Västra Hamnen Corp. Finance

• Demand strong despite slightly lower-than-expected sales
• Acquisition of Giant Loop for SEK 30 million announced
• We maintain our valuation interval of SEK 73.00 – 92.00 per share

USWE’s report for Q1 2022/23 showcased a revenue and profitability that came in slightly below our forecast. Despite USWE experiencing lower order volumes from distributors due to high inventory levels during the quarter, the demand from consumers continues to be strong. In addition to launching a new web page and VOID recording its best quarter yet, USWE announced the acquisition of Giant Loop for SEK 30 million. We keep our long-term scenario intact for USWE and therefore choose to maintain our fair value estimate for the share.

The full report is available here.