Changes BHG Group AB (publ) (BHG) informed that Johan Engström has been appointed Head of the Value Home business area and as of date is part of BHG's management team. Johan Engström comes most recently from the role of CEO at Lekia and has previously, among other things, been CEO of the outdoor furniture company Brafab and Managing Director of Brio toys. Johan Engström succeeds Christian Eriksson who has left BHG after having worked within the group since 2013 in roles as CEO of Home Furnishing Nordic AB and most recently as Head of Value Home. Reported Earnings • Oct 25
Third quarter 2024 earnings released: kr0.37 loss per share (vs kr7.30 loss in 3Q 2023) Third quarter 2024 results: kr0.37 loss per share (improved from kr7.30 loss in 3Q 2023). Revenue: kr2.36b (down 18% from 3Q 2023). Net loss: kr67.2m (loss narrowed 95% from 3Q 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. New Risk • Oct 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Aankondiging • Aug 28
BHG Group AB (publ) to Report Fiscal Year 2024 Results on Jan 29, 2025 BHG Group AB (publ) announced that they will report fiscal year 2024 results on Jan 29, 2025 Reported Earnings • Jul 19
Second quarter 2024 earnings released: kr0.57 loss per share (vs kr0.12 profit in 2Q 2023) Second quarter 2024 results: kr0.57 loss per share (down from kr0.12 profit in 2Q 2023). Revenue: kr2.72b (down 22% from 2Q 2023). Net loss: kr102.3m (down kr124.1m from profit in 2Q 2023). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. New Risk • Jul 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 25
First quarter 2024 earnings released: kr0.38 loss per share (vs kr0.66 loss in 1Q 2023) First quarter 2024 results: kr0.38 loss per share (improved from kr0.66 loss in 1Q 2023). Revenue: kr2.02b (down 23% from 1Q 2023). Net loss: kr67.6m (loss narrowed 43% from 1Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 15
Full year 2023 earnings released: kr8.73 loss per share (vs kr0.25 profit in FY 2022) Full year 2023 results: kr8.73 loss per share (down from kr0.25 profit in FY 2022). Revenue: kr11.8b (down 12% from FY 2022). Net loss: kr1.56b (down kr1.60b from profit in FY 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Board Change • Feb 21
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Chairman Christian Bubenheim is the most experienced director on the board, commencing their role in 2020. Independent Director Joanna Hummel was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Feb 21
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Chairman Christian Bubenheim is the most experienced director on the board, commencing their role in 2020. Independent Director Joanna Hummel was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Feb 21
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Chairman Christian Bubenheim is the most experienced director on the board, commencing their role in 2020. Independent Director Joanna Hummel was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Aankondiging • Feb 17
Change in the Nomination Committee of BHG Group Jacob Sellman, representing EQT, has left the Nomination Committee. Joakim Gjersøe, representative of Ferd, has been appointed by the nomination committee as its chairman. The nomination committee thus consists of the following members: Joakim Gjersøe (Ferd, chairman), Oscar Severin (Vitruvian) and Christian Bubenheim (in his capacity as chairman of the Board of Directors of BHG). Reported Earnings • Jan 27
Full year 2023 earnings released: kr8.73 loss per share (vs kr0.25 profit in FY 2022) Full year 2023 results: kr8.73 loss per share (down from kr0.25 profit in FY 2022). Revenue: kr11.8b (down 12% from FY 2022). Net loss: kr1.56b (down kr1.60b from profit in FY 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Aankondiging • Dec 14
Bhg Group AB (Publ) announces Resignation of Vesa Koskinen as Board of Director Vesa Koskinen, partner at EQT, has left his position on the Board of Directors of BHG Group with immediate effect, since EQT Public Value Fund has recently sold its entire remaining holding in BHG Group. Election of a possible replacement will take place at the latest at the next Annual General Meeting. Reported Earnings • Oct 28
