olivLaw · European equity research
ITAB Shop Concept AB ITAB.ST
Sweden · Nasdaq Stockholm · ISIN SE0015962097 · Vertical: Listed companies from Sweden
ITAB Shop Concept AB designs and supplies complete retail store interior solutions, from concept and production to installation at the customer. In 2025 the group completed the HMY acquisition, which according to the annual report accelerates its transformation and strengthens its market position, at a time when retailers are reorganizing their physical stores.
At the close of 05 Nov 2026, ITAB Shop Concept AB (ITAB.ST) stock was 15.46 SEK (+1.31% on the day), with market capitalisation 4.0 bn SEK, P/E 30.3 on diluted EPS of 0.51 SEK over the last 12 months, beta 0.73, 52-week range 13.26–19.26 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.5
- weak (30–45)
- Bollinger (20, 2)
- 15.00 – 16.66
- in the lower half of the band · %B 0.28 · band width 10.5%
- SMA 50 / 200
- 16.34 / 15.38
- mixed trend
- MACD (12, 26, 9)
- -0.22 / -0.20
- MACD below 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 | −3.4% | −0.6% | −2.7 pp | — |
| 3 months | +3.1% | −4.2% | +7.2 pp | — |
| 6 months | +4.7% | +4.3% | +0.4 pp | — |
| Year to date | −12.2% | +7.5% | −19.7 pp | — |
| 1 year | −17.6% | +9.9% | −27.5 pp | −8.5% |
| 3 years | +62.7% | +49.8% | +12.9 pp | +12.3% |
| 5 years | +13.5% | +42.8% | −29.3 pp | — |
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 9.8, median 15.3, max 34.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.1 bn | 6.6 bn | 12.8 bn |
| Revenue YoY | unavailable | +7.3% | +94.1% |
| Net income | 270.0 m | 311.0 m | 131.0 m |
| Net income YoY | unavailable | +15.2% | −57.9% |
| Diluted EPS | 1.23 | 1.37 | 0.51 |
| Diluted EPS YoY | unavailable | +11.4% | −62.8% |
| net % | 4.4% | 4.7% | 1.0% |
| Free cash flow | 724.0 m | 551.0 m | 673.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 971.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 4.4 bn SEK
- Total assets
- 12.5 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.25x
- ROE
- 3.0%
- ROA
- 1.3%
- FCF margin
- 5.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.1 bn | 6.6 bn | 12.8 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 4.4 bn | 4.7 bn | 9.8 bn | esef· 26 Oct 2026verified |
| Gross profit | 1.7 bn | 1.9 bn | 3.0 bn | esef· 26 Oct 2026verified |
| Operating income | 432.0 m | 459.0 m | 580.0 m | esef· 26 Oct 2026verified |
| Interest expense | 81.0 m | 70.0 m | 260.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 385.0 m | 438.0 m | 344.0 m | esef· 26 Oct 2026verified |
| Income tax | 93.0 m | 118.0 m | 186.0 m | esef· 26 Oct 2026verified |
| Net income | 270.0 m | 311.0 m | 131.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 1.23 | 1.37 | 0.51 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 578.0 m | 1.5 bn | 971.0 m | esef· 26 Oct 2026verified |
| Inventories | 793.0 m | 799.0 m | 1.3 bn | esef· 26 Oct 2026verified |
| Current assets | — | 3.5 bn | 5.2 bn | esef· 26 Oct 2026verified |
| Goodwill | 1.8 bn | 1.8 bn | 3.9 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 133.0 m | 220.0 m | 1.2 bn | esef· 26 Oct 2026verified |
| Total assets | 5.8 bn | 7.1 bn | 12.5 bn | esef· 26 Oct 2026verified |
| Current liabilities | — | 1.7 bn | 4.1 bn | esef· 26 Oct 2026verified |
| Equity | 3.2 bn | 4.3 bn | 4.4 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 217.7 m | 225.4 m | 256.9 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 810.0 m | 624.0 m | 785.0 m | esef· 26 Oct 2026verified |
| Capex | 86.0 m | 73.0 m | 112.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 724.0 m ≈ | 551.0 m ≈ | 673.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -107.0 m | -144.0 m | -1.8 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -810.0 m | 432.0 m | 533.0 m | esef· 26 Oct 2026verified |
| Share repurchases | 5.0 m | 45.0 m | 0 | 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
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn SEK
Key indicators
Coverage and freshness
Score by group
48% · 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: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.0% | 25 (vs peers) | 13% |
| FCF conversion · Quality | 513.7% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.2x | 37 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 30.3x | 38 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 16.9% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation66/100 · 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
ITAB Shop Concept AB (ITAB.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 12.8 bn SEK in 2025; YoY growth 94.1%; net margin 1.0%; ROE 3.2%.
