Here is Lucas Mattsson’s company report on Björn Borg after Q2. 
Björn Borg’s Q2 report was mixed. While the company reported strong revenue, it did not come without costs, and profitability was lower than our expectations. The company’s valuation multiples for this year are at the upper end of our accepted valuation ranges, with a P/E ratio of approximately 18x and an EV/EBIT of approximately 14x. At current valuation levels, we would like to see clearer evidence that the company can successfully grow its revenue while maintaining a stable gross margin. As a result, we reiterate our Reduce recommendation and a target price of SEK 55 per share.