Bokusgruppen AB (BOKUS) AI Stock Analysis

• Market Cap: kr1.06B
• Dividend Yield: 4.49%
• Average Volume (3M): 9.62K
• Price to Earnings (P/E): 12.1
• Beta (1Y): 0.23
• Revenue Growth: 9.46%
• EPS Growth: 59.55%
• Country: SE
• Employees: 477
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 6.20
• Shares Outstanding: 16,151,226
• 10 Day Avg. Volume: 7,614
• 30 Day Avg. Volume: 9,624
• PEG Ratio: 0.13
• Price to Book (P/B): 1.89
• Price to Sales (P/S): 0.59
• P/FCF Ratio: 4.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5.2
• Revenue Forecast (FY): kr2.24B

• Rating: 67 Neutral
• Price Target: kr72.00 ▼(-5.51% Downside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is driven primarily by improved financial performance and strong free cash flow, tempered by higher leverage and thin/pressured margins. Valuation is supportive with a solid dividend yield and moderate P/E, while technical indicators point to a neutral setup rather than clear momentum.

Positive Factors

High revenue growth

Sustained top-line expansion (~186% TTM) indicates strong demand capture and scale across channels. Durable revenue growth improves operating leverage potential, supports reinvestment in assortment and logistics, and provides a multi-month runway to strengthen market position and margins.

Strong free cash flow generation

Consistent FCF (~241M TTM) and a 34% year-over-year increase provide durable internal funding for capex, dividends, or debt reduction. Reliable cash conversion enhances financial flexibility and resilience to retail cycles, enabling strategic investments without immediate external financing.

Omnichannel retail model

A blended physical and e-commerce model with print and digital formats diversifies revenue sources and customer touchpoints. This structural omnichannel presence helps sustain sales through changing consumer habits, reduces single-channel risk, and supports long-term customer acquisition and retention.

Negative Factors

Rising financial leverage

Higher leverage (debt/equity ~0.82) reduces financial flexibility and raises refinancing and covenant risk over time. If revenue or margins weaken, elevated debt increases stress on cash flow allocation and limits the firm's ability to invest opportunistically or absorb shocks in the coming months.

Compressed gross and net margins

Material margin compression, with gross margin falling and net margin thin (~3%), leaves limited buffer to absorb cost inflation or competitive pressure. For a low-margin retail model, persistent compression undermines long-term profitability and constrains capacity to fund growth or service higher leverage.

Volatile cash coverage and working capital

Intermittent cash coverage of earnings and working-capital volatility create uncertainty in cash availability for operations and financing. Such variability can force short-term funding needs, complicate planning for dividends or debt repayment, and weaken resilience to multi-month demand swings.

Bokusgruppen AB Business Overview & Revenue Model

Company Description

Bokusgruppen AB (publ) operates as a book retailer in Sweden. The company operates through Bokus Online, Akademibokhandeln Online, and Akademibokhandeln Stores segments. It also offers books, e-books, and audiobooks through online bookstores/book clubs, digital subscription services, physical bookstores, and grocery retail stores; and provides art supplies, games, toys, planners, gift wrapping, and cards, as well as puzzles. In addition, the company operates bokus.com, an online bookstore; and a network of approximately 100 stores under the Akademibokandeln brand. Further, it provides Bokus Play, a digital subscription service. It serves private individuals, companies, and public-sector operations. The company was founded in 1971 and is headquartered in Stockholm, Sweden. Bokusgruppen AB (publ) is a subsidiary of Volati AB.

How the Company Makes Money

Bokusgruppen AB generates revenue primarily through the sale of physical books, e-books, and audiobooks via its online platform. The company benefits from a direct-to-consumer sales model, allowing it to reach a broad audience without the overhead costs associated with brick-and-mortar retail locations. Additionally, BOKUS earns income from partnerships with publishers and authors, facilitating promotional campaigns and featured listings. The company may also explore subscription-based revenue models for e-books and audiobooks, as well as affiliate marketing and affiliate sales through partnerships with educational institutions. Seasonal promotions and discounts play a role in driving sales volume, contributing to overall revenue.

