We expect organic growth of 12%...
We believe that BHG is likely to report another set of solid numbers on 22 July. With several strong trading updates from DIY peers (e.g. Kesko and Byggmax), we expect the DIY division to be the key driver of growth, as seen in previous quarters. We expect organic growth of 13% y-o-y or 71% versus Q2’19 in DIY. The corresponding figures in Q1’21 were 45% and 79%, respectively. Furthermore, we forecast a slight deceleration in the Home Furnishing segment, which we believe has been negatively affected by eased restrictions and weather. Our estimates suggest organic growth of 10% y-o-y or 45% versus Q1’19. All in all, we forecast organic sales growth of 12% for the group. In addition, acquisitions are expected to add just below 14% to sales whereas adverse FX could hit sales by -1%. Hence, our total sales estimate of SEK 3.3bn corresponds to total growth of 24%.
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