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Bokusgruppen AB logo

Bokusgruppen AB

BOKUS.ST
50
Specialty Retail · Consumer Cyclical
Price
kr 64.20
-0.20 (-0.31%)
Market Cap
kr 1.04B
Exchange
Stockholm Stock Exchange
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+7.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 15.3M (2021) → 16.4M (2025)

Bokusgruppen is a Swedish company that sells books and related products. It operates Bokus, one of Sweden's largest online bookstores, as well as physical bookstore chains including Akademibokhandeln. Its main customers are everyday consumers in Sweden who buy physical books, e-books, and audiobooks.

The company earns revenue primarily through retail sales of books and media, both online and in its physical stores across Sweden. It holds a strong position in the Swedish book market by combining a well-known e-commerce platform with a large network of physical stores, giving it broad reach that smaller competitors struggle to match. The main risk the business faces is the ongoing decline in physical book sales across Europe, as more readers shift to digital formats and large international platforms like Amazon increase their presence in Scandinavian markets.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+54.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$30M/ year

Rising (+18% vs prior year)

1.4% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

84.7%ownership

Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~0 months

$700,000 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Bokusgruppen AB has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
0.5%
Thin — 0.5% gross margin
Operating Margin
0.5%
Thin — 0.5% operating margin
ROCE
0.3%
Weak — 0.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+5.9%
Slow sales growth (5.9% YoY)
EPS YoY
+116.1%
Earnings growing fast (116.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
301%
Turns 301% of profit into real cash
FCF Margin
11.5%
Modest free cash flow (11.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.26
Conservative — low debt load (0.26)
Interest Cover
5.05x
Adequate interest coverage (5.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
11.5x
Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
-2.5
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
5.51%
Healthy income — 5.51% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth
+20.6%
Dividend growing fast (20.6% YoY)

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