Third quarter 2023 earnings released: kr7.30 loss per share (vs kr0.62 loss in 3Q 2022) Third quarter 2023 results: kr7.30 loss per share (further deteriorated from kr0.62 loss in 3Q 2022). Revenue: kr2.87b (down 7.7% from 3Q 2022). Net loss: kr1.31b (loss widened kr1.22b from 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 6.3% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. Aankondiging • Oct 26
BHG Group AB (publ), Annual General Meeting, May 06, 2024 BHG Group AB (publ), Annual General Meeting, May 06, 2024. Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: kr0.12 (vs kr1.44 in 2Q 2022) Second quarter 2023 results: EPS: kr0.12 (down from kr1.44 in 2Q 2022). Revenue: kr3.48b (down 11% from 2Q 2022). Net income: kr21.8m (down 89% from 2Q 2022). Profit margin: 0.6% (down from 4.9% in 2Q 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 48% per year, which means it has not declined as severely as earnings. Aankondiging • Jun 21
BHG Group AB (Publ) Announces Change of Management Changes, Effective 30 June 2023 BHG Group AB (Publ) announced that David Olhed will join the Management team as Group Chief Commercial Officer from 30 June 2023. David previously held numerous management positions within the CDON group and comes with a strong track record from execution of online and market place strategies. As part of group re-organisation Sara Sterner will, as mutually agreed, leave BHG and the position as Head of HR, Communications and ESG on 30 June 2023. Martin Leo, Group Chief Technology Officer who is also leading its data and process initiatives, will assume responsibility for ESG and join the Management team. People and Culture development will be transferred to business units. Recent Insider Transactions • Jun 04
Director recently bought €2.5m worth of stock On the 31st of May, Mikael Olander bought around 2m shares on-market at roughly €1.05 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €3.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 08
Head of Value Home Segment recently bought €586k worth of stock On the 5th of May, Christian Eriksson bought around 600k shares on-market at roughly €0.98 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €632k more in shares than they have sold in the last 12 months. Aankondiging • May 05
BHG Group AB (publ) Elects Mikael Olander and Negin Yeganegy to Its Board of Directors BHG Group AB (publ) at its annual general meeting held on 3 May 2023, elected Mikael Olander and Negin Yeganegy to its board of directors. Reported Earnings • Apr 13
Full year 2022 earnings released: EPS: kr0.25 (vs kr3.97 in FY 2021) Full year 2022 results: EPS: kr0.25 (down from kr3.97 in FY 2021). Revenue: kr13.4b (up 6.1% from FY 2021). Net income: kr34.1m (down 93% from FY 2021). Profit margin: 0.3% (down from 3.8% in FY 2021). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 30
Full year 2022 earnings released: EPS: kr0.25 (vs kr3.97 in FY 2021) Full year 2022 results: EPS: kr0.25 (down from kr3.97 in FY 2021). Revenue: kr13.4b (up 6.1% from FY 2021). Net income: kr34.1m (down 93% from FY 2021). Profit margin: 0.3% (down from 3.8% in FY 2021). Revenue is forecast to grow 1.5% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Online Retail industry in Germany. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to €1.35, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Online Retail industry in Europe. Total loss to shareholders of 79% over the past three years. Board Change • Jan 19
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Chairman Christian Bubenheim is the most experienced director on the board, commencing their role in 2020. Independent Director Joanna Hummel was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • Jan 14
BHG Group AB (publ) Approves Changes to its Board of Directors BHG Group AB (publ) at its extraordinary general meeting held on 13 January 2023 resolved that the board of directors shall consist of five members with no deputies. Kristian Eikre and Vesa Koskinen were appointed new members of the board of directors, whereby Vesa Koskinen replaces current board member Niklas Ringby. Aankondiging • Jan 13
