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1. Company Snapshot

1.a. Company Description

Zinzino AB (publ), a direct sales company, engages in the sale of nutrition supplements, coffee, coffee machines, and accessories; The company offers balance control, immunity control, weight control, and skin care products.It also provides espresso machines, coffee, tea, and accessories.The company markets and sells its products in Sweden, Norway, Denmark, Finland, Iceland, Estonia, Lithuania, Latvia, Germany, Austria, Switzerland, the Netherlands, Poland, Hungary, Romania, Spain, Cyprus, France, Greece, Italy, United Kingdom, Czech Republic, Slovakia, the United States, Canada, Singapore, Malaysia, Taiwan, Thailand, Hong Kong, Australia, South Africa, and India.


Zinzino AB (publ) was founded in 2005 and is headquartered in Gothenburg, Sweden with additional offices in Finland, Latvia, Norway, USA, Australia, Hong Kong, Malaysia, and India.

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1.b. Last Insights on ZZ

Zinzino AB's recent performance has been impacted by several negative drivers. Despite a 47% year-over-year revenue growth in Q3 2025, reaching SEK 784.1 million, the company's EBITDA margin improvement to 14.0% was mainly due to stronger gross profit and increased synergies. However, the acquisition of Truvy and Bodē Pro, aimed at increasing distribution power in North America, Latin America, and South Korea, may pose integration challenges. Additionally, the acquisition of 35% of Xion International Group's shares for joint algae-based product development may dilute earnings. Furthermore, market volatility and concerns about overvaluation in AI-related stocks may affect investor sentiment.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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ZINZINO AB (PUBL.): Preliminary sales report November 2025

Dec -03

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ZINZINO AB (PUBL.): Share subscription due to warrants

Nov -20

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Zinzino AB (publ.): Interim Report for the third quarter of 2025

Nov -19

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Undiscovered Gems in Europe to Watch This November 2025

Nov -13

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3 European Dividend Stocks Offering Up To 4.2% Yield

Nov -13

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Zinzino AB (publ.): Zinzino acquires 35% of the shares in Andorra-based Xion International Group for further development of its own-produced omega-3 oil and spirulina

Nov -11

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Zinzino AB (publ.): Zinzino acquires Mexican company Sanki to increase distribution capacity in North America and South America

Nov -08

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ZINZINO AB (PUBL.): PRELIMINARY SALES REPORT OCTOBER 2025

Nov -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.00%)

6. Segments

Zinzino

Expected Growth: 7%

Zinzino's 7% growth is driven by increasing demand for health and wellness products, expansion into new markets, and a strong online presence. The company's subscription-based model and loyalty program also contribute to recurring revenue. Additionally, Zinzino's focus on research and development has led to innovative product launches, further fueling growth.

Faun

Expected Growth: 7%

Faun from Zinzino AB (publ) achieves 7% growth driven by increasing demand for healthy living products, successful e-commerce platform, strategic partnerships, and expanding product offerings. Additionally, the company's focus on sustainability, strong brand recognition, and effective marketing strategies contribute to its growth momentum.

Consolidated Elimination

Expected Growth: 7%

Zinzino AB's 7% consolidated elimination growth is driven by increasing demand for health and wellness products, successful implementation of e-commerce strategies, and expansion into new markets. Additionally, the company's focus on sustainability and eco-friendly products resonates with environmentally conscious consumers, contributing to its growth momentum.

7. Detailed Products

BalanceOil

A premium blend of oils that supports heart health and brain function

Zinzino Fat-Soluble Vitamins

A blend of vitamins A, D, E, and K that support immune function and bone health

Zinzino Omega-3

A high-quality fish oil supplement that supports heart health and brain function

Viva

A natural energy drink that provides a boost of energy and mental clarity

Protect

A natural antioxidant supplement that protects cells from oxidative stress

LeanSHAKE

A meal replacement shake that supports weight management and overall health

8. Zinzino AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Zinzino AB (publ) operates in the health and wellness industry, which is characterized by a moderate level of substitutes. While there are many alternative products and services available, Zinzino's unique blend of natural ingredients and proprietary manufacturing process differentiates its products from competitors.

Bargaining Power Of Customers

Zinzino AB (publ) has a large and diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often purchased through a subscription model, which increases customer loyalty and reduces the likelihood of customers switching to competitors.

Bargaining Power Of Suppliers

Zinzino AB (publ) relies on a network of suppliers for the sourcing of raw materials and ingredients. While the company has established relationships with its suppliers, it is still vulnerable to supply chain disruptions and price fluctuations. However, the company's diversified supplier base and long-term contracts mitigate some of this risk.

Threat Of New Entrants

The health and wellness industry is highly competitive, and new entrants can easily enter the market with innovative products and services. Zinzino AB (publ) must continually innovate and differentiate its products to stay ahead of competitors and maintain its market share.

Intensity Of Rivalry

The health and wellness industry is highly competitive, with many established players and new entrants vying for market share. Zinzino AB (publ) must continually innovate and differentiate its products to stay ahead of competitors and maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.87%
Debt Cost 9.24%
Equity Weight 81.13%
Equity Cost 10.97%
WACC 10.64%
Leverage 23.27%

11. Quality Control: Zinzino AB (publ) passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Zinzino

A-Score: 5.6/10

Value: 3.9

Growth: 9.0

Quality: 7.4

Yield: 4.4

Momentum: 8.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Duni

A-Score: 5.0/10

Value: 5.2

Growth: 5.3

Quality: 4.2

Yield: 4.4

Momentum: 3.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Warpaint London

A-Score: 4.9/10

Value: 5.2

Growth: 8.2

Quality: 7.7

Yield: 7.5

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Intercos

A-Score: 4.4/10

Value: 4.9

Growth: 7.2

Quality: 5.0

Yield: 1.9

Momentum: 1.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
PZ Cussons

A-Score: 4.0/10

Value: 6.9

Growth: 1.1

Quality: 2.7

Yield: 6.9

Momentum: 2.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Ontex

A-Score: 3.6/10

Value: 9.3

Growth: 4.0

Quality: 2.0

Yield: 0.0

Momentum: 0.5

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

169.0$

Current Price

169$

Potential

-0.00%

Expected Cash-Flows