In this equity research report, analysts Oscar Isacsson and Jacob Blomberg Persson takes a closer look
at Haypp group. Haypp group is the clear-cut market leader within e-commerce of nicotine pouches
and snus worldwide. The Company is set to capitalize on a large growth in demand worldwide, as users
migrate from smoking towards nicotine pouches with revenue estimated to grow at a CAGR of 19%
until 2026E. Based on an equally weighted peer and DCF valuation using a target multiple of 11X 2026E
EBIT, a target price of 88,5 SEK per share is implied, corresponding to an upside of 46.5%.
Investment highlights:
● Market tailwinds and online penetration in the US drive top-line growth
● Unmatched economies of scale and cost leadership fuels market domination
● Overlooked, fast-growing Media and Insights segment is poised to drive profitability and
investor upside