Matas Group

Matas Group

In this equity research report, analysts Anna Bodén and Julien Nguyen take a closer look at
Matas Group, the leading Nordic beauty retailer. Matas’ acquisition of KICKS Group solidifies
the Company as the largest omnichannel beauty retailer in the Nordic region, operating 489
physical stores and six webshops. With an expanded assortment of 70,000 products and more
efficient operations, the Company is estimated to capitalize on the structural demand trend for
e-commerce, where revenue is estimated to grow at a CAGR of 6.0% and EBIT margin is
projected to increase from 5.7% to 8.2% by 27/28E. An equally weighted DCF and a peer
valuation imply a target price of DKK 151.6, indicating a potential upside of 30.9%.

Investment Highlights

● Matas is set to grow revenue with a 6.0% CAGR until 27/28E, as the largest Nordic beauty
● Matas is projected to increase EBIT margin from 5.7% to 8.2% between 23/24A and 27/28E,
with an expanded private label portfolio and access to Norway, Finland and Sweden.
● Consolidation of digital infrastructure and centralizing logistics operations improves the
Company’s operational efficiency

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