BHG Group AB (BHG) AI Stock Analysis

BHG Group AB

(Nasdaq OMX AB:BHG)

Select Model

Rating:63Neutral

Price Target:SEK 27.00▲(9.31% Upside)

Action:reiterated

Date:10/24/26

The score is supported by a solid balance sheet, improving cash generation, and favorable technical momentum. Thin profitability, overbought indicators, and an elevated P/E ratio materially reduce the overall score.

Positive Factors

Revenue RecoveryThe return to revenue growth after several years of contraction indicates improving demand and renewed commercial momentum. If sustained, stronger sales can improve operating leverage, support supplier negotiations, and provide a broader base for rebuilding earnings over the next several quarters.

Negative Factors

Thin, Volatile MarginsThin margins leave limited room to absorb weaker pricing, unfavorable product mix, or elevated costs, making earnings sensitive to modest operational changes. The unusually low TTM gross margin also raises questions about how durable the recent return to positive profit will be.

BHG Group AB (BHG) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 4.43B
Dividend Yield: ―
Average Volume (3M): 413.70K
Price to Earnings (P/E): 29.4
Beta (1Y): 0.77
Revenue Growth: 7.48%
EPS Growth: ―
Country: Sweden
Employees: 1,555
Sector: General
Sector Strength: 55
Industry: Specialty Retail

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 structur...

How the Company Makes Money

BHG primarily makes money by selling home-improvement and DIY-related products online and recognizing revenue from product sales when orders are fulfilled to customers. Its core revenue stream is merchandise sales across its e-commerce stores/brands,...

BHG Group AB Financial Statement Overview

Summary

The balance sheet is strong and cash generation is positive, but thin margins, low return on equity, and historically volatile profitability limit the score.

Income Statement

55Neutral

Balance Sheet

78Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.21B	10.58B	9.96B	11.79B	13.43B	12.66B
Gross Profit	437.70M	2.64B	2.43B	1.87B	2.98B	3.36B
EBITDA	796.30M	814.40M	452.00M	-664.60M	635.10M	1.06B
Net Income	152.00M	145.30M	-678.80M	-1.56B	45.80M	480.90M
Balance Sheet
Total Assets	10.81B	10.53B	10.89B	11.42B	14.28B	13.61B
Cash, Cash Equivalents and Short-Term Investments	454.00M	300.50M	451.30M	370.30M	477.60M	273.50M
Total Debt	2.35B	2.10B	2.84B	2.56B	4.14B	5.52B
Total Liabilities	4.63B	4.45B	4.91B	4.90B	6.61B	8.36B
Stockholders Equity	5.95B	5.87B	5.79B	6.34B	7.61B	5.21B
Cash Flow
Free Cash Flow	563.70M	405.20M	522.20M	1.51B	-304.30M	-220.90M
Operating Cash Flow	665.10M	546.20M	657.20M	1.55B	-105.60M	-27.60M
Investing Cash Flow	-182.70M	-198.70M	-77.60M	-654.00M	-454.90M	-1.86B
Financing Cash Flow	-171.30M	-489.30M	-477.40M	-970.90M	765.10M	1.85B

BHG Group AB Technical Analysis

Technical Analysis SentimentPositive

Last Price24.70

Price Trends

50DMA20.29Positive

100DMA20.52Positive

200DMA22.91Positive

Market Momentum

MACD1.36Negative

RSI77.57Negative

STOCH82.14Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BHG, the sentiment is Positive. The current price of 24.70 is above the 20-day moving average (MA) of 21.27, above the 50-day MA of 20.29, and above the 200-day MA of 22.91, indicating a bullish trend. The MACD of 1.36 indicates Negative momentum. The RSI at 77.57 is Negative, neither overbought nor oversold. The STOCH value of 82.14 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BHG.

BHG Group AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:BHG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:BOKUS	70Outperform	SEK 1.19B	13.59	―	5.21%	4.48%	34.85%
SE:BHG	63Neutral	SEK 4.43B	29.40	―	―	7.48%	―
SE:DSNO	59Neutral	SEK 125.19M	-43.97	-2.54%	―	-8.90%	67.39%
SE:APOTEA	58Neutral	SEK 9.59B	39.05	―	0.65%	9.35%	-91.93%
SE:CDON	58Neutral	SEK 528.08M	-6.61	―	―	7.12%	8.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:KJELL	45Neutral	SEK 1.81B	-52.21	-2.25%	―	-2.34%	93.68%

* General Sector Average

Performance Comparison

SE:BHG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:BHG	BHG Group AB	24.70	-3.70	-13.03%
SE:DSNO	Desenio Group AB	0.13	0.05	67.11%
SE:KJELL	Kjell Group AB	19.00	10.98	137.00%
SE:APOTEA	Apotea AB	92.15	11.31	14.00%
SE:BOKUS	Bokusgruppen AB	73.00	-8.74	-10.70%
SE:CDON	CDON AB	46.90	-12.10	-20.51%

BHG Group AB Corporate Events

BHG Group Extends Profitability Streak and Accelerates AI-Driven Growth

Oct 23, 2026

BHG Group AB reported strong third-quarter results for 2026, extending a three-year streak of year-on-year profitability improvements as net sales rose 11.7% to SEK 2.9 billion and adjusted EBIT jumped 32.3%, lifting the margin to 4.2%. For the first...

Bygghemma Wins First AI Visibility Award at Swedish SEO Awards

Oct 21, 2026

Bygghemma, part of BHG Group AB, has won the inaugural AI Visibility award at the Swedish SEO Awards 2026, recognising its strong growth in mentions and citations across AI-powered search services. This marks Bygghemma’s third Swedish SEO Award...

BHG Group Sets Nomination Committee Ahead of 2027 AGM

Sep 22, 2026

BHG Group AB has formed its Nomination Committee for the 2027 Annual General Meeting in line with principles approved at the 2026 AGM. The committee consists of representatives from the three largest shareholders, Ferd AS, EnTrust Global Partners and...

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’s o...

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.

Date of analysis: Oct 24, 2026

BHG Group AB AI Stock Analysis