BHG Group AB (Publ) Appoints Sara Sterner as Head of HR, Communications and ESG BHG Group AB (publ) (”BHG”) announces that Sara Sterner will assume the position as Head of HR, Communications and ESG. Sara Sterner will be part of BHG’s management team and joins 12 January. Sara Sterner most recently came from the role of CEO at PåHoj AB and holds a number of Board of Directorships. Sara war earlier responsible for communications, PR, HR and strategy and finance at Orbital Systems, and was the Co-founder of Agentum, focusing on the recruitment of strategically important roles. Sara has experience from both operational and strategic roles, with a solid foundation in HR, communications and sustainability. Sara Sterner takes over from Maria Morin who left BHG at year-end for another position outside of BHG. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to €1.76, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Online Retail industry in Europe. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.71, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 19x in the Online Retail industry in Europe. Total loss to shareholders of 66% over the past three years. Aankondiging • Dec 07
BHG Group AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 799.999995 million. BHG Group AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 799.999995 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 39,024,390
Price\Range: SEK 20.5 Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.89, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Online Retail industry in Europe. Total loss to shareholders of 60% over the past three years. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Niklas Ringby is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 16% share price gain to €1.74, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Online Retail industry in Europe. Total loss to shareholders of 61% over the past three years. Reported Earnings • Oct 28
Third quarter 2022 earnings released: kr0.62 loss per share (vs kr0.50 profit in 3Q 2021) Third quarter 2022 results: kr0.62 loss per share (down from kr0.50 profit in 3Q 2021). Revenue: kr3.11b (up 1.6% from 3Q 2021). Net loss: kr87.1m (down 243% from profit in 3Q 2021). Revenue is forecast to stay flat during the next 3 years compared to a 16% growth forecast for the Online Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Aankondiging • Oct 13
BHG Group AB Announces Appointment of Nomination Committee for 2023 Annual General Meeting BHG Group AB appointed the following representatives to the Nomination Committee for 2023 Annual General Meeting: Karl Johan Sundin, appointed by EQT (Chairman). Julie Wiese, appointed by Ferd. Sussi Kvart, appointed by Handelsbanken Fonder. Christian Bubenheim, in his role as Chairman of the Board of BHG. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.18, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 16x in the Online Retail industry in Europe. Total loss to shareholders of 73% over the past three years. Aankondiging • Oct 08
BHG Group AB (publ), Annual General Meeting, May 03, 2023 BHG Group AB (publ), Annual General Meeting, May 03, 2023. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €1.68, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 17x in the Online Retail industry in Europe. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.75, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Online Retail industry in Europe. Total loss to shareholders of 29% over the past three years. Reported Earnings • Jul 21
Second quarter 2022 earnings released: EPS: kr1.44 (vs kr1.63 in 2Q 2021) Second quarter 2022 results: EPS: kr1.44 (down from kr1.63 in 2Q 2021). Revenue: kr3.91b (up 10% from 2Q 2021). Net income: kr191.0m (down 2.9% from 2Q 2021). Profit margin: 4.9% (down from 5.5% in 2Q 2021). Over the next year, revenue is forecast to grow 1.2%, compared to a 33% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Aankondiging • Jun 30
BHG Group AB (publ) to Report Fiscal Year 2022 Results on Jan 27, 2023 BHG Group AB (publ) announced that they will report fiscal year 2022 results on Jan 27, 2023 Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €3.26, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Online Retail industry in Europe. Total loss to shareholders of 6.1% over the past three years. Aankondiging • Jun 08
Pernilla Walfridsson to Leave on the Board of Directors of BHG Group AB (publ) Pernilla Walfridsson has left her position on the Board of Directors of BHG Group AB (publ) as a result of her employment as CFO at Clas Ohlson. The Board now consists of five members after Pernilla Walfridsson’s departure. Board Change • Jun 02
