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USWE Sports: Continued growth focus after weak Q1
Research update Q1 2026/27
|2026-07-31
- The change in channel strategy has affected the result
- Investing for the long-term potential
- We adjust the fair value to SEK 12.41 (13.46) per share
USWE Sports (USWE) began the 2026/27 financial year with results below our expectations. The main reason is that the strategic shift from distributor sales to expanded direct sales to retailers has taken longer than anticipated. Price discipline and fewer discounts have also weighed on sales, while at the same time strengthening margins. A third factor is that the new business model places greater demands on business systems and logistics flows, which drove costs higher during the quarter. In line with the company, we believe the measures USWE is now implementing will deliver higher and more stable sales growth, improved profitability and stronger cash flows over time. The latest report has nonetheless prompted adjustments to our model, and we lower our fair value to SEK 12.41 (13.46) per share.
Read our latest analysis below. The report is available in Swedish.
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Tobias Karlsson
Analyst
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Adam Bursic
Analyst