Vuxen Group AB (VUXEN.ST) fair value

ACCE thesis

Vuxen Group is a small Swedish internet retailer, and I can't say from the data I have exactly which storefronts or categories drive its sales, so that's the first thing to check in the filings. What the numbers do show is revenue growing 27.1%, a 55.7% gross margin and a 10.4% operating margin, a combination that suggests the online model is scaling with some pricing power rather than buying growth through discounting. At a 21.2x trailing P/E and 15.0% ROE, the valuation is not stretched for a business compounding revenue at this pace, though with an operating margin of 10.4% there is limited room for error if growth slows or marketing costs rise. At roughly 295M SEK market cap with no index membership, it is a thinly followed name where the research gap may be wider than the mispricing, so the question for a deeper look is whether the 10-point gap between gross and operating margin is structural or a sign of heavy customer acquisition spend.