KABE Group AB (publ.) (KABE-B.ST) fair value

ACCE thesis

KABE Group makes caravans, motorhomes and related recreational vehicles and trailers for the Nordic market, sold through its own dealer network. Its edge is a narrow, cyclical niche where scale in a small home market and a long dealer footprint are hard for entrants to replicate. Revenue grew 16.6% over the last year, and with a 12.2% gross margin and 8.2% operating margin the business is converting that growth into profit, though a 7.3% ROE says returns on equity are still modest. The stock trades at 16.5 times trailing earnings with no forward multiple available, so the case rests on whether demand for leisure vehicles holds up through the rate cycle. At SEK 2.2 billion in market cap and no index membership, it is a small, thinly covered name where a deeper look at dealer economics and order backlog is the logical next step.