October 2025

In this equity research report, analyst Viktor söderberg analyzes Rugvista, a niche European e-commerce player focused on online rug retail. The company operates in a structurally attractive category where broad assortment, efficient logistics and low trend sensitivity provide a solid foundation for long-term growth. Despite a resilient business model and a well-established position in its segment, Rugvista’s shares continue to trade at a discount to comparable peers.

The analysis highlights the company’s ability to benefit from increasing online penetration in a largely traditional market, as well as from gradual improvements in consumer purchasing power. A peer-based valuation approach indicates meaningful upside potential as demand normalizes and the company regains operational leverage.

Investment Thesis

• Positioned for structural market shifts: Rugvista is active in a category well suited for digitalization, with clear long-term tailwinds as consumer behaviour continues to shift toward online channels.

• Proven and scalable operating model: The company has demonstrated resilience across varying market conditions, supported by efficient logistics, a broad product offering and a capital-light setup that enhances operational flexibility.

• Re-rating potential through normalization: With the business affected in recent years by weaker consumer sentiment and soft purchasing power, a gradual recovery is expected to strengthen demand, improve efficiency and support a valuation more aligned with peers.