Buy Or Sell Opportunity • May 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €5.44. The fair value is estimated to be €6.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 8.5%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Board Change • May 21
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Director Cecilie Elde is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 20
RVRC Holding AB (publ) Appoints Ben Ryan as Member of the Board RVRC Holding AB (publ) in its Annual General Meeting held on 20 November, 2025 elected Ben Ryan as new member of the Board. Announcement • Oct 16
RVRC Holding AB (publ) announces Annual dividend, payable on November 27, 2025 RVRC Holding AB (publ) announced Annual dividend of SEK 1.3500 per share payable on November 27, 2025, ex-date on November 21, 2025 and record date on November 24, 2025. Announcement • Jun 13
RevolutionRace Relocates Warehouse to Automated Logistics Center RevolutionRace strengthens its logistics setup and extends its partnership with the logistics partner Shelfless by signing a new cooperation agreement. The new agreement implies that RevolutionRace will move its Nordic warehouse to Shelfless’ modern and automated logistics center in Rosersberg, north of Stockholm. The new agreement is a key part of RevolutionRace’s growth strategy and provides better opportunities to meet customer expectations for fast and reliable deliveries. The new setup is expected to keep the cost per order essentially unchanged compared to the current level. Shelfless has previously communicated that it will close the facility in Borås where RevolutionRace currently has its operations. The new warehouse will handle deliveries to the company’s Nordic customers, and the extended partnership with Shelfless ensures a smooth transition from the current solution. The go-live is planned for spring 2026. RevolutionRace’s largest warehouse, located in Germany, is not affected by this change. Shelfless, owned by Bring (a subsidiary of Posten Bring), specializes in automated third-party logistics services for e-commerce. RevolutionRace has been working with Shelfless since 2021. Upcoming Dividend • Nov 13
Upcoming dividend of kr1.20 per share Eligible shareholders must have bought the stock before 20 November 2024. Payment date: 26 November 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (3.3%). Recent Insider Transactions • Nov 08
Chief Executive Officer recently bought €173k worth of stock On the 6th of November, Paul Fischbein bought around 50k shares on-market at roughly €3.46 per share. This transaction amounted to 9.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Paul has been a buyer over the last 12 months, purchasing a net total of €433k worth in shares. Declared Dividend • Oct 20
Dividend of kr1.20 announced Shareholders will receive a dividend of kr1.20. Ex-date: 20th November 2024 Payment date: 26th November 2024 Dividend yield will be 29%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 23% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 16
Full year 2024 earnings released: EPS: kr2.73 (vs kr2.15 in FY 2023) Full year 2024 results: EPS: kr2.73 (up from kr2.15 in FY 2023). Revenue: kr1.84b (up 18% from FY 2023). Net income: kr308.0m (up 27% from FY 2023). Profit margin: 17% (up from 16% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% 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, earnings per share has increased by 10% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Oct 16
RVRC Holding AB (publ) Proposes Dividend, Payable on 26 November 2024 The Board of Directors of RVRC Holding AB (publ) at its AGM to be held on 19 November 2024, proposed a dividend of SEK 1.20 per share, As record date for the dividend, the Board of Directors proposes 21 November 2024. Should the AGM resolve in accordance with the proposal, the dividend is expected to be distributed by Euroclear Sweden AB on 26 November 2024. Recent Insider Transactions • Sep 08
Chief Executive Officer recently bought €96k worth of stock On the 5th of September, Paul Fischbein bought around 25k shares on-market at roughly €3.83 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Paul has been a buyer over the last 12 months, purchasing a net total of €260k worth in shares. Reported Earnings • Aug 14
Full year 2024 earnings released: EPS: kr2.73 (vs kr2.15 in FY 2023) Full year 2024 results: EPS: kr2.73 (up from kr2.15 in FY 2023). Revenue: kr1.84b (up 18% from FY 2023). Net income: kr308.0m (up 27% from FY 2023). Profit margin: 17% (up from 16% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% 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, earnings per share has increased by 10% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Jun 14
