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BHG Group AB
(BHG)
Select Model
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Rating:53Neutral
Price Target:
kr19.50
▲(0.10% Upside)
Action:Reiterated
Date:07/18/26
The score is driven primarily by improving financial performance (return to profitability and positive free cash flow), but capped by thin margins/low returns. Technicals are a clear headwind with price below key moving averages and negative MACD, and valuation is less attractive with a ~31.7 P/E and no dividend yield provided.
Positive Factors
Return to Profitability
The return to operating and net profitability marks a meaningful recovery from the large 2023–2024 losses. If maintained, it can strengthen internal funding, improve resilience, and support more disciplined investment across BHG’s e-commerce portfolio.
Negative Factors
Thin Profit Margins
Low gross and net margins make earnings sensitive to discounts, freight, returns, marketing costs, and supplier pricing. Even with revenue growth, limited profitability cushion could constrain reinvestment and cause operating results to weaken if costs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Return to Profitability
The return to operating and net profitability marks a meaningful recovery from the large 2023–2024 losses. If maintained, it can strengthen internal funding, improve resilience, and support more disciplined investment across BHG’s e-commerce portfolio.
Read all positive factors
BHG Group AB (BHG) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.61B
Dividend YieldN/A
Average Volume (3M)321.98K
Price to Earnings (P/E)40.9
Beta (1Y)1.00
Revenue Growth7.07%
EPS GrowthN/A
CountrySE
Employees1,555
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.49
Shares Outstanding179,233,570
10 Day Avg. Volume467,279
30 Day Avg. Volume321,979
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)1.25
Revenue Forecast (FY)kr11.31B
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
52
Neutral
Balance Sheet
66
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.91B | 10.58B | 9.96B | 11.79B | 13.43B | 12.66B |
| Gross Profit | 404.80M | 2.64B | 2.43B | 1.87B | 2.98B | 3.36B |
| EBITDA | 658.10M | 814.40M | 452.00M | -867.60M | 635.10M | 1.01B |
| Net Income | 89.10M | 145.30M | -678.80M | -1.56B | 45.80M | 480.90M |
Balance Sheet | ||||||
| Total Assets | 10.88B | 10.53B | 10.89B | 11.42B | 14.28B | 13.61B |
| Cash, Cash Equivalents and Short-Term Investments | 564.70M | 300.50M | 451.30M | 370.30M | 477.60M | 273.50M |
| Total Debt | 2.13B | 2.10B | 2.84B | 2.56B | 4.14B | 5.52B |
| Total Liabilities | 4.78B | 4.45B | 4.91B | 4.90B | 6.61B | 8.36B |
| Stockholders Equity | 5.89B | 5.87B | 5.79B | 6.34B | 7.61B | 5.21B |
Cash Flow | ||||||
| Free Cash Flow | 510.00M | 405.20M | 522.20M | 1.51B | -304.30M | -220.90M |
| Operating Cash Flow | 612.10M | 546.20M | 657.20M | 1.55B | -105.60M | -27.60M |
| Investing Cash Flow | -230.40M | -198.70M | -77.60M | -654.00M | -454.90M | -1.86B |
| Financing Cash Flow | -358.60M | -489.30M | -477.40M | -970.90M | 765.10M | 1.85B |
BHG Group AB Technical Analysis
Neutral
19.48
Price Trends
20.32
Negative
21.88
Negative
24.95
Negative
Market Momentum
-0.24
Negative
55.42
Neutral
72.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BHG, the sentiment is Neutral. The current price of 19.48 is below the 20-day moving average (MA) of 19.61, below the 50-day MA of 20.32, and below the 200-day MA of 24.95, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 55.42 is Neutral, neither overbought nor oversold. The STOCH value of 72.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | kr1.06B | 12.17 | ― | 5.81% | 3.43% | 69.60% | |
66 Neutral | kr8.04B | 32.75 | ― | 0.78% | 9.35% | -91.93% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | kr3.61B | 40.89 | ― | ― | 7.07% | ― | |
53 Neutral | kr118.31M | -25.10 | -4.08% | ― | -13.70% | 92.84% | |
51 Neutral | kr1.48B | -2.32 | -45.33% | ― | -5.59% | -1230.42% | |
51 Neutral | kr528.08M | -8.21 | ― | ― | 7.99% | 33.84% |
* General Sector Average
SE:BHG
BHG Group AB
20.06
-6.82
-25.37%
SE:DSNO
Desenio Group AB
0.12
>-0.01
-6.15%
SE:KJELL
Kjell Group AB
15.40
7.11
85.65%
SE:APOTEA
Apotea AB
76.95
-18.46
-19.35%
SE:BOKUS
Bokusgruppen AB
65.60
-11.77
-15.21%
SE:CDON
CDON AB
46.00
-22.00
-32.35%
BHG Group AB Corporate Events
BHG Group Updates Share Count After Incentive Warrant Exercise
Jul 31, 2026
BHG Group AB has increased its share capital through the exercise of warrants under its long-term share-based incentive program for 2023/2026, resulting in the issuance of 188,000 new shares during July. This adjustment reflects the company’...
BHG Group boosts growth, acquires Hillerstorp and accelerates AI push
Jul 17, 2026
BHG Group AB reported a strong second quarter with net sales up 10.2 percent to SEK 3,025.2 million and organic growth of 9.6 percent, alongside improved adjusted EBIT and a slightly lower gross margin. For the first half of 2026, net sales rose 6...
BHG Group strengthens outdoor furniture portfolio with Hillerstorp acquisition
Jun 22, 2026
BHG Group AB has agreed to acquire Hillerstorp, a longstanding Swedish outdoor furniture brand founded in 1929, from investment company MIDAQ. The deal expands BHG’s portfolio of proprietary brands in one of its core categories and will see ...
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.