@lucas.mattsson on tehnyt uuden analyysin Björn Borgista. 
Björn Borg delivered weak Q4 earnings due to a lower gross margin and higher operating expenses, which more than offset the benefits of strong revenue growth. The company’s earnings multiples for this year are at the upper end of our acceptable valuation range, with a P/E ratio of approximately 18x and an EV/EBIT of ~14x. At current valuations, we would like to see clearer evidence that the company can successfully expand its footwear category while maintaining solid profitability. Based on our updated estimates, we believe the stock is relatively fairly valued. As a result, we lower our recommendation to Reduce (prev. Accumulate) and adjust our target price to SEK 62 per share, primarily due to revised estimates.
