olivLaw · European equity research
Ellos Holding AB (publ) ELLOS.ST
Sweden · Nasdaq Stockholm · ISIN SE0028799429 · Vertical: Listed companies from Sweden
Ellos Group is a Nordic retailer of fashion and home furnishings that sells online through the Ellos, Jotex and Homeroom platforms, with a focus on the woman in the middle of life. The company relies on an external supplier chain concentrated in Asia and is reporting sustainability under ESRS for the first time.
At the close of 05 Nov 2026, Ellos Holding AB (publ) (ELLOS.ST) stock was 58.70 SEK (+0.34% on the day), with market capitalisation 48.6 bn SEK, P/E 1,467.5 on diluted EPS of 0.04 SEK over the last 12 months, 52-week range 52.40–61.71 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.9
- strong (55–70)
- Bollinger (20, 2)
- 55.24 – 59.89
- in the upper half of the band · %B 0.74 · band width 8.1%
- SMA 50 / 200
- 57.54 / unavailable
- MACD (12, 26, 9)
- 0.48 / 0.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.3% | −0.6% | +1.0 pp | — |
| 3 months | +2.1% | −4.2% | +6.3 pp | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | −8.3% |
| 3 years | unavailable | +49.8% | unavailable | +12.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | unavailable |
| Revenue YoY | unavailable |
| Net income | 33.1 m |
| Net income YoY | unavailable |
| Diluted EPS | 0.04 |
| Diluted EPS YoY | unavailable |
| net % | unavailable |
| Free cash flow | 331.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 188.3 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 750.8 m SEK
- Total assets
- 3.1 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.53x
- ROE
- unavailable
- ROA
- 1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cost of revenue | 2.0 bn | esef· 26 Oct 2026verified |
| Gross profit | 1.5 bn | esef· 26 Oct 2026verified |
| Operating income | 147.0 m | esef· 26 Oct 2026verified |
| Interest expense | 120.1 m | esef· 26 Oct 2026verified |
| Pre-tax income | 47.5 m | esef· 26 Oct 2026verified |
| Income tax | 14.4 m | esef· 26 Oct 2026verified |
| Net income | 33.1 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.04 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 188.3 m | esef· 26 Oct 2026verified |
| Current assets | 1.1 bn | esef· 26 Oct 2026verified |
| Goodwill | 392.4 m | esef· 26 Oct 2026verified |
| Total assets | 3.1 bn | esef· 26 Oct 2026verified |
| Current liabilities | 728.8 m | esef· 26 Oct 2026verified |
| Total liabilities | 2.4 bn | esef· 26 Oct 2026verified |
| Equity | 750.8 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 827.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 339.3 m | esef· 26 Oct 2026verified |
| Capex | 8.2 m | esef· 26 Oct 2026verified |
| Free cash flow | 331.1 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -18.5 m | esef· 26 Oct 2026verified |
| Financing cash flow | -287.7 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 48.6 bn SEK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 1,000.3% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 1,467.5x | 0 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.7% | 9 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation4/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ellos Holding AB (publ) (ELLOS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.5%.
The estimated value range is 0.62–1.35 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.85 SEK, the price of 58.70 SEK leaves a potential of -98.6% (value / price − 1) and a margin of safety of -6,798.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,000.3%
What contradicts it
- Interest coverage: 1.2x
- P/E (TTM): 1,467.5x
- FCF yield: 0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for ELLOS.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ellos Group is a Nordic retailer of fashion and home furnishings that sells online through the Ellos, Jotex and Homeroom platforms, with a focus on the woman in the middle of life. The company relies on an external supplier chain concentrated in Asia and is reporting sustainability under ESRS for the first time 1.
SWOT
Strengths
- A portfolio of own and external brands plus three e-commerce platforms with integrated payment, offering a varied range and a simplified shopping experience 1.
- Centralised logistics and warehousing in Borås, supporting fast deliveries and customer satisfaction 1.
- Sustainability data collected through dedicated software, giving transparency and traceability in reporting 1.
Weaknesses
- Heavy dependence on external suppliers in Asia, with exposure to import restrictions and price swings 1.
- The absence of owned factories limits direct control over quality, costs and production conditions 1.
- Reliance on IT systems and a single e-commerce platform, where an outage would directly hit sales 1.
