Fenix Outdoor FOI-B
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The news check keeps the assessment current.
General analysis — not personal advice.
Maintain the current position; consider adding after Q2 if (1) the Devold transaction closes as planned and (2) profitability/online trends stabilize without further IT disruptions.
The prolonged IT and logistics issues together with the weak German market after the Q2 report reinforce the bear case and support maintaining HOLD signal.
Sentiment has deteriorated further after critical media reports and new lows.
HOLD is the call. Negative is the market mood. High risk means a lot can go wrong.
Latest change
- 22 Jul 2026 — Report shows increased losses driven by ERP disruptions, weak German market and warm summer.
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Show all changes (4) — follow the company freeAbout the company
Fenix Outdoor is a premium outdoor group with brands such as Fjällräven, Primus and Hanwag, and retail chains including Naturkompaniet and Globetrotter. The business is profitable on a full-year basis but has faced near-term margin pressure and weaker recent results. Management is focused on efficiency, warehouse/ERP execution, and integrating Devold.
Bull case
Nordic markets and Global Sales continue to show resilience while the Devold integration contributes positively.
Bear case
Weak German market, ERP disruptions and higher costs have led to sharply deteriorated margins and increased losses.
Why this signal
The prolonged IT and logistics issues together with the weak German market after the Q2 report reinforce the bear case and support maintaining HOLD signal.
Recent news
The Q2 report from 21 July continues to dominate the news flow with focus on ERP disruptions, weak German demand and lowered earnings estimates. The share has recorded new 12-month lows during September and now trades around 297 SEK.