Main menu button

Equity reseach Viva Wine Group, Q4 2023: Strong growth, but profitability on the soft side

22 feb 2024

Today, Viva Wine Group published its interim report for Q4, 2023. Below is a compilation of our first impressions of the outcome, including deviations from our estimates.

  • In Q4 2023, Viva Wine Group reported net sales of SEK 1,098m, corresponding to a solid 4.4% organic growth despite continued challenging market conditions. Our forecast for the quarter was SEK 1,075m. The Nordic business segment increased net sales organically by an impressive 6.6% and grew its market share in all three markets: Sweden, Finland, and Norway. Organic growth for the Viva eCom segment was as expected negative, minus 3.3%.
  • Gross profit calculated on net sales decreased in Q4 2023 annually by 10% to SEK 211m. Our forecast was SEK 210m. The gross margin fell by 3.1 percentage points to 19.2%. Our forecast was 19.5%.
  • Year-over-year, adjusted EBITA decreased by 29% to SEK 70m in Q4 2023, corresponding to a margin of 6.3%. Our forecast was SEK 88m, corresponding to a margin of 8.2%. Currency and non-recurring costs related to the acquisition agenda and efficiency improvements negatively affected profitability.
  • Earnings per share in Q4 2023 came in at SEK 0.00 per share. For the full year, earnings per share were reported at SEK 1.19, corresponding to a negative growth of minus 58%. We forecasted earnings per share of SEK 0.40 in Q4 and SEK 1.60 for the full year 2023.
  • The Board of Directors propose an unchanged dividend per share of SEK 1.55, implying financial strength and confidence in the strategy for growth at improved profitability.

Strong growth, above expectations, in the Nordics, as well as less negative growth for Viva eCom, should be highlighted as clearly positive. On the other hand, costs were higher overall than expected, making profitability fall short of our expectations. However, profitability was, to some extent, negatively affected by non-recurring costs. We are encouraged by better-than-expected sales but expect a muted initial share reaction due to the somewhat soft profitability.

We intend to provide an updated analysis of Viva Wine Group shortly. Read the initial coverage report here.


Carlsquare AB,, hereinafter referred to as Carlsquare, is engaged in corporate finance and equity research, publishing information on companies and including analyses. The information has been compiled from sources that Carlsquare deems reliable. However, Carlsquare cannot guarantee the accuracy of the information. Nothing written in the analysis should be considered a recommendation or solicitation to invest in any financial instrument, option, or the like. Opinions and conclusions expressed in the analysis are intended solely for the recipient.

The content may not be copied, reproduced, or distributed to any other person without the written consent of Carlsquare. Carlsquare shall not be liable for either direct or indirect damages caused by decisions made on the basis of information contained in this analysis. Investments in financial instruments offer the potential for appreciation and gains. All such investments are also subject to risks. The risks vary between different types of financial instruments and combinations thereof. Past performance should not be taken as an indication of future returns.

The analysis is not directed at U.S. Persons (as that term is defined in Regulation S under the United States Securities Act and interpreted in the United States Investment Companies Act of 1940), nor may it be disseminated to such persons. The analysis is not directed at natural or legal persons where the distribution of the analysis to such persons would involve or entail a risk of violation of Swedish or foreign laws or regulations.

The analysis is a so-called Assignment Analysis for which the analysed company has signed an agreement with Carlsquare for analysis coverage. The analyses are published on an ongoing basis during the contract period and for the usually fixed fee.

Carlsquare may or may not have a financial interest with respect to the subject matter of this analysis. Carlsquare values the assurance of objectivity and independence and has established procedures for managing conflicts of interest for this purpose.

The analysts Markus Augustsson, Christopher Solbakke and Niklas Elmhammer do not own and may not own shares in the analysed company.

Equity reseach Viva Wine Group, Q4 2023: Strong growth, but profitability on the soft side