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Hövding Sverige AB: Västra Hamnen: Hövding - The pandemic delays growth story

Västra Hamnen Corporate Finance has released a research update on
Hövding following the company's report for Q1 2020. The reported
figures show that Hövding was hit by the corona crisis in March and
we fear that the effects will linger. The growth path will likely be
delayed and we lower our fair value range for the share to 14.40 -
21.30 SEK per share, writes Västra Hamnen.

· Disappointing sales and gross margin in Q1
· The company sees tentative signs of improvement in the market
· We expect lingering effects and cut our outlook and valuation

We worried that COVID-19 and its ramifications would impact Hövding's
Q1 sales numbers and that worry proved to be justified. In
Wednesday's quarterly report, the company reported a net sales growth
of only 7 percent compared with Q1 2019, which means that turnover in
the month of March must have nosedived. Both sales and profits in Q1
came in far below our estimates, exacerbated by a surprising drop in
gross margin. Not surprisingly, the company said it had abandoned its
goal of reaching SEK 250 million in sales this year. Considering the
lingering effects of the corona crisis and the likely deep recession
ahead of us, we revise our outlook for Hövding and lower our fair
value estimate for the share.

The full report is available here

The research report is prepared as part of Market Focus, Västra Hamnen
Corporate Finance's commissioned research offering.

This is a press release from Västra Hamnen Corporate Finance AB.
Twitter: @vhcorp_se (


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