Equity research Viva Wine Group: Process to transfer to the Main list initiated

Viva Wine Group has initiated a process to transfer to the Main list, Nasdaq Stockholm. We believe such a move makes good sense in the light of the company’s growth in recent years, not least the acquisition of Dutch market leader Delta Wines earlier in 2025. The latter marks a significant expansion in European B2B wine markets and will boost annual group sales to some SEK 6.3bn compared to SEK 4.2bn in 2024.  Moving to the Main list should facilitate attracting interest from a broader base of potential investors, including internationally. Also, we think the company is probably already prepared internally for the process. In an optimistic scenario, we estimate that a transfer could be completed in about six months.

In parallel, Viva has decided on a minor distribution issue of shares (up to 800,000 shares) to the general public to create conditions for improved liquidity. The subscription price per share will correspond to the volume-weighted average price for the share during the subscription period, which will take place from 24 September to 30 September, with a discount of eight per cent. We do not expect to adjust our base case valuation of SEK 50 per share following the issue, as the dilution is less than one per cent. Given the gap between the current share price and our estimated fair value, and as we see improving growth momentum supported by the Delta acquisition, we anticipate good interest in the distribution issue. We estimate that the Viva Wine share is trading at EV/EBIT 2026E of 10.7x, a discount to peers at 12.7x. In our opinion, the adverse share reaction is unwarranted.

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