BHG Group AB (SE:BHG)
:BHG
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BHG Group AB
(BHG)
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Rating:53Neutral
Price Target:
kr21.50
▼(-32.13% Downside)
Action:Reiterated
Date:06/18/26
The score is driven mainly by improving fundamentals—return to profitability and strong recent cash generation with manageable leverage—tempered by thin margins and historical volatility. The stock’s weak technical trend and a relatively high P/E with no dividend data further constrain the overall rating.
Positive Factors
Return to profitability & revenue acceleration
The TTM return to profitability combined with accelerating revenue indicates the core e-commerce portfolio regained demand and pricing power. This durable improvement supports reinvestment in logistics and marketing and reduces reliance on one-off fixes over the next 2–6 months.
Negative Factors
Structurally thin margins
Persistently low gross and operating margins constrain the company's ability to absorb higher input, fulfillment, or marketing costs without eroding profits. Over months this limits free cash flow upside and forces continued reliance on volume or cost cuts to improve returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Return to profitability & revenue acceleration
The TTM return to profitability combined with accelerating revenue indicates the core e-commerce portfolio regained demand and pricing power. This durable improvement supports reinvestment in logistics and marketing and reduces reliance on one-off fixes over the next 2–6 months.
Read all positive factors
BHG Group AB (BHG) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.57B
Dividend YieldN/A
Average Volume (3M)288.41K
Price to Earnings (P/E)33.2
Beta (1Y)1.13
Revenue Growth4.61%
EPS GrowthN/A
CountrySE
Employees1,347
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.60
Shares Outstanding179,233,570
10 Day Avg. Volume350,471
30 Day Avg. Volume288,410
Financial Highlights & Ratios
PEG Ratio-0.33
Price to Book (P/B)0.98
Price to Sales (P/S)0.54
P/FCF Ratio14.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.54
Revenue Forecast (FY)kr11.18B
BHG Group AB Business Overview & Revenue Model
Company Description
BHG Group AB (publ) is a prominent e-commerce company catering to consumers, with extensive operations spanning Sweden, Finland, Denmark, Norway, and extending into other European and international markets. The enterprise's business model is struc...
How the Company Makes Money
BHG primarily makes money by selling home-improvement and home-related products directly to consumers (and potentially to business customers) through its e-commerce platforms. Its core revenue stream is net sales from product transactions, where r...
BHG Group AB Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
62
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.63B | 10.58B | 9.96B | 11.79B | 13.43B | 12.67B |
| Gross Profit | 340.30M | 308.20M | 2.43B | 1.87B | 2.98B | 3.36B |
| EBITDA | 788.30M | 814.40M | 452.00M | -867.60M | 635.10M | 1.01B |
| Net Income | 109.20M | 145.30M | -678.80M | -1.56B | 45.80M | 480.90M |
Balance Sheet | ||||||
| Total Assets | 10.72B | 10.53B | 10.89B | 11.42B | 14.28B | 13.61B |
| Cash, Cash Equivalents and Short-Term Investments | 349.50M | 300.50M | 451.30M | 370.30M | 477.60M | 273.50M |
| Total Debt | 2.18B | 2.10B | 2.84B | 2.51B | 2.89B | 3.40B |
| Total Liabilities | 4.64B | 4.45B | 4.91B | 4.91B | 6.61B | 8.36B |
| Stockholders Equity | 5.85B | 5.87B | 5.79B | 6.34B | 7.61B | 5.21B |
Cash Flow | ||||||
| Free Cash Flow | 534.60M | 405.20M | 522.20M | 1.37B | -304.30M | -220.90M |
| Operating Cash Flow | 636.70M | 546.20M | 657.20M | 1.55B | -105.60M | -27.60M |
| Investing Cash Flow | -182.50M | -198.70M | -77.60M | -654.40M | -454.90M | -1.86B |
| Financing Cash Flow | -524.50M | -489.30M | -477.40M | -970.90M | 765.10M | 1.85B |
BHG Group AB Technical Analysis
Negative
31.68
Price Trends
23.65
Negative
24.73
Negative
26.93
Negative
Market Momentum
-0.76
Positive
22.71
Positive
1.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BHG, the sentiment is Negative. The current price of 31.68 is above the 20-day moving average (MA) of 24.16, above the 50-day MA of 23.65, and above the 200-day MA of 26.93, indicating a bearish trend. The MACD of -0.76 indicates Positive momentum. The RSI at 22.71 is Positive, neither overbought nor oversold. The STOCH value of 1.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BHG.
BHG Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | kr1.12B | 12.40 | ― | 4.49% | 5.91% | 116.31% | |
57 Neutral | kr743.03M | 26.97 | -0.15% | ― | 9.68% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr1.01B | 6.42 | 51.02% | ― | 12.44% | 54.64% | |
53 Neutral | kr3.57B | 33.20 | ― | ― | 4.61% | ― | |
50 Neutral | kr743.14M | -11.95 | ― | ― | 8.14% | 46.36% | |
47 Neutral | kr73.64M | -0.91 | -65.16% | ― | -14.39% | 35.09% |
* General Sector Average
SE:BHG
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BHG Group AB Corporate Events
BHG partners with Algorithma to scale AI across its e-commerce platforms
May 11, 2026
BHG Group AB has entered a partnership with Swedish AI specialist Algorithma to accelerate the development and deployment of AI-driven solutions across its digital platforms. The collaboration expands BHG’s development capacity as it pursues...
BHG Group AGM Backs New Share Issue Mandate and Long-Term Incentive Plan
May 5, 2026
BHG Group’s annual general meeting in Malmö approved a board of six directors, re-electing chairman Christian Bubenheim and most incumbents while adding Marianne Dahl, and confirmed Öhrlings PricewaterhouseCoopers AB as auditor wit...
BHG Group Doubles Q1 Profitability and Cuts Leverage as It Sharpens Growth Strategy
Apr 23, 2026
BHG Group AB reported modest first-quarter sales growth but a sharp improvement in profitability, reflecting its focus on higher gross margins and strict cost control across its e-commerce platforms. Adjusted EBIT more than doubled year-on-year, a...
BHG Group Secures New Unsecured Credit Facilities to Cut Financing Costs
Apr 21, 2026
BHG Group AB has refinanced its existing debt by signing a new unsecured credit facilities agreement with SEB and Danske Bank, effective 21 April 2026. The package includes a SEK 2,000 million multi-currency revolving credit facility with a three-...
BHG Group Publishes Comprehensive 2025 Annual Report
Apr 10, 2026
BHG Group AB has published its 2025 Annual Report, which provides a comprehensive overview of the company’s performance, strategy and governance. The report includes financial statements, a CEO commentary, strategic goals, business model des...
BHG Group Issues Corrected Notice for 2026 Annual General Meeting
Mar 31, 2026
BHG Group AB has issued a corrected notice convening its annual general meeting, clarifying that a previously published version contained only a technical error in the numbering of the proposed agenda. The AGM will be held on 5 May 2026 in Malm...
BHG Group Calls 2026 AGM, Proposes Mostly Unchanged Board With One New Director
Mar 31, 2026
BHG Group AB has called its annual general meeting for 5 May 2026 in Malmö, Sweden, giving shareholders the option to attend in person or vote in advance by postal or electronic ballot. Shareholders must be registered with Euroclear Sweden by...
BHG Group Sets Higher Growth and Profitability Targets Ahead of Capital Markets Day
Mar 18, 2026
BHG Group AB has updated its financial targets to support a renewed focus on scaling profitable growth, following a period of operational improvements and stricter cost discipline. The company aims to deliver this through continued organic expansi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.