Bokusgruppen AB Financial Statement Overview

Summary

Income statement strength (revenue growth ~186% TTM, improving profitability) and solid free cash flow (TTM FCF ~241M) support the score, but thinner gross/net margins and rising leverage (debt-to-equity ~0.82 vs ~0.55 in 2024) increase risk if costs or demand weaken.

Income Statement

TTM (Trailing-Twelve-Months) shows strong top-line momentum with revenue growth of ~186% and improved profitability versus prior years (net margin ~3.0% vs ~2.1% in 2024). Operating profitability is steady-to-improving (EBIT margin ~5.2%, EBITDA margin ~14.8%). Key weakness is margin durability: net margins remain thin for retail and gross margin in TTM (~35.8%) is down versus 2024 (~42.9%), suggesting higher costs/mix pressure despite higher sales.

Balance Sheet

The balance sheet is reasonably supported by equity (TTM equity ~674M vs debt ~465M), but leverage has stepped up: debt-to-equity rose to ~0.82 in TTM from ~0.55 in 2024 and ~0.41 in 2023. Returns are improving (ROE ~10.6% TTM vs ~6.5% in 2024), yet the rising leverage trend increases financial risk and reduces flexibility if margins soften.

Cash Flow

Cash generation is solid, with TTM operating cash flow ~276M and free cash flow ~241M, and a sharp free-cash-flow increase (~34%) versus 2024. Free cash flow is healthy relative to reported earnings (about 0.79x net income in TTM), indicating earnings are reasonably supported by cash. The main drawback is that cash flow coverage of earnings is not consistently high year-to-year (TTM is below 2024/2023), pointing to some working-capital or timing volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.15B	1.99B	1.87B	1.82B	1.87B
Gross Profit	111.80M	854.10M	96.50M	737.70M	717.10M
EBITDA	316.70M	273.20M	227.60M	199.50M	222.50M
Net Income	88.10M	41.90M	40.60M	29.80M	50.50M
Balance Sheet
Total Assets	1.65B	1.68B	1.48B	1.45B	1.49B
Cash, Cash Equivalents and Short-Term Investments	72.20M	51.20M	108.70M	69.40M	132.50M
Total Debt	465.10M	353.70M	267.00M	245.10M	242.90M
Total Liabilities	981.10M	1.04B	828.30M	791.10M	807.50M
Stockholders Equity	673.80M	643.80M	655.20M	663.00M	681.60M
Cash Flow
Free Cash Flow	269.20M	218.60M	218.30M	99.10M	217.20M
Operating Cash Flow	275.50M	268.80M	244.40M	150.00M	263.60M
Investing Cash Flow	-50.80M	-133.20M	-26.20M	-50.90M	-46.40M
Financing Cash Flow	-203.60M	-193.00M	-178.80M	-162.30M	-251.90M

Bokusgruppen AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 76.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOKUS, the sentiment is Negative. The current price of 76.2 is above the 20-day moving average (MA) of 72.76, above the 50-day MA of 73.80, and above the 200-day MA of 69.39, indicating a bearish trend. The MACD of -1.74 indicates Positive momentum. The RSI at 29.81 is Positive, neither overbought nor oversold. The STOCH value of 7.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BOKUS.

Bokusgruppen AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BOKUS	67 Neutral	kr1.06B	12.10	―	4.49%	9.46%	59.55%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
CDON	56 Neutral	kr788.18M	-13.28	―	―	―	―
OBAB	49 Neutral	kr343.16M	-24.75	―	―	27.27%	-1165.24%
PIERCE	46 Neutral	kr729.10M	-747.62	-1.41%	―	15.59%	16.67%
BBROOM	42 Neutral	kr72.44M	―	―	―	―	―