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Independent Director Niklas Ringby is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €5.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 33x in the Online Retail industry in Germany. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.63 per share. Aankondiging • May 06
BHG Group AB (publ) Announces Board Appointments BHG Group AB (publ) announced the appointment of Joanna Hummel and Pernilla Walfridsson were appointed new members of the board of directors, at the AGM held on May 5, 2022. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: kr0.89 (vs kr0.97 in 1Q 2021) First quarter 2022 results: EPS: kr0.89 (down from kr0.97 in 1Q 2021). Revenue: kr3.13b (up 22% from 1Q 2021). Net income: kr109.8m (down 2.6% from 1Q 2021). Profit margin: 3.5% (down from 4.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 40% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Johan Gileus is the most experienced director on the board, commencing their role in 2019. Independent Director Niklas Ringby was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 09
Full year 2021 earnings released: EPS: kr3.97 (vs kr3.87 in FY 2020) Full year 2021 results: EPS: kr3.97 (up from kr3.87 in FY 2020). Revenue: kr12.7b (up 41% from FY 2020). Net income: kr480.9m (up 16% from FY 2020). Profit margin: 3.8% (down from 4.6% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 17%, compared to a 43% growth forecast for the retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €6.99, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Online Retail industry in Europe. Total returns to shareholders of 89% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.89 per share. Reported Earnings • Jan 30
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr4.01 (up from kr3.87 in FY 2020). Revenue: kr12.7b (up 41% from FY 2020). Net income: kr485.3m (up 17% from FY 2020). Profit margin: 3.8% (down from 4.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 13%, compared to a 47% growth forecast for the retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS kr0.50 (vs kr1.24 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr3.06b (up 34% from 3Q 2020). Net income: kr61.0m (down 54% from 3Q 2020). Profit margin: 2.0% (down from 5.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Aankondiging • Sep 03
BHG Group AB (publ) (OM:BHG) agreed to acquire an 80% stake in Ah-Trading Gmbh from Aron and Birgit Holtermann and Fabian Simon for approximately SEK 490 million. BHG Group AB (publ) (OM:BHG) agreed to acquire an 80% stake in Ah-Trading Gmbh from Aron and Birgit Holtermann and Fabian Simon for approximately SEK 490 million on September 2, 2021. Aron and Birgit Holtermann will be retaining a 20% stake. BHG will pay about SEK 367 million for 80% of the shares, using cash and cash equivalents. In addition, the Group will pay a performance-linked cash earn-out based on EBITDA for 2021 and 2022, in the form of 2 tranches, of up to approximately SEK 122 million. The consideration of SEK 367 million will be financed with cash on hand. The consideration corresponds to an acquisition multiple of approximately 0.7x sales and 7.2x EV/EBITDA based on the anticipated financial performance for 2021. Including the full earn-out, the purchase price corresponds to an acquisition multiple of approximately 9.0x EV/EBITDA. During the 2020 financial year, Ah-Trading reported sales of SEK 459 million and adjusted EBITDA margin was 8%.
The company’s founders, Aron and Birgit Holtermann, who will continue in their roles as Chief Executive Officer and Chief Operating Officer, respectively along with the rest of the management team will continue to lead the company’s operations, which will be consolidated with BHG’s Home Furnishing segment. The transaction is expected to close very shortly and is earnings accretive with the initial valuation, excluding earnouts. Transfer Partners GmbH acted as financial advisor to the shareholders of Ah-Trading Gmbh. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS kr1.63 (vs kr1.34 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr3.55b (up 32% from 2Q 2020). Net income: kr196.7m (up 36% from 2Q 2020). Profit margin: 5.5% (up from 5.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Aankondiging • Jun 10
