2 models fit RVRC Holding AB (publ) and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionRVRC Holding AB (publ) (RVRC.ST)
Fair value (2 models)
kr 56.04
ACCE price target
kr 56.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: kr 54.15 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison and EV/EBITDA comparison.
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
3.4% below
+3.5% to fair value
ACCE score
59
out of 100
P/E
17.5x
forward 17.3x
1-year return
-11.2%
Dividend yield
2.77%
RVRC Holding AB (publ) in four questions
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Overview
ACCE thesis
RVRC Holding is the Stockholm-listed owner of the Rivercity and Gant-adjacent apparel brands, selling mainly through its own stores and e-commerce, which lets it keep a 63.7% gross margin that most apparel retailers cannot match. The moat here is margin structure rather than scale: a 26.8% return on equity and a 15.7% operating margin on only 2.0% revenue growth point to a business that earns well on capital and pricing power rather than volume. The obvious near-term driver to test is whether top-line growth can move above 2.0% without the margin giving back ground, since at a 17.5x trailing multiple the market is pricing stability more than acceleration. It is worth a deeper look now because a mid-teens P/E for a business earning this return on equity is undemanding if the gross margin holds, but the score is not yet computed and the stock sits outside major indices, so the work needs to establish the durability of that margin and the reasons growth has been so slow.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Revenue growth slowing
Revenue grew only 2.0% year over year, far below the 17.6% five-year CAGR. Earnings grew 6.8%, but the top-line slowdown is worth watching.
AI research notes
AI-assisted·How I use AIWritten Oct 23, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Net margin of 16.6% and return on equity of 26.8% show the business turns sales into profit efficiently.
Debt to equity of 0.01 means the company carries almost no borrowings, leaving little financial risk if sales soften.
Free cash flow of SEK 432M and a 7.7% free cash flow yield suggest the shares are cheap against the cash they generate.
Why it could disappoint
Revenue growth has slowed to 2.0% this year, far below the 17.6% five-year average, weakening the case for a higher multiple.
The latest earnings per share missed expectations by 9.3%, a sign that results are not keeping pace with forecasts.
The share price sits 3.4% below the model fair value of kr 56.04, and only 2 of 3 valuation models are in that consensus, so the gap rests on a thin base.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 19, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Where RVRC.ST's valuation models land
Price
kr 54.15
Model fair value
kr 56.04
Model range
kr 42.15 to kr 69.92
Fair value kr 56.04
Price kr 54.15
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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