Detailed blueprint for growth and margin expansion
We had the opportunity to attend the CMD physically and met with both the management team and the CEOs of Humble's larger subsidiaries. Our general impression is that there is a constructive yet performance-oriented culture in the group, and that there may be an underappreciated, intangible asset in the form of a decentralised, CEO subsidiary network that allows subsidiaries to communicate across the group to generate ideas and solve problems. This would likely not have been possible for the subsidiaries on a stand-alone basis. In terms of financials, the management team presented a clear and detailed path for how it would achieve its growth. The incremental revenue potential is ~SEK 3.8bn, which is skewed towards initiatives in Future Snacking and Quality Nutrition. Moreover, the 10% EBIT margin target aligns with the company's previously communicated ambition of recovering the gross margin from ~31% to 35%. The rest of the envisioned margin uplift is derived from opex scaling.
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