RugVista
Consumer Discretionary / Equity Research / Financial Analysis / R&A Reports

RugVista

In this financial analysis, analysts Douglas Rohlén and Carl Möllerström take a closer look at the Swedish direct-to-consumer online platform for carpet sales, RugVista (RUG). The analysts estimate a revenue CAGR of 15.6% 2021-2024E and a projected EBIT-margin of 17.8% in 2024E. Based on a peer valuation and a target multiple of EV/EBIT 29.2x, a target price of SEK 211.9 and a potential upside of 90.9% is justified.

Investment highlights:

  • RugVista is the only “pure” online carpet sales platform and is considered as having a first-mover advantage.
  • The Company’s integrated technology platform and pricing optimization enable continued margin expansion.
  • By exhibiting high rates of customer satisfaction, RugVista hopes to maintain their excellent customer relationships and obtain a market position similar to Zalando.