New Wave Group AB (publ) (NEWA-B.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

New Wave Group AB (publ) designs, acquires, and develops brands and products in the corporate, sports, gifts, and home furnishings sectors in Sweden, the United States, Central Europe, rest of Nordiac countries, Southern Europe, and internationally.The company operates through segments: Corporate, Sports & Leisure, and Gifts & Home Furnishings.The Corporate segment offers promo wear products, such as clothes for printing and embroidery, as well as leisure, work, and sports clothes; promotional gifts, including pens, power banks, gift cards, bags, bed linens, and towels; and a range of work wear products comprising underwear, outer garments, reflective clothing, flame protective, and accessories for professional categories, which consist of construction and installation workers, painters and plasterers, transport and service, and hotel and restaurant workers.

This segment offers its products under the D.A.D Sportswear, Hurricane, No Problems, BAGSFIRST, James Harvest Sportswear, Jingham, Mac One, Printer, Cottover, Clique, d-vice, Queen Anne, Toppoint, Grizzly, J.Harvest & Frost, Jobman, Graphix, Derby of Sweden, and ProJob brands.The Sports & Leisure segment provides clothes and shoes for sports, golf, hunting, fishing, shoe, and fashion trade under the Cutter & Buck, ANNIKA, Craft, Clique, AHEAD, Kate Lord, Paris Glove, Auclair, Laurentide, Seger, Termo Original, PAX, Marstrand, Sköna Marie, and Speedo brands.

The Gifts & Home Furnishings segment offers gifts and home furnishing products under the Orrefors, Kosta Förlag, Lord Nelson Victory, Lord Nelson, Orrefors Hunting, Orrefors Jernverk, Nightingale, Queen Anne, Kosta Linnewäfveri, Kosta Boda, Kosta Boda Art Hotel, Kosta Lodge, ByOn, Victorian, VAKINME, and Sagaform brands.New Wave Group AB (publ) was incorporated in 1989 and is headquartered in Gothenburg, Sweden.

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1.b. Last Insights on NEWA

New Wave Group AB (publ) faces challenges due to lower-than-expected growth. Despite this, the company focuses on strategic acquisitions and expansion to drive future performance. Its Q2 2025 earnings call highlighted these efforts. The European market's mixed performance, influenced by US Fed Chair Jerome Powell's dovish signals and easing US-China trade tensions, adds to the complexity. With high insider ownership, New Wave signals strong internal confidence. However, recent profit-taking and political uncertainties have impacted European growth stocks.

1.c. Company Highlights

Last Price	111.6
Change Percentage	0.36%
Open	111.3
Previous Close	111.2
Market Cap ( Millions)	14809
Volume	166223
Year High	131.5
Year Low	82.05
M A 50	113.09
M A 200	112.24

FCF Yield	1.38%
Dividend Yield	3.14%
ROE	12.02%
Debt / Equity	52.80%
Net Debt / EBIDTA	196.00%
Price To Book	2.23
Price Earnings Ratio	18.03
Price To FCF	72.7
Price To sales	1.53
EV / EBITDA	11.83

2. Transcript Summary

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3. NewsRoom

European Growth Companies With Up To 34% Insider Ownership

Nov -14

Source:

European Stocks That May Be Trading Below Their Estimated Value

Oct -24

Source:

Three Undervalued European Small Caps With Insider Action

Oct -21

Source:

European Growth Stocks With Strong Insider Commitment

Oct -16

Source:

European Dividend Stocks To Watch In October 2025

Oct -08

Source:

European Equities Estimated Below Intrinsic Value In September 2025

Sep -24

Source:

European Undervalued Small Caps With Insider Action In September 2025

Sep -22

Source:

European Growth Companies With High Insider Ownership In September 2025

Sep -17

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.91%)

6. Segments

Promotional Gifts & Workwear

Expected Growth: 3%

New Wave Group AB's Promotional Gifts & Workwear segment growth is driven by increasing demand for branded merchandise, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on sustainability and digitalization efforts have improved operational efficiency, contributing to the 3% growth rate.

Sports & Leisure

Expected Growth: 5%

New Wave Group AB's Sports & Leisure segment growth is driven by increasing outdoor activities, health awareness, and e-commerce adoption. The segment benefits from a strong brand portfolio, including Craft and Dobotex, and strategic acquisitions. Additionally, the company's focus on sustainability and innovative products resonates with environmentally conscious consumers, contributing to the 5% growth rate.

Gifts & Home Furnishings

Expected Growth: 4%

New Wave Group AB's Gifts & Home Furnishings segment growth is driven by increasing consumer spending on home decor and gifting, fueled by rising disposable incomes and a growing middle class. Additionally, the company's strategic expansion into e-commerce and its focus on sustainable products are contributing to its 4% growth.

7. Detailed Products

Promotional Products

New Wave Group AB (publ) offers a wide range of promotional products such as bags, pens, and other items that can be customized with logos or messages to promote a brand or company.

Workwear

New Wave Group AB (publ) provides high-quality workwear for various industries, including construction, healthcare, and hospitality.

Profile and Merchandise

New Wave Group AB (publ) offers customized profile and merchandise products such as apparel, accessories, and gifts that can be personalized with logos, names, or messages.

Uniforms

New Wave Group AB (publ) provides high-quality uniforms for various industries, including retail, hospitality, and healthcare.

Sportswear

New Wave Group AB (publ) offers customized sportswear products such as jerseys, hats, and bags that can be personalized with team logos or names.

8. New Wave Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for New Wave 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 high due to the concentration of buyers and the availability of alternative products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of multiple suppliers and the lack of concentration in the supply chain.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry and the complexity of the industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple competitors and the high level of competition in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	23.21%
Debt Cost	7.24%
Equity Weight	76.79%
Equity Cost	13.57%
WACC	12.10%
Leverage	30.23%

11. Quality Control: New Wave Group AB (publ) passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Clas Ohlson

A-Score: 5.7/10

Value: 3.2

Growth: 6.2

Quality: 7.1

Yield: 5.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

New Wave Group

A-Score: 5.7/10

Value: 4.2

Growth: 7.1

Quality: 6.2

Yield: 6.9

Momentum: 5.5

Volatility: 4.0

1-Year Total Return ->

Betterware de México

A-Score: 5.5/10

Value: 5.4

Growth: 5.6

Quality: 5.5

Yield: 10.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

Card Factory

A-Score: 5.4/10

Value: 8.5

Growth: 4.2

Quality: 6.5

Yield: 3.8

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

Matas

A-Score: 5.0/10

Value: 6.4

Growth: 6.2

Quality: 3.5

Yield: 2.5

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

Mobilezone

A-Score: 4.8/10

Value: 6.0

Growth: 2.9

Quality: 4.2

Yield: 9.4

Momentum: 1.5

Volatility: 5.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

16.28%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

12.10%

New Wave Group AB (publ) - SE0020356970

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on NEWA

1.c. Company Highlights

Higher Yield

Better Quality

Average Growth

Earnings Miss

Revenues Miss

Average Quality

Revenues Beats

Strong Momentum

Average Yield

Medium Volatility

Fairly Valued

Higher Growth

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.91%)

6. Segments

Promotional Gifts & Workwear

Expected Growth: 3%

Sports & Leisure

Expected Growth: 5%

Gifts & Home Furnishings

Expected Growth: 4%

7. Detailed Products

Promotional Products

Workwear

Profile and Merchandise

Uniforms

Sportswear

8. New Wave Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: New Wave Group AB (publ) passed 6 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

111.6$

Current Price

111.6$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA