BHG Group AB (publ) BHG
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Full analysis: 6 Apr 2026
Latest news check: 1 Aug 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Maintain the position; consider adding gradually if Q2 shows continued gross margin/EBIT uplift and further deleveraging toward <2x.
Q2 showed recovered growth but margins below expectations and a negative price reaction, supporting a hold stance until margin progress and cash flow are confirmed in coming quarters.
Market sentiment
5/10
↓
Trend: Declining
Sentiment reflects operational improvement and insider buying but remains tempered by lowered analyst targets and uncertainty around margin development.
Price context
The share trades near the lower end of its 52-week range at approximately 19.15 SEK with a 2.1 % weekly gain yet continued three-month decline.
Risk assessment
6/10
Dilution:
Low
Positive cash flow and balance sheet focus
Jurisdiction:
Low
Operations mainly in Nordics and Europe
Execution:
Medium
Turnaround and platform work require continued delivery
Recent changes
- Q1 delivered higher gross margin and adjusted EBIT plus lower net debt, but operating cash flow remained negative (-50 MSEK).
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Show all changes (2) — follow the company freeAbout the company
BHG Group AB (publ) is a Nordic e-commerce group focused on home improvement/DIY and home furnishings, with brands such as Bygghemma, Nordic Nest, and Trademax. The company has been in a turnaround and returned to profitability with improved cash flow in 2025. Going forward, management is focused on organic growth, margin expansion, and strengthening the balance sheet.
Sector:
Home improvement and home furnishings e-commerce
Type:
Retail
Next report
23 Oct 2026
Q3
Catalysts
23 Oct 2026
Q3 2026 Interim Report
High
Unknown
Capital structure/bolt-on via authorization
Medium
Unknown
Effects of AI initiatives and platform improvements
Low
Horizon:
Bull case
Growth has recovered and insider buying signals internal confidence in margin improvement.
Bear case
Q2 margin pressure indicates product mix and competition may restrain profitability even with solid growth.
Signal rationale (informational)
Q2 showed recovered growth but margins below expectations and a negative price reaction, supporting a hold stance until margin progress and cash flow are confirmed in coming quarters.
Recent news
- The Q2 report on 17 July showed 9.6 % organic growth but margins below expectations, triggering an approximately 17 % share price drop. Subsequently, segment head Bank Bergström bought 44 000 shares and shares outstanding rose marginally to 179 421 563 via incentive programs.
Key figures
Revenue
Q2 2026
SEK 3.0B
EBITDA
Q2 2026
SEK 134M
Net income
Q2 2026
SEK 55.5M
Gross margin
Q2 2026
24.9%
Shares outstanding
July 2026
179,421,563
EPS
Q2 2026
SEK 0.31
Price & valuation
Last close
SEK 20.50
Market Cap
SEK 3.7B
1 week
+1.3 %
3 months
-9.2 %
12 months
-8.6 %
From 52w high
-38.7 %
From 52w low
+11.2 %
Exchange
Stockholm
Type
Retail
Sector
Home improvement and home furnishings e-commerce
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.