Footway Group offers a good exposure to the large European online apparel and sports retail market, targeting an average growth of 30-40% p.a. Ahead of Q4 (due: 3 February at 08.00 CET), we reiterate our estimates, implying about 16% sales growth to SEK 457m and EBITA of SEK 15m, a 3.3% margin (down from SEK 17m EBITA in Q4/20). Online market traffic and supply chain issues add to challenges amid the Covid pandemic. We reiterate our SEK 30 mid-point equity value.
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