olivLaw · European equity research
Pierce Group AB (publ) PIERCE.ST
Sweden · Nasdaq Stockholm · ISIN SE0015658364 · Vertical: Listed companies from Sweden
Pierce Group is the largest and only pan-European e-commerce retailer of motorcycle equipment, spare parts and accessories, with net sales of 1 816 MSEK in 2025, up 12% on the prior year. The company is now pursuing consolidation through selective acquisitions and better margins, against a fragmented market and seasonal, cyclically sensitive demand.
At the close of 05 Nov 2026, Pierce Group AB (publ) (PIERCE.ST) stock was 9.11 SEK (−0.98% on the day), with market capitalisation 728.8 m SEK, beta 0.62, 52-week range 8.20–14.55 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)
- 55.4
- strong (55–70)
- Bollinger (20, 2)
- 8.49 – 9.32
- in the upper half of the band · %B 0.74 · band width 9.3%
- SMA 50 / 200
- 8.88 / 9.62
- mixed trend
- MACD (12, 26, 9)
- 0.08 / 0.04
- 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 | +3.9% | −0.6% | +4.5 pp | — |
| 3 months | −10.0% | −4.2% | −5.8 pp | — |
| 6 months | −8.9% | +4.3% | −13.2 pp | — |
| Year to date | −36.3% | +7.5% | −43.8 pp | — |
| 1 year | −28.3% | +9.9% | −38.2 pp | −8.5% |
| 3 years | +51.8% | +49.8% | +2.0 pp | +12.3% |
| 5 years | −78.5% | +42.8% | −121.3 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.5 bn | 1.6 bn | 1.8 bn |
| Revenue YoY | unavailable | +5.9% | +11.5% |
| Net income | -96.0 m | 36.0 m | 0 |
| Net income YoY | unavailable | unavailable | −100.0% |
| Diluted EPS | -1.21 | 0.45 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | −102.2% |
| net % | -6.2% | 2.2% | 0.0% |
| Free cash flow | 124.0 m | 100.0 m | -6.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 235.0 m SEK
- Financial debt
- 0 SEK
- Net debt
- -235.0 m SEK
- Equity
- 663.0 m SEK
- Total assets
- 1.1 bn SEK
- Debt / equity
- 0.00x
- Current ratio
- 2.01x
- ROE
- 0.0%
- ROA
- 0.0%
- FCF margin
- -0.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.5 bn | 1.6 bn | 1.8 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 930.0 m | 903.0 m | 1.0 bn | esef· 26 Oct 2026verified |
| Gross profit | 607.0 m | 724.0 m | 773.0 m | esef· 26 Oct 2026verified |
| Operating income | -111.0 m | 18.0 m | 28.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -98.0 m | 42.0 m | 0 | esef· 26 Oct 2026verified |
| Income tax | -2.0 m | 6.0 m | 1.0 m | esef· 26 Oct 2026verified |
| Net income | -96.0 m | 36.0 m | 0 | esef· 26 Oct 2026verified |
| Diluted EPS | -1.21 | 0.45 | -0.01 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 79.4 m | 79.4 m | 79.4 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 222.0 m | 297.0 m | 235.0 m | esef· 26 Oct 2026verified |
| Inventories | 344.0 m | 419.0 m | 451.0 m | esef· 26 Oct 2026verified |
| Current assets | 582.0 m | 745.0 m | 708.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 15.0 m | 15.0 m | 11.0 m | esef· 26 Oct 2026verified |
| Total assets | 970.0 m | 1.1 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Short-term debt | — | 0 | 0 | esef· 26 Oct 2026verified |
| Current liabilities | 292.0 m | 386.0 m | 352.0 m | esef· 26 Oct 2026verified |
| Equity | 627.0 m | 666.0 m | 663.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 79.3 m | 80.0 m | — | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 127.0 m | 105.0 m | -3.0 m | esef· 26 Oct 2026verified |
| Capex | 3.0 m | 5.0 m | 3.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 124.0 m ≈ | 100.0 m ≈ | -6.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -8.0 m | -8.0 m | -21.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -28.0 m | -29.0 m | -26.0 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: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 728.8 m SEK
Key indicators
Coverage and freshness
Score by group
29% · 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: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.9% | 26 (vs peers) | 36% |
| Net margin · Quality | 0.0% | 22 (vs peers) | 21% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.8% | 0 (on a fixed band) | 29% |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality25/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Pierce Group AB (publ) (PIERCE.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn SEK in 2025; YoY growth 11.5%; net margin 0.0%; ROE 0.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- ROIC: 5.9%
- Net margin: 0.0%
- FCF yield: -0.8%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), 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% |
| 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 PIERCE.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Pierce Group is the largest and only pan-European e-commerce retailer of motorcycle equipment, spare parts and accessories, with net sales of 1 816 MSEK in 2025, up 12% on the prior year 1. The company is now pursuing consolidation through selective acquisitions and better margins, against a fragmented market and seasonal, cyclically sensitive demand 1.
