In this equity research report, analysts Cheng-Tao Lee and Linn Elderot take a closer look at
Kabe Group, the market leader in Sweden for caravans and motorhomes. Kabe Group is set to
capitalize on the international expansion and the mobile living trend with an estimated revenue
CAGR of 9.2% between 2023A-2026E. Based on an equally weighted DCF and a peer valuation,
a target P/E multiple of 10.7x in 2026E is motivated, implying a target price of SEK 425.5 and a
potential upside of 30.9%.
Investment highlights
● International expansion boosts growth with strong market appeal and more dealerships
● Superior products capitalize on mobile living trend, driving caravan and motorhome sales
● Geographical diversification and premium focus break historical cyclical patterns