RVRC Holding AB (Publ) Announces Resignation of Niclas Nyrensten from Board RVRC Holding AB (publ) on May 8, 2024 announced resignation of Niclas Nyrensten as board member and co-founder of the company. The Board now consists of Alexander Martensen-Larsen, Sara Diez Jauregui, Cecilie Elde, Andreas Källström Säfweräng, Birgitta Stymne Göransson and David Thörewik. Announcement • May 09
Niclas Nyrensten Declines Re-Election and to Leave the Board of RVRC Holding AB (publ), Effective No Later Than July 2024 Niclas Nyrensten, board member and co-founder of RVRC Holding AB (publ), has notified that he declines re-election to the Board of RevolutionRace. He has also notified that he will leave the Board no later than July 2024. Øistein Widding, the Chairperson of the Nomination Committee, has been informed and will together with the other members of the Nomination Committee review the Board's future composition based on the above. In connection with Niclas Nyrensten leaving the Board, the Board will consist of Alexander Martensen-Larsen, Sara Diez Jauregui, Cecilie Elde, Andreas Källström Säfweräng, Birgitta Stymne Göransson and David Thörewik. Reported Earnings • May 08
Third quarter 2024 earnings released: EPS: kr0.72 (vs kr0.60 in 3Q 2023) Third quarter 2024 results: EPS: kr0.72 (up from kr0.60 in 3Q 2023). Revenue: kr484.0m (up 17% from 3Q 2023). Net income: kr81.0m (up 19% from 3Q 2023). Profit margin: 17% (in line with 3Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Specialty Retail industry in Germany. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.84, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 2x in the Specialty Retail industry in Germany. Total returns to shareholders of 33% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €8.40 per share. Reported Earnings • Jan 31
Second quarter 2024 earnings released: EPS: kr1.01 (vs kr0.73 in 2Q 2023) Second quarter 2024 results: EPS: kr1.01 (up from kr0.73 in 2Q 2023). Revenue: kr613.0m (up 20% from 2Q 2023). Net income: kr114.0m (up 39% from 2Q 2023). Profit margin: 19% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Germany. Announcement • Jan 30
RVRC Holding AB (publ) Provides Earnings Guidance for the Financial Year 2023-2024 RVRC Holding AB (publ) provided earnings guidance for the financial year 2023-2024. For the year, the company expects Net sales to be at least SEK 2 billion. The company shall maintain an annual EBIT margin of at least 25%. Recent Insider Transactions • Dec 03
Chief Executive Officer recently bought €164k worth of stock On the 30th of November, Paul Fischbein bought around 37k shares on-market at roughly €4.44 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Paul's only on-market trade for the last 12 months. Board Change • Dec 01
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. 1 experienced director. No highly experienced directors. Director Andreas Säfweräng is the most experienced director on the board, commencing their role in 2017. 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 14
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to €4.11, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 9x in the Specialty Retail industry in Germany. Total returns to shareholders of 29% over the past year. New Risk • Nov 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • Oct 22
Full year 2023 earnings released: EPS: kr2.15 (vs kr2.55 in FY 2022) Full year 2023 results: EPS: kr2.15 (down from kr2.55 in FY 2022). Revenue: kr1.56b (up 17% from FY 2022). Net income: kr243.0m (down 16% from FY 2022). Profit margin: 16% (down from 22% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Specialty Retail industry in Germany. Reported Earnings • Aug 17
Full year 2023 earnings released: EPS: kr2.15 (vs kr2.55 in FY 2022) Full year 2023 results: EPS: kr2.15 (down from kr2.55 in FY 2022). Revenue: kr1.56b (up 17% from FY 2022). Net income: kr243.0m (down 16% from FY 2022). Profit margin: 16% (down from 22% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Specialty Retail industry in Germany. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €3.13, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Specialty Retail industry in Germany. Total loss to shareholders of 18% over the past year. Reported Earnings • May 10
