Matas Group

Matas Group

In this pitch deck, analysts Axel Grahn and Gent Kita Elezi deliver a thorough analysis of
Matas Group, the Nordic leader in health and beauty, emphasising its brand assortment
expansion, financial health and potential market growth. By utilising various valuation
methods such as DCF and LBO models, the analysts derive a target valuation range of DKK
6,500 – 8,700m. The following section includes a selection of assumptions underpinning this
valuation, and highlights some of the insights from which the investment considerations were

Key takeaways:

  • Through the acquisition of KICKS Group, Matas Group will leverage operating- and
    private label synergies, making the Company an attractive target for potential
    financial sponsors to further expand into new markets.
  • Investments of DKK 795m in automated logistics centers in Denmark and Sweden
    finished in 2025 leads to operational efficiency and higher customer satisfaction.
  • The online Nordic beauty market is estimated to grow at an 12% CAGR 2023-2028,
    underpinning the growth potential of Matas Group’s topline.

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