Pierce Group AB (publ)

PIERCE.ST

Specialty Retail · Consumer Cyclical

Price

kr 9.16

-1.10 (-10.72%)

Market Cap

kr 728.9M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Strong

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Share count rising — dilution

+68.2% over 4y

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

Diluted shares outstanding: 47.2M (2021) → 79.4M (2025)

Winston Score History

The full picture

Pierce Group AB is a Swedish online retailer that sells motorcycle and powersports gear. Its main products include helmets, jackets, boots, gloves, and spare parts for motorcycles and off-road vehicles. The company sells to everyday riders and motorsport enthusiasts across Europe, primarily through its well-known webshop brands Xlmoto and Ghostbikes.

Pierce makes money by selling products directly to consumers online, earning a margin on each item sold. It operates mainly across Europe, with a broad customer base in markets like Sweden, the UK, Germany, and France. Its competitive edge comes from a wide product catalog, multiple localized webshops, and strong logistics built specifically for powersports customers. However, the business faces real risk from its thin operating margins, which leave little room for error if shipping costs rise, competition increases, or consumer spending on discretionary items like motorsport gear slows down.

Growth Profile

For growth stock investors

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

Revenue Growth

+2.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+51.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

59.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 324M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth context

Pierce Group AB (publ) is growing revenue at 3% 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

41.3%

Healthy — 41.3% gross margin

Profit after running costs

Operating Margin

6.1%

Modest — 6.1% operating margin

Return on the money invested

ROCE

7.3%

Weak — 7.3% 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

+6.3%

Slow sales growth (+6.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

374%

Turns 374% of profit into real cash

Spare cash per sale

FCF Margin

7.6%

Modest free cash flow (7.6%)

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

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

5.30x

Adequate interest coverage (5.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.7x

Fair value — P/E 18.7

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

+7.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.7 → 11.6)

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Dividends

Not applicable for this business.

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