Mytaste Group

Research note


Mytaste Group: Preview Q2, Shopping going strong

Mytaste Group will present their report for the second quarter of 2018 on August the 16th. The Group has shown significant progress during the recent quarters, and we believe this will continue. We know that April started out strong so we expect to see increasing profits thanks to synergies from earlier acquisition and organic development.

MytasteGroup is moving in the right direction; April was likely the first month where the earlier discussed synergies from the acquisitions showed a more significant effect. As noted in the Q1 report, the EBITDA during April exceeding the profit for the whole first quarter. Even though it’s just one month, it’s still an indication that we should be seeing increasing earnings going onwards. The monthly average EBITDA during Q1 amounted to SEK 0.24m, so during April, the EBITDA level was about 4x higher.

For Q2 we expect net sales of SEK 12.4m with an EBITDA of SEK 2.6m. The growth, like the previous quarter, will primarily be driven by the earlier acquisitions of Kampanjjakt, AlltidRea, and OutletSverige but also organic growth. We expect that most of the profits will be generated within the Shopping segment. Our current Base-case amounts to 5.6 SEK per share.

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