The estimated value range is 7.91–17.23 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.85 SEK, the price of 15.46 SEK leaves a potential of -29.8% (value / price − 1) and a margin of safety of -42.5% (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 (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 513.7%
- FCF yield: 16.9%
What contradicts it
- Net margin: 1.0%
- Interest coverage: 2.2x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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% |
| ITAB.STITAB Shop Concept AB | 4.0 bn | 30.3 | 3.2% | 1.0% | +94.1% | −16% / +62% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for ITAB.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.10 Total return -35% · Per year -35% | 17.78 Total return 15% · Per year 15% | 26.67 Total return 73% · Per year 73% |
| 3 years | 11.98 Total return -22% · Per year -8% | 23.51 Total return 52% · Per year 15% | 38.40 Total return 148% · Per year 35% |
| 5 years | 14.21 Total return -8% · Per year -2% | 31.10 Total return 101% · Per year 15% | 55.30 Total return 258% · Per year 29% |
- Exit P/E± 5.88
- Net margin± 4.11
- Annual revenue growth± 3.07
- Annual dilution± 0.35
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
ITAB Shop Concept AB designs and supplies complete retail store interior solutions, from concept and production to installation at the customer. In 2025 the group completed the HMY acquisition, which according to the annual report accelerates its transformation and strengthens its market position, at a time when retailers are reorganizing their physical stores.
SWOT
Strengths
- A portfolio of strong brands and integrated solutions, from concept to installation, that supports long-term customer relationships 1.
- Global presence in many countries and international customer support, based on scale 1.
- The HMY acquisition strengthens market position and may accelerate the company's transformation 1.
Weaknesses
Opportunities
Risks
- Changing retail markethigh
If the offering does not adapt to retailer requirements, demand for the company's solutions could fall 1.
- Macroeconomicshigh
Recession and inflation could reduce consumption and retailer investment, affecting group revenue 1.
- Supply chainmedium
Disruptions in sourcing or logistics could affect deliveries and operating results 1.
- Acquisition integrationmedium
Integrating HMY and implementing the new ERP system carry execution risks and possible extra costs 1.
- Financing and refinancingmedium
The company relies on credit facilities, and their extension in January 2026 shows the importance of access to financing 1.
Investment thesis
What would need to be true (bull case)
- If the HMY integration succeeds, the company could strengthen its position as a leading retail solutions provider 1.
- Growth in services and technical solutions could improve the quality of revenue over the long term 1.
- Relationships with strong brands and international customers may support demand even in a difficult economy 1.
What would break the thesis
What to watch
- Progress of the HMY integration and synergies2026
- New chief executive taking office in May 2026Q2 2026
- Development of revenue and margins by segmentnext 10-K
- Dividend policy and use of credit facilities2026
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
ITAB Group offers integrated store fit-out work: idea, store concept, development, production and on-site installation. The portfolio includes self-checkout and lighting products, store concepts and digital solutions for the physical store, and products are sold under several strong brands 1. The company is active in all retail customer segments in Europe and the rest of the world 1.
The business model relies on its people, the combined offering of brands and products, collaboration across group units and with external partners, and efficient production 1. Management aims to become the leading solutions provider for retail, with a growing share of services and technical solutions 1.
Segments
Store solutions and self-checkout
Includes self-checkout, lighting and digital solutions for the physical store, aimed at operational efficiency in store, lower risk of theft and lower energy consumption 1.
Store concepts and services
Covers store concepts, design, installation and sustainability-related services for retailers, which the group wants to grow as a share of sales 1.
Digital solutions
Developed together with customers or in-house, aimed at the physical store connected to online channels; development costs relate largely to these products 1.
Market context
The market is retail store fit-out, where demand depends on consumption, retailer investment and the shift from large stores to smaller formats with a digital component 1. Group revenue is generated mainly in Europe, and sourcing and production are concentrated there too 1.
Market risks include lower consumption and retailer investment, price pressure and trade uncertainty, and the physical retail channel is more sensitive than online 1.
Trends
- Transformation of the physical storemixed
Retailers are moving to smaller stores with digital elements linked to online shops, which creates demand for new fit-out solutions if the company's offering remains relevant 1.
- Sustainability and regulationmixed
ESG reporting and sustainability requirements, including those under CSRD, may create demand for sustainability services but also raise compliance costs 1.
- Macroeconomic uncertaintyheadwind
Recession, inflation, higher interest rates and higher energy prices could reduce store spending and retailer investment 1.
- Consolidation through acquisitiontailwind
Integrating HMY could accelerate the transition and strengthen market position, but brings integration and financing risks 1.
Competitive position
The annual report does not name specific competitors; competition is described in the broad store fit-out market, where price, innovation and the ability to offer complete solutions matter 1. The company emphasises strong brands, global scale and international customer support 1.
Differentiation depends on the ability to deliver integrated solutions, sustainability services and an expanded digital offering; presence in around thirty countries supports this strategy 1.
- Regional store fit-out contractors
The sources do not name competitors; the market includes local and regional store fit-out suppliers.
- Store equipment manufacturers
Competition for self-checkout and lighting products is not detailed in the source.
- Retail digital solution providers
The company develops its own digital solutions; competitors in this segment are not named in the report.
- Integrated retail service providers
Integrated competition is mentioned generically, without names in the source.
News & filings
In the press
- REMA 1000 selects ITAB for store makeover and loss prevention rolloutYahoo Finance — News · 28 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ITAB Shop Concept AB · 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.