Third quarter 2023 earnings released: EPS: kr0.60 (vs kr0.72 in 3Q 2022) Third quarter 2023 results: EPS: kr0.60 (down from kr0.72 in 3Q 2022). Revenue: kr414.0m (up 13% from 3Q 2022). Net income: kr68.0m (down 16% from 3Q 2022). Profit margin: 16% (down from 22% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Specialty Retail industry in Germany. Announcement • Feb 18
RVRC Holding AB (publ) Announces Resignation of Johan Svanström as Member of the Board of Directors as of February 24, 2023 RVRC Holding AB (publ) announced that Johan Svanström has notified the Board of Directors of the company that he wishes to leave his position as member of the Board of Directors as of February 24, 2023. Johan is taking on a role as CEO of Rightmove, a UK listed company, and due to FTSE100 listings environment and requirements can not continue in the role as Board Member of RevolutionRace. Johan has served as Board member since 2018. Following Johan Svanström’s resignation, the Board of Directors consist of Andreas Källström Säfweräng, Jens Browaldh, Cecilie Elde, Pernilla Nyrensten and Niclas Nyrensten. The Nomination Committee will be informed immediately and will work to propose a replacement who is independent in relation to the company and group management as well as the company's major shareholders for election as soon as practically possible. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.71, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Specialty Retail industry in Europe. Total loss to shareholders of 56% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €5.84 per share. Reported Earnings • Feb 01
Second quarter 2023 earnings released: EPS: kr0.73 (vs kr0.82 in 2Q 2022) Second quarter 2023 results: EPS: kr0.73 (down from kr0.82 in 2Q 2022). Revenue: kr509.0m (up 30% from 2Q 2022). Net income: kr82.0m (down 11% from 2Q 2022). Profit margin: 16% (down from 24% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Specialty Retail industry in Germany. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improved over the past week After last week's 16% share price gain to €3.24, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Specialty Retail industry in Europe. Total loss to shareholders of 66% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €5.32 per share. Buying Opportunity • Nov 17
Now 24% undervalued Over the last 90 days, the stock is up 2.8%. The fair value is estimated to be €3.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 5.2% per annum over the same time period. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Cecilie Elde was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 04
Upcoming dividend of kr0.77 per share Eligible shareholders must have bought the stock before 11 November 2022. Payment date: 17 November 2022. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (4.5%). Announcement • Oct 29
RVRC Holding AB (publ) Appoints Hanna Blixt as New Chief Operating Officer RVRC Holding AB (publ) announced Hanna Blixt has been appointed Chief Operating Officer (COO), a new role in the management team with responsibility for, among other things, logistics, customer service and HR, starting on November 1, 2022. Hanna was previously Business Development and Insight Director and has been employed within RevolutionRace since 2020. Her previous experiences include leading positions within various companies such as Gina Tricot and Nelly. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to €2.66, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Specialty Retail industry in Europe. Total loss to shareholders of 63% over the past year. Reported Earnings • Oct 14
Full year 2022 earnings released: EPS: kr2.55 (vs kr1.59 in FY 2021) Full year 2022 results: EPS: kr2.55 (up from kr1.59 in FY 2021). Revenue: kr1.33b (up 48% from FY 2021). Net income: kr288.0m (up 68% from FY 2021). Profit margin: 22% (up from 19% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Germany. Announcement • Oct 13
Revolutionrace Launches New Collection for Dogs RevolutionRace is expanding its product range and launched its first dog clothing collection yesterday. The collection initially consists of Trekker Fleece Dog, a micro-fleeced dog sweater designed to keep the dog warm on colder days. The fleece provides warmth from the neck to the tail, has a slim fit, and is designed to give the best possible comfort during everything from long forest walks to fast-paced games. Announcement • Oct 07
