Here is the company report on Björn Borg after Q1, written by Lucas. 
Björn Borg’s Q1 result exceeded our expectations, and we consider the share price reaction following the report justified. Although we have raised our short-term forecasts following the Q1 beat, our medium- and long-term forecasts remain largely unchanged. In our view, given the continued uncertainty in the business environment and the lack of clear evidence that the company can successfully scale its footwear segment, we believe the stock is already fairly priced based on its expected earnings growth (2026e P/E: 17x). As a result, we reiterate our reduce recommendation and 67 SEK: