Synsam AB (publ) (SYNSAM.ST) fair value

ACCE thesis

Synsam is a Swedish eyecare retailer and optician chain, selling prescription eyeglasses, contact lenses and sunglasses through its own store network across the Nordics and beyond, alongside its in-house brands. Its edge is vertical integration: running the optical stores, the eye exams and much of the product range under one roof gives it a 74.7% gross margin, which is the kind of figure that usually signals pricing power in a fragmented, service-heavy retail market. Revenue is growing at 11.2%, and with a 23.4% ROE the business is turning its equity into profit efficiently. The stock trades at 13.8 times earnings, which looks undemanding for a company growing at that pace with a 14.2% operating margin. The data we have does not include the near-term catalyst or margin trend, so that is the first thing to pin down before committing research time.