SWOT
Strengths
- The company presents itself as the largest and only pan-European e-commerce operator in the motorcycle equipment segment, giving it a reference position in the market.
- Sales growth in 2025 and a large base of active customers show that the online sales model has traction.
- The own-brand portfolio and the digitalisation and automation strategy could support better margins as volumes grow.
Weaknesses
- Operating profitability remains low, with margins still below the target range set by management for the medium term.
- Dependence on external suppliers for third-party and own-brand products limits control over the supply chain.
- Sales are seasonal and weather-sensitive, which makes quarterly results difficult to predict.
Opportunities
- Selective acquisitions and consolidation of a fragmented market could bring new brands, market positions and scale synergies.
- Expanding own brands could improve margins if sales grow enough to cover fixed costs.
- A recovery in consumer demand in Europe could accelerate growth, particularly in markets outside the Nordics.
Threats
- Entry of general e-commerce platforms into the motorsport segment could intensify competition and pressure on prices.
- Geopolitical tensions could raise transport costs and disrupt logistics and supply.
- Changes in Polish regulation of the bonded warehouse licence could have a significant impact on logistics.
Risks
- Sensitivity to the economic cyclehigh
Sales of discretionary goods typically fall in recessions, which could directly affect net sales.
- Reliance on the Polish bonded warehouse licencehigh
If Polish authorities change or withdraw the bonded warehouse licence, the company's logistics operations could be significantly affected.
- Volatile transport costsmedium
Freight rates from Asia remain volatile because of Middle East conflicts, which could compress margins.
- Technology and data risksmedium
Migration to new SaaS suppliers and growing use of AI increase risks related to GDPR compliance and information security.
- Dependence on suppliers in Chinamedium
The company and its competitors rely heavily on suppliers in China, and geopolitical changes could make sourcing more expensive or uncertain.
Investment thesis
What would need to be true (bull case)
- If sales growth holds and volumes rise, profitability could benefit from operating scale and efficiency programmes.
- Its position as the largest pan-European operator in the segment could facilitate acquisitions that consolidate the market.
- A rising share of own brands could improve gross margins over the longer term.
What would break the thesis
- If the recovery in consumer demand does not continue, sales growth could slow and margins could stay below target.
- Transport and sourcing costs could remain high because of geopolitical tensions, limiting profitability gains.
- Intensifying competition from large e-commerce platforms could put pressure on prices and market share.
What to watch
- Development of adjusted EBIT margin against the 5-8% target range2026
- Demand trends in the winter season and during promotional periodsQ1 2027
- Any acquisitions and how they could be integrated2027
- Stability of the Szczecin bonded warehouse licence and trends in transport costsnext 10-K
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
Pierce Group AB (publ) is a Swedish company listed on Nasdaq Stockholm (Small Cap), headquartered in Stockholm, that sells motorcycle equipment, spare parts and accessories online 1. According to its 2025 annual report, Pierce describes its position as the largest and only pan-European e-commerce platform for this segment in Europe 1. Beginning in the fourth quarter of 2023 the company introduced an organisational and cultural change based on Lean methods and digitalisation, which it sees as the foundation for better profitability when sales volumes rise 1.
