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1. Company Snapshot

1.a. Company Description

BHG Group AB (publ) operates as a consumer e-commerce company in Sweden, Finland, Denmark, Norway, rest of Europe, and internationally.It operates in two segments, Do-It-Yourself (DIY) and Home Furnishing.The company offers a range of brands totalling approximately 1.5 million products within DIY, leisure, furniture, and furnishings.


It operates approximately 100 online sites comprising bygghemma.se, trademax.se, chilli.se, nordicnest.se, and furniturebox.se, as well as approximately 70 showrooms.The company was formerly known as Bygghemma Group First AB (publ) and changed its name to BHG Group AB (publ) in May 2020.BHG Group AB (publ) was founded in 2006 and is headquartered in Malmö, Sweden.

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1.b. Last Insights on BHG

BHG Group AB's recent performance has been positively driven by strong organic growth and a significant earnings surge. The company reported a 13.4% organic growth and a 76% earnings improvement in Q3 2025, despite challenges in the Finnish market. Additionally, BHG Group's stock is considered undervalued, trading at SEK28.34, well below an estimated fair value of SEK45.38. Its revenue is projected to grow faster than the Swedish market, and earnings are forecast to increase by 28.74% per year.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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European Undervalued Small Caps With Insider Activity In November 2025

Nov -26

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3 European Stocks Estimated To Be Up To 42.9% Below Intrinsic Value

Nov -17

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BHG Group AB (STU:7B1) Q3 2025 Earnings Call Highlights: Strong Organic Growth and Earnings Surge

Nov -05

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3 Top Undervalued European Small Caps With Recent Insider Activity

Oct -28

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BHG Group (OM:BHG): Losses Deepen at 60% Rate, Challenging Bullish Turnaround Narratives

Oct -25

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3 European Stocks Estimated To Be Up To 36.2% Below Intrinsic Value

Oct -17

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3 European Stocks Trading At Estimated Discounts Of Up To 48.2%

Sep -18

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European Equities Estimated Below Fair Value In September 2025

Sep -03

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.12%)

6. Segments

Home Improvement

Expected Growth: 1.2%

BHG Group AB's Home Improvement segment growth of 1.2% is driven by increasing consumer spending on home renovation and decoration, fueled by rising disposable incomes and a growing trend towards home ownership. Additionally, the segment benefits from the company's strong online presence and strategic partnerships with suppliers, enabling efficient supply chain management and competitive pricing.

Value Home

Expected Growth: 0.8%

Value Home's 0.8 growth driven by increasing demand for affordable housing, strategic expansion into new markets, and efficient cost management. Additionally, BHG Group's strong brand recognition, diversified product offerings, and focus on sustainability contribute to the segment's growth.

Premium Living

Expected Growth: 1.5%

Premium Living from BHG Group AB (publ) achieves 1.5% growth driven by increasing demand for high-end furniture and home decor, fueled by rising disposable incomes and urbanization. Additionally, the company's focus on e-commerce and omnichannel retailing, as well as strategic partnerships and acquisitions, contribute to its growth momentum.

Eliminations

Expected Growth: 0.5%

BHG Group AB's 0.5% growth is driven by steady revenue from its e-commerce platform, moderate expansion in the Nordic region, and cost savings from operational efficiencies. Additionally, the company's focus on digital marketing and strategic partnerships contribute to its stable growth.

Other

Expected Growth: 1.1%

BHG Group AB's 1.1% growth in the 'Other' segment is driven by increasing demand for its e-commerce services, strategic partnerships, and expansion into new markets. Additionally, the company's focus on digitalization and process optimization has improved operational efficiency, contributing to the growth.

7. Detailed Products

Marketplace

A platform that connects buyers and sellers of second-hand goods, allowing users to browse and purchase products from various categories.

Payment Services

A secure and convenient payment solution for online transactions, providing a seamless checkout experience for customers.

Lending Services

A range of financial solutions, including consumer loans and credit products, designed to meet the financial needs of individuals and businesses.

Insurance Services

A suite of insurance products, including home, travel, and gadget insurance, offering protection and peace of mind for customers.

Credit Checks

A service providing instant credit reports and scores, enabling individuals and businesses to make informed decisions.

8. BHG Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for BHG Group AB (publ) is moderate due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is low for BHG Group AB (publ) as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for BHG Group AB (publ) as the company relies on a few key suppliers, but has some flexibility in its supply chain.

Threat Of New Entrants

The threat of new entrants is high for BHG Group AB (publ) as the market is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high for BHG Group AB (publ) as the market is highly competitive and there are many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.14%
Debt Cost 7.85%
Equity Weight 74.86%
Equity Cost 11.56%
WACC 10.63%
Leverage 33.57%

11. Quality Control: BHG Group AB (publ) passed 3 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
Believe

A-Score: 4.5/10

Value: 3.4

Growth: 5.3

Quality: 4.1

Yield: 0.0

Momentum: 6.5

Volatility: 7.7

1-Year Total Return ->

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BHG

A-Score: 4.0/10

Value: 7.6

Growth: 2.4

Quality: 2.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Ceconomy

A-Score: 3.7/10

Value: 6.4

Growth: 2.7

Quality: 2.3

Yield: 0.6

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

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Fenix Outdoor

A-Score: 3.6/10

Value: 5.2

Growth: 4.0

Quality: 3.8

Yield: 3.1

Momentum: 0.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
WH Smith

A-Score: 3.5/10

Value: 5.7

Growth: 5.8

Quality: 3.4

Yield: 4.4

Momentum: 0.5

Volatility: 1.3

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

30.62$

Current Price

30.62$

Potential

-0.00%

Expected Cash-Flows