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BHG Group AB (publ)

BHG.ST
45
Specialty Retail · Consumer Cyclical
Also trades as: 0SOM.L GBP 0.19 (-1.91%)
Price
kr 19.00
-0.24 (-1.25%)
Market Cap
kr 3.41B
Exchange
Stockholm Stock Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
5/30
Growth
Mixed
8/20
Cash Flow
Strong
7/10
Stability
Strong
7/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Not counted
n/a

43 of 95 counted points = Winston Score 45. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+48.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 121.0M (2021) → 179.8M (2025)

§Winston Score History

The full picture

BHG Group is a Swedish online retailer that sells home improvement and interior design products. Its stores cover things like furniture, lighting, bathrooms, and garden supplies, sold mostly to everyday consumers across the Nordic countries. The company owns a large collection of e-commerce brands, including Bygghemma and Trademax, making it one of the largest online home retailers in the Nordic region.

BHG makes money by selling products directly to customers through its websites, earning a margin on each sale. It operates mainly in Sweden, Norway, Finland, and Denmark, with most revenue coming from Sweden. The business has built scale by owning many niche online stores under one roof, which helps with shared logistics and marketing costs. However, the very thin gross margin of around 3% leaves little room for error, and rising competition from both physical retailers and larger international e-commerce platforms remains a significant ongoing risk to profitability.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-26.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

39.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 575M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

BHG Group AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
24.9%
Thin — 24.9% gross margin
Profit after running costs
Operating Margin
3.7%
Thin — 3.7% operating margin
Return on the money invested
ROCE
3.5%
Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+7.1%
Steady sales growth (+7.1% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
687%
Turns 687% of profit into real cash
Spare cash per sale
FCF Margin
4.7%
Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.27
Conservative — low debt load (0.27)
Covers its interest
Interest Cover
2.80x
Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
38.6x
Pricey — P/E 38.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+23.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (38.6 → 14.6)

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Dividends

Not applicable for this business.
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