The business model combines third-party brand products, bought directly from suppliers or through distributors, with a growing share of own-brand products, which were given greater emphasis with the Pierce 2.0 launch starting in 2024 1. The company does not manufacture its own-brand products, so it remains dependent on external suppliers 1. Pierce operates a central warehouse in Szczecin, Poland, under a bonded warehouse licence, which is essential to its logistics operations 1.
The medium- to long-term strategy includes achieving the highest organic growth on the European motorcycle equipment market and selective acquisitions of companies that could provide market positions, new brands or new geographic markets 1. The board has also set a dividend policy under which free cash flows are to be used for continued development of the company in the coming years rather than distributed 1.
Segments
Market context
The European market for motorcycle equipment, spare parts and accessories is described by the company as fragmented and competitive, which makes acquisitions and consolidation, according to the report, a possible route to gaining market share 1. Consumer demand is seasonal and weather-dependent: a rainy season can affect on-road motorcycle sales, a dry season off-road sales, and a snowless winter snowmobile sales 1. Discretionary retail is also cyclical, and sales typically fall in downturns or when disposable income is low 1.
Online sales rise during promotional periods such as Black Week and the Christmas season, when purchasing and inventory tend to increase together 1. The company noted that demand showed a slight recovery in the second half of 2024 and in 2025, after the decline following the war in Ukraine 1.
Trends
- Recovery in consumer demandtailwind
The company observed a slight increase in demand in the second half of 2024 and in 2025 compared with earlier periods, after the decline caused by the war in Ukraine 1. If this recovery is sustained, it could support sales growth.
- Geopolitical tensions and transport costsheadwind
Conflicts in the Middle East and disruption in the Red Sea have pushed up freight prices from Asia, which stayed in 2025 at roughly the level of 2024 1. If these costs remain volatile and high, margins could be squeezed.
- Digitalisation and internal automationmixed
The company is extending its use of Lean methods, digitalisation and automation, which could improve profitability as sales volumes increase 1. The migration to a new technology stack with more SaaS suppliers also brings operational risks 1.
- Trade and regulatory uncertaintyheadwind
Uncertainty over how trade relations between the US and the EU develop, new consumer protection rules and stricter sustainability requirements could raise compliance costs and affect access to some markets 1.
Competitive position
The company indicates that the European motorcycle equipment market has many competitors, some of them general online sales platforms that are not yet focused on this segment 1. If these players expand their motorsport offering, competition could intensify 1.
Potential competitors named in the report include Amazon, eBay and Temu, which could concentrate more of their offer on motorsport equipment 1. The report does not provide a quantitative comparison with them.
- AmazonAMZN
General e-commerce platform named by the company as a possible competitor that could expand its motorsport offering.
- eBayEBAY
Online marketplace named as a possible competitor with potential to develop the motorsport equipment category.
- Temu
E-commerce platform named in the report as an actor that could intensify competition in the motorsport product category.
- Third-party brand suppliers and distributors
Pierce relies on them for third-party brand products, and many competitors in the market depend on the same sources, including suppliers in China.
News & filings
In the press
- Pierce Brosnan elárulta, kit támogat az új James Bond szerepéreIndex.hu English (HU) · 05 Nov 2026 · EN
- Pierce Brosnan a dezvăluit pe cine vede în rolul următorului James Bond: „Este atât de puternic”. Cine sunt favoriții pentru costumul agentului 007Libertatea.ro · 03 Nov 2026 · RO
- Pierce Brosnan și-a ales succesorul pentru rolul lui James Bond. Cine este actorul pe care îl vede în pielea agentului 007Mediafax · 03 Nov 2026 · RO
- Built Environment Not Keeping Up: Hines-PierceBloomberg Markets · 27 Oct 2026 · EN
- Casalux.ro - FOTO Pierce Brosnan își vinde vila din MalibuProfit.ro · 03 Oct 2026 · RO
- UK preparing to pierce Moscow air defenses with missiles, drones — opposition politicianTASS (RU, EN) · 04 Sept 2026 · EN
- Franklin Pierce by David W. BlightHacker News · 27 May 2026 · EN
- 16 mai: Ziua în care s-a născut actorul irlandez Pierce Brosnan, celebru pentru interpretarea personajului James BondAdevărul · 15 May 2026 · RO
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 / Pierce Group 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.