Consumer Cyclical · Furnishings, Fixtures & Appliances · Nasdaq Stockholm · Sweden
kr 30.70-2.23%
Market cap kr 723MNext earnings 2025-07-17Updated Oct 23, 2026
Our verdict
Close to our fair value
Price
kr 30.70
Model fair valueConfidence: good
kr 30.34
Model range
kr 8.22 to kr 51.14
Fair value kr 30.34
Price kr 30.70
4 models fit Embellence Group AB (publ) and they disagree: 0 of 4 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionEmbellence Group AB (publ) (EMBELL.ST)
Fair value (4 models)
kr 30.34
ACCE price target
kr 34.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 23 Oct 2026, 11:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 23 Oct 2026, 11:04 CEST.
Price used: kr 30.70 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
1.2% above
-1.2% to fair value
ACCE score
52
out of 100
P/E
11.7x
forward 10.0x
1-year return
-23.3%
Dividend yield
4.78%
Embellence Group AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
Embellence Group makes bathroom and kitchen fixtures and surfaces sold through Nordic and European retail and installers, with its recognisable product lines built around design-led tiles and interiors fittings. The business earns a 62% gross margin and an 11.1% operating margin, which points to pricing power and a brand that holds up better than the typical building-products name. Revenue fell 6.2%, so the cycle is working against it: renovation demand in its core Nordic markets has softened with higher rates, and the top line is shrinking even while the company is profitable. The stock trades on a trailing P/E of 12.0 and a forward P/E of 10.2, with ROE of 12.0%, so the market is pricing in a continued earnings decline rather than a rebound. That makes the case a question of whether margins hold through a weak volume year and whether the multiple already reflects it; a deeper look should focus on order trends, channel inventory and cost control.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Revenue and earnings declining
Revenue fell 6.2% year on year and earnings fell 6.7%, even though the 5-year revenue CAGR is +6.1%. The top line has turned down after a multi-year run.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
The stock trades at a trailing P/E of 12.0x and a forward P/E of 4.6x, a sharp drop in expected earnings multiples.
Analysts' mean price target of SEK 38.50 sits 24.2% above the current share price.
Earnings beat expectations slightly, at 0.61 per share against 0.60 expected, and the dividend yields 4.8%.
Why it could disappoint
Revenue fell 6.2% year over year, well below the company's 5-year average growth of 6.1% per year.
Free cash flow over the last 12 months was only SEK 69M, and the share count rose 3.0% last year, diluting holders.
A net margin of 8.3% and return on equity of 12.0% give little cushion if the sales decline continues.
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Valuation
INVESTOR
Where EMBELL.ST's valuation models land
Price
kr 30.70
Model fair value
kr 30.34
Model range
kr 8.22 to kr 51.14
Fair value kr 30.34
Price kr 30.70
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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