RVRC Holding AB (Publ) Announces Paul Fischbein as New CEO The Board of Directors of RVRC Holding AB (publ) have appointed Paul Fischbein as permanent CEO of the company. Paul Fischbein is currently acting CEO of RevolutionRace and assumes his permanent position immediately. Paul Fischbein has extensive experience of CEO work and work on boards, both as chairman and member. For over 20 years, he has worked with consumer products and e-commerce. Paul assumed the role as chairman of RevolutionRace in January 2021 and became interim CEO in August 2022. With Paul Fischbein taking over as CEO of RevolutionRace, he will leave the board of the company in connection with the upcoming annual general meeting. Announcement • Sep 20
Revolutionrace Launches A New Collection for Kids & Teens RevolutionRace launched its first collection for kids and teens. The collection will be launched on September 20 and will initially consist of the brand's most popular trousers and fleeces in sizes 146-164.RevolutionRace will offer pants, fleeces, and accessories in sizes 146-164. The sizes build naturally down from the current women's and men's range in size XS. The product development team plans to continue expanding core range to the younger generation in the future. The launch of the collection will take place on September 20 in all markets on the RevolutionRace websites and Revolutionrace.eu/teens. Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Cecilie Elde was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
Full year 2022 earnings released: EPS: kr2.55 (vs kr1.59 in FY 2021) Full year 2022 results: EPS: kr2.55 (up from kr1.59 in FY 2021). Revenue: kr1.39b (up 55% from FY 2021). Net income: kr288.0m (up 68% from FY 2021). Profit margin: 21% (up from 19% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15%, compared to a 11% growth forecast for the Specialty Retail industry in Germany. Announcement • Aug 17
RVRC Holding AB (publ) Proposes Dividend for the Financial Year 2021/2022 The board of directors of RVRC Holding AB (publ) proposed a dividend of SEK 0.77 per share for the financial year 2021/2022 (2020/2021: SEK 0.64 per share). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €5.54, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Specialty Retail industry in Europe. Reported Earnings • May 11
Third quarter 2022 earnings released: EPS: kr0.72 (vs kr0.48 in 3Q 2021) Third quarter 2022 results: EPS: kr0.72 (up from kr0.48 in 3Q 2021). Revenue: kr383.7m (up 57% from 3Q 2021). Net income: kr81.1m (up 65% from 3Q 2021). Profit margin: 21% (in line with 3Q 2021). Over the next year, revenue is forecast to grow 27%, compared to a 12% growth forecast for the industry in Germany. Announcement • Apr 23
RVRC Holding AB (publ), Annual General Meeting, Nov 09, 2022 RVRC Holding AB (publ), Annual General Meeting, Nov 09, 2022. Announcement • Mar 01
RevolutionRace Expands Product Range and Launches First Backpack Model - Nomad 30L RevolutionRace expanded its product range and launched its first backpack model - Nomad 30L. A multifunctional backpack with many smart functions, developed for outdoor activities, travel and everyday use. Reported Earnings • Feb 10
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: kr0.82 (up from kr0.48 in 2Q 2021). Revenue: kr391.7m (up 60% from 2Q 2021). Net income: kr92.3m (up 88% from 2Q 2021). Profit margin: 24% (up from 20% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 34%, compared to a 17% growth forecast for the industry in Germany. Announcement • Dec 14
Revolutionrace Launches New Product Category with Hiking Shoes RevolutionRace expands with a new product range and launches their first shoe model - Phantom Trail Mid. A waterproof hiking boot with the flexibility of a trail running shoe that provides an excellent grip on gravel, rock and grass for long hikes. The shoe has been designed for various activities all year round.The Phantom Trail Mid was launched and almost sold out the first day. The interest and response from customers has been very positive. The first small batch sold out completely the first weekend, more shipments are expected for the next quarter. Reported Earnings • Oct 17
Full year 2021 earnings released: EPS kr1.59 (vs kr0.56 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: kr897.1m (up 132% from FY 2020). Net income: kr171.6m (up 187% from FY 2020). Profit margin: 19% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improved over the past week After last week's 16% share price gain to kr8.02, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 14x in the Specialty Retail industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €7.46 per share.