Opportunities
Risks
- Intense competitionhigh
A strong new entrant or heightened rivalry could reduce the company's market share and margins 1.
- Fashion trends and consumer preferenceshigh
If the range misses current trends, stock could build up and prices may need to be cut, weighing on profit 1.
- Dependence on Asian suppliersmedium
Import restrictions and changes in supplying countries could affect purchase prices and supply 1.
- IT and cyber risksmedium
System outages or attacks could seriously disrupt the e-commerce business 1.
- Liquidity and financinghigh
If the liquidity reserve does not cover future needs or credit facilities are not renewed in time, the company could face financial strain 1.
Investment thesis
What would need to be true (bull case)
- Management anticipates scope for sales and earnings growth in the coming years, supported by a varied range and a clear focus on the woman in the middle of life 1.
- The mix of own brands, external brands and three online platforms could support customer loyalty and a diversified revenue base 1.
- If the sustainability and emissions reduction programme delivers, the company could build trust with customers and investors 1.
What would break the thesis
- Competition from e-commerce and traditional retail could squeeze the group's margins and market share 1.
- Reliance on suppliers concentrated in Asia and on a central IT platform could turn a disruption into an operational shock 1.
- High costs and more cautious buying behaviour could limit demand in the core markets 1.
What to watch
- Development of sales and margins in the quarterly reportsQ1 2027
- Progress toward the 50 percent emissions reduction target versus 20202030
- Liquidity position and credit arrangements with Resurs Bank2027
- Achievement of targets on supplier social auditsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ellos Holding AB is the parent of Ellos Group, which sells mainly to private consumers through three e-commerce platforms (Ellos, Jotex and Homeroom), all using the same payment solution, Elpy 1. The range covers fashion, home furnishings, sport and beauty, combining own brands, where the group acts as manufacturer, with external brands, where it acts as distributor 1. Headquarters, the central warehouse and logistics are in Borås, and the group owns no factories, working instead with suppliers and agents 1.
Core markets are Sweden, Norway, Finland and Denmark, and sales from the Swedish company also reach Germany, Poland, the Netherlands and Austria 1. Part of sales goes through external trading platforms and a smaller part to business customers 1. The model rests on a modern offer that combines own design with selected external products at good value for money 1.
Management describes its outlook as positive despite geopolitical concern in Europe and a challenging economy, pointing to a range with varied price points and opportunities for sales and earnings growth 1.
Segments
Fashion and home furnishings
The two main product categories, fashion and home furnishings, respond differently to weather and season, which can partly offset weak demand in one of them 1.
Own brands and external brands
Own brands are designed in-house and the group is responsible for product safety and traceability, while external brands are distributed without the same direct production responsibility 1.
Market context
Suppliers are concentrated in Asia, with China the main purchasing source in 2025, followed by India and Bangladesh 1. This concentration can expose the company to import restrictions and cost changes in those countries 1.
The online fashion and home market is contested by local and international players from both e-commerce and traditional retail, and a large new entrant could change market conditions 1.
Trends
- Regulatory and consumer demand for recycled materialsheadwind
Demand for recycled materials could rise, which might make it harder and more costly to source the fibres needed for more sustainable products 1.
- Energy and carbon cost pressureheadwind
Policies requiring renewable energy in factories or taxing emissions could raise product costs if production shifts to more efficient facilities 1.
- Varied price range in an uncertain climatetailwind
Management considers a range with different price points can be favourable when consumers are uncertain, which could support sales 1.
- Consumer behaviour under high cost levelsmixed
High costs in Sweden and other markets change buying behaviour, which can limit demand but also create room to gain market share 1.
Competitive position
Ellos Group describes its competitors as both local and international, coming from e-commerce or traditional fashion and home retail 1. The advantage it cites is the mix of own and external brands, which can support customer satisfaction 1.
The company does not name its direct competitors in the section reviewed, so its relative market position cannot be drawn from the sources provided 1.
- Local and international e-commerce retailers
Fashion and home furnishing e-commerce players that the company describes as sources of competitive pressure 1.
- Traditional fashion and home retailers
Brick-and-mortar retailers that also sell online and are named by the company among its competitors 1.
- New entrants with a dominant position
A large player establishing itself in the market could change conditions, according to the company's assessment 1.
- External trading platforms
Channels through which the group sells to European consumers, which also act as competitive channels 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ellos Holding AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.