BHG Group AB (publ) (OM:BHG) agreed to acquire a 92.2% stake in HYMA Skog & Trädgårds AB from Verdane and HYMA management team for approximately SEK 1.1 billion. BHG Group AB (publ) (OM:BHG) agreed to acquire a 92.2% stake in HYMA Skog & Trädgårds AB from Verdane and HYMA management team for approximately SEK 1.1 billion on June 9, 2021. Under the terms, BHG will pay SEK 542 million in cash consideration and SEK 458 million through issue in kind. In addition, there is an earn-out based on EBITA for 2022 of up to SEK 500 million. BHG’s Board of Directors intends to approve an issue of 2.89 million shares to the sellers of HYMA. For the year ended 2020, HYMA reported a revenue of SEK 744 million. Anders Carlsson and the rest of the management team at HYMA will continue to lead the company’s operations, which will be consolidated with BHG’s DIY segment. The transaction is contingent on the customary regulatory approval. Transaction is expected to be completed in the third quarter of 2021. Carnegie Investment Bank AB (publ) acted as financial advisor to BHG Group AB (publ) (OM:BHG). Vinge acted as legal advisor to BHG Group AB (publ) (OM:BHG). Pwc Strategy& (Sweden) Ab acted as s due diligence advisor to BHG Group AB (publ) (OM:BHG). Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS kr0.97 (vs kr0.43 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr2.57b (up 58% from 1Q 2020). Net income: kr112.8m (up 142% from 1Q 2020). Profit margin: 4.4% (up from 2.9% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 09
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr8.97b (up 44% from FY 2019). Net income: kr415.1m (up 136% from FY 2019). Profit margin: 4.6% (up from 2.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 15% share price gain to kr14.24, the stock is trading at a trailing P/E ratio of 37.8x, up from the previous P/E ratio of 32.9x. This compares to an average P/E of 81x in the Online Retail industry in Germany. Total returns to shareholders over the past year are 233%. Aankondiging • Mar 05
BHG Group AB (publ) Appoints Maria Morin as Head of HR, Communications and ESG, Effective on August 1, 2021 BHG Group AB (publ) (BHG) hereby announced that Maria Morin will assume the newly established position of Head of HR, Communications and ESG. Maria Morin will be part of BHG's management team and will assume her new position by 1 August 2021 at the latest. Maria Morin has worked as VP HR & Corporate Communications at Cellavision AB since 2014, where she also served as Manager and later as VP Human Resources from 2009 to 2014. Prior to this, Maria Morin held various roles in human resources development, including at Gambro AB. Recent Insider Transactions • Mar 02
President recently bought €25k worth of stock On the 22nd of February, Adam Schatz bought around 2k shares on-market at roughly €13.50 per share. This was the largest purchase by an insider in the last 3 months. This was Adam's only on-market trade for the last 12 months. Recent Insider Transactions • Feb 28
President recently bought €25k worth of stock On the 22nd of February, Adam Schatz bought around 2k shares on-market at roughly €13.50 per share. This was the largest purchase by an insider in the last 3 months. This was Adam's only on-market trade for the last 12 months. Is New 90 Day High Low • Feb 20
New 90-day low: €13.24 The company is down 8.0% from its price of €14.34 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.33 per share. Recent Insider Transactions • Feb 18
Group Chief Financial Officer recently sold €894k worth of stock On the 15th of February, Jesper Flemme sold around 62k shares on-market at roughly €14.47 per share. This was the largest sale by an insider in the last 3 months. This was Jesper's only on-market trade for the last 12 months. Aankondiging • Feb 06
BHG Group AB (OM:BHG) acquired 51% stake in IP-Agency Finland Oy. BHG Group AB (OM:BHG) acquired 51% stake in IP-Agency Finland Oy on February 01, 2021. Chief Executive Officer Jouki Puurtinen and the management of IP Agency will continue in their current roles. IP Agencie's revenues for the year ended 2020 is approximately SEK 180 million. IP Agency will be consolidated in the DIY segment from February 01, 2021.
