In this equity research report, analysts Henrik Ahlgren and Maria Sunrise take a closer look at
Söder Sportfiske, Sweden’s leading sport fishing equipment retailer. Söder Sportfiske is set to
capitalise on a continued expansion in Europe and a recovering market in Sweden, with
revenue estimated to grow at a CAGR of 8.4% until 2029E. Through an equally weighted
DCF and a peer valuation, a target price of 31.7 SEK is implied, indicating a potential upside
of 27.8%.
Investment Highlights
● Continued industry consolidation in the main market enables stability
● Increasing private label sales and efficient logistics leads to margin expansion
● International expansion supports further top-line growth