Humble Group has grown quickly to SEK 645m in LTM PF adj. EBITDA, through +40 acquisitions since 2020 while at the same time posting consistent solid double digit organic growth. Arguably, consumer staple demand is inelastic but with consumer confidence at an all-time low, unfavourable WC development in 2022 (set to improve in 2023), and PF leverage at 3.3x – clearly above its own <2.5x target - we believe Humble still has a few things to prove. Market perform.