BHG Group AB (OM:BHG) completed the acquisition of 51% stake in IP-Agency Finland Oy on February 01, 2021 Reported Earnings • Feb 01
Full year 2020 earnings released: EPS kr3.87 (vs kr1.64 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr8.97b (up 44% from FY 2019). Net income: kr415.1m (up 136% from FY 2019). Profit margin: 4.6% (up from 2.8% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Feb 01
Revenue beats expectations Revenue exceeded analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 15%, compared to a 54% growth forecast for the Online Retail industry in Germany. Is New 90 Day High Low • Jan 06
New 90-day high: €19.38 The company is up 58% from its price of €12.30 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.85 per share. Aankondiging • Jan 05
BHG Group AB Announces Management Changes BHG Group AB (publ) ("BHG") announced that Mikael Hagman has been appointed Group COO and member of the management team of BHG effective 4 January 2021. Mikael Hagman founded
Vitvaruexperten.com in 2015 and has continued to successfully develop the business since the company was acquired by BHG in 2017. Prior to this, he was CEO of Media Markt Nordic (2007-2013) and Country Manager for Sony Sweden and Finland (1999-2006). Mikael Olander, one of the three founders of BHG and who has held the position of Group COO since the beginning of 2019, will assume the newly created position of Head of Commercial and become a member of the extended BHG management team. In his new role, Mikael Olander will be responsible for driving BHG's commercial focus forward in the Group's companies and at Group level. In addition to the above changes, Kimmo Lahteenmaki, who has served as President of BHG Finland since 2014, has been appointed Head of the DIY segment. Kimmo Lahteenmaki founded Taloon.com in 2004 and sold the business to BHG in 2012. Furthermore, Christian Eriksson has been appointed Head of the Home furnishing segment. Christian has been the head of the BHG- owned Home Furnishing Nordic since 2014 and prior to this held various roles at CDON.com, including as President (2011-2013), and business controller and controller (2006-2010).
Kimmo Lahteenmaki and Christian Eriksson will become members of BHG's extended management team together with Mikael Olander (Head of Commercial), Henrik Jonsson (Head of Group Legal), Peter Rosvall (Head of New Operations) and Martin Edblad (Head of M&A). In addition, the members of BHG's management team, Adam Schatz (Group CEO), Jesper Flemme (Group CFO) and Mikael Hagman (Group COO), are also members of the extended management team. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 15% share price gain to kr16.14, the stock is trading at a trailing P/E ratio of 45.7x, up from the previous P/E ratio of 39.6x. This compares to an average P/E of 71x in the Online Retail industry in Germany. Total returns to shareholders over the past year are 202%. Is New 90 Day High Low • Dec 18
New 90-day high: €16.02 The company is up 51% from its price of €10.60 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.42 per share. Aankondiging • Dec 14
BHG Group AB (OM:BHG) agreed to acquire 97.6% stake in Nordic Nest AB from Nordstjernan AB, Philian Invest AB, Stella Capital LLC, Jörgen Bödmar, Nicklas Storåkers and other shareholders for an enterprise value of SEK 1.6 billion. BHG Group AB (OM:BHG) agreed to acquire 97.6% stake in Nordic Nest AB from Nordstjernan AB, Philian Invest AB, Stella Capital LLC, Jörgen Bödmar, Nicklas Storåkers and other shareholders for an enterprise value of SEK 1.6 billion on December 13, 2020. The purchase price of SEK 1 billion is financed by a new term loan facility, and SEK 600 million is financed through available cash. Nordic Nest will be consolidated into the home furnishing segment of BHG Group. Bank Bergström Chief Executive Officer of Nordic Nest AB and management team of Nordic Nest will continue to run the business from Kalmar, Sweden. The transaction is expected to close by the end of 2020. Aankondiging • Dec 11
BHG Group AB (publ) Appoints Jesper Flemme as Permanent CFO BHG Group AB (publ) announced that Jesper Flemme, who has been acting CFO of BHG since 20 February 2020, has been appointed permanent CFO. Jesper Flemme's was Head of Financial Control ing & Group Reporting for BHG from 2016 to 2020. Prior to that he held a similar position at CDON Group. Is New 90 Day High Low • Nov 07
New 90-day high: €14.52 The company is up 42% from its price of €10.20 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.92 per share. Reported Earnings • Nov 02
Third quarter 2020 earnings released: EPS kr1.24 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: kr2.29b (up 40% from 3Q 2019). Net income: kr133.0m (up 241% from 3Q 2019). Profit margin: 5.8% (up from 2.4% in 3Q 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Nov 02
Revenue beats expectations Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 12%, compared to a 48% growth forecast for the Online Retail industry in Germany. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of kr373.5m, up 188% from the prior year. Total revenue was kr8.26b over the last 12 months, up 41% from the prior year.