Björn Borg (BORG.ST) — 2026-W137

Analysis date: 2026-05-31 | Country: SE | Currency: SEK

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	78.0 SEK
24m Target	72.0 SEK
Price at Analysis	65.6 SEK
Buffett Score	13/20
ROIC	17.9%
Economic Profit	+54.2M SEK
Implied Upside (IV)	18.9%

Research history · this company (3 notes)

2026-W137 · 2026-05-31 · BORG.STviewingBuy · ROIC 18% · tgt 72 SEKΔ tgt +16% · IV +26% · HOLD→Buy · MEDIUM→medium convBjörn Borg: Starkt värdeskapande ROIC 17.93% >> WACC 8%

2026-06-15 · 2026-06-15 · BORG.STHOLD · tgt 62 SEK 2026-06-09 · 2026-06-09 · BORG.STHOLD · tgt 62 SEKfirst note

0. Company Identification

Ticker: BORG.ST | Name: Björn Borg | Country: SE | Sector: Industrial/Commercial

1. What the Company Sells

Björn Borg operates in the Nordic market. ROIC 17.9% vs WACC 8% → EP +54.2M SEK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 17.9% vs WACC 8.0% → Economic Profit +54.2M SEK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 3/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — Björn Borg: Strong value creation, ROIC 17.9% >> WACC 8%, attractive at current price.

mttssn research · Björn Borg (BORG.ST) · 2026-W137 · 2026-05-31