BHG Group AB (publ) BHG
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The news check keeps the assessment current.
General analysis — not personal advice.
Maintain the position; consider adding gradually if Q2 shows continued gross margin/EBIT uplift and further deleveraging toward <2x.
Strong report with organic growth above expectations and continued margin expansion supports the buy signal.
The market reacts strongly positively to the confirmed profitability trend and operating leverage.
BUY is the call. Positive is the market mood. Medium risk means some things can go wrong.
Latest change
- 24 Oct 2026 — Report shows organic growth above expectations and continued margin improvement, driving positive reaction.
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Show all changes (5) — 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.
Bull case
Organic growth above 9 % and twelve straight quarters of margin improvement confirm operating leverage.
Bear case
Competition and product mix may still limit the pace of margin expansion.
Why this signal
Strong report with organic growth above expectations and continued margin expansion supports the buy signal.
Recent news
BHG released its Q3 report on 23 October 2026 with revenue of 2 901 MSEK and adjusted EBIT of 122.1 MSEK, both above expectations. Organic growth reached 9.3 % and the company has now improved profitability for twelve consecutive quarters. The stock rose 15 % to 25 SEK and several analysts raised their price targets.