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New Wave Group AB (publ)

NEWA-B.ST
42
Specialty Retail · Consumer Cyclical
Also trades as: 0KIZ.L GBP 0.97 (+1.36%)
Price
kr 96.40
+0.80 (+0.84%)
Market Cap
kr 12.79B
Exchange
Stockholm Stock Exchange
Winston Score
42
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
8/30
Growth
Mixed
8/20
Cash Flow
Mixed
3/10
Stability
Strong
8/10
Valuation
Strong
7/10
Ownership
Mixed
6/15
Dividends
Mixed
2/5

42 of 100 counted points = Winston Score 42.

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Share count falling — buybacks

−50.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 265.4M (2021) → 132.7M (2025)

§Winston Score History

The full picture

New Wave Group is a Swedish company that designs and sells clothing, accessories, and promotional products. Its main customers are businesses that want branded workwear, sports teams that need uniforms, and retailers selling casual apparel. The company owns a large portfolio of brands, including Craft, Clique, and STIHL-licensed gear, and acts as a supplier to the corporate gifting and sportswear markets across Europe and beyond.

New Wave makes money by selling physical products — clothing, bags, and accessories — to business customers and retailers, mostly through wholesale and direct sales channels. It operates primarily in Europe, with Sweden as its home base, and generates roughly 12 billion SEK in annual revenue. Its competitive edge comes from owning many niche brands under one roof, which gives it scale in sourcing and broad reach across different customer segments. The main risk is that its low gross margins leave little room for error if raw material costs rise or demand from corporate customers weakens.

Growth Profile

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

Revenue Growth

+13.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+20.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

4.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~14 months

kr 532M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

New Wave Group AB (publ) is growing revenue at 14% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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
10.9%
Thin — 10.9% gross margin
Profit after running costs
Operating Margin
10.9%
Modest — 10.9% operating margin
Return on the money invested
ROCE
10.9%
Below par — 10.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+8.9%
Steady sales growth (+8.9% YoY)
Profit growth
EPS YoY
-6.8%
Earnings shrinking (-6.8% YoY)

Slight earnings drop. Typical near a cyclical low.

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
73%
Modest — 73% of profit becomes cash
Spare cash per sale
FCF Margin
-1.4%
Burning cash (-1.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.57
Conservative — low debt load (0.57)
Covers its interest
Interest Cover
8.75x
Comfortably covers interest (8.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.9x
Fair value — P/E 15.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+5.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.9 → 10.3)

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Dividends

Dividend
Dividend Yield
3.32%
Moderate income — 3.32% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-35.0%
Dividend cut (-35.0% YoY) — warning sign
Payout Ratio
54%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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