Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
BHG Group AB (publ) is a leading consumer e-commerce company specializing in home improvement, furniture, and furnishings across the Nordics and broader Europe. Founded in 2006 and headquartered in Malmö, Sweden, it operates through three key segments: Home Improvement, focusing on a drop-shipping model for DIY products like garden, construction, and renovation items under brands such as Bygghemma, Taloon, Golvpoolen, Nordiska Fönster, and Hafa; Value Home, offering competitively priced furniture, decor, and leisure products via Trademax, Chilli, and Hemfint; and Premium Living, providing high-end interior design through Nordic Nest, Svenssons i Lammhult, and Sleepo. With over 100 online stores—including bygghemma.se, trademax.se, and chilli.se—plus more than 70 showrooms, last-mile delivery, and installation services, BHG Group offers more than 1.7 million products from external and own brands. Employing around 3,270 people, it emphasizes customer-centricity, assortment expansion, sustainability, and synergies via scalable IT platforms and supply chain efficiencies, positioning it as a dominant online pure-play in the European home sector.
kr 20.40
+kr 0.32 (+1.59%)
Live · 04:14 PM · Twelve Data
Operating margin is thin at 3.35%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 6.2%, steady but not accelerating. Free cash flow declined 18% despite revenue growth, conversion is weakening.
At 46x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 18% versus the prior year, cash generation momentum has weakened.
46.4x earnings, 6.2x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
kr 10.63B
▲ +6.2% YoY
Net Income (TTM)
kr 171M
▲ +131.8% YoY
Op. Margin
3.07%
▲ +7.8pp YoY
ROIC
3.48%
▲ +7.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
kr 595M
▼ -17.5% YoY
Op. Cash Flow (TTM)
kr 539M
▼ -39.5% YoY
Net Debt
kr 1.62B
Cash & Equiv.
kr 301M
3Y CAGR: -7.6%
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At a P/E of 46.4 and a price-to-free-cash-flow of 6.2, BHG Group AB (publ) (BHG.XSTO) trades below a two-stage DCF intrinsic value of about SEK 48.40 per share, so at SEK 20.40 the stock looks undervalued (137.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, BHG Group AB (publ) scores 34/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about SEK 48.40 per share for BHG.XSTO, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around SEK 36.30. At today's SEK 20.40, that puts the stock about 137.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
BHG Group AB (publ) scores 34 out of 100 on Intrinsiqq's quality score, passing 2 of 8 checks, which makes it a lower-quality business on these measures. Recent fundamentals include a 3.1% operating margin and a 3.5% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full check-by-check breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. BHG.XSTO currently trades below its estimated intrinsic value and scores 34/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.