corporate research footway group

research.sebgroup.com/corporate Important. All disclosure information can be found on pages 14 – 16 of this document

Corporate Research Footway Group NOT TO BE DISTRIBUTED IN, OR TAKEN OR TRANSMITTED INTO, THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR IN ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.

Company Update Retail Sweden 15 December 2021

Pandemic issues weigh on short-term growth Available market data for online site traffic and AOV developments during the important high season (i.e. Black Week) suggest weaker online retail trading. Adding concerns on supply chain amid Covid-19 restrictions, we cut our sales growth and gross margin forecasts for Footway Group in mainly Q4 – and in Q1 2022. Still, our sales estimates imply a 28% CAGR over 2021-23. Our revised mid-point DCF-based equity value equals SEK 30 (SEK 39).

Short-term issues to burden current trading and, we reckon, in Q1 too Based on rather weak online market data so far in Q4, including over the important Black Week (continuing weak traffic data, mitigated by higher average order values), as well as prevailing supply chain issues (including closed factories amid the Covid-19 pandemic), we lower our sales growth and gross margin forecasts for Footway Group. Whilst market traffic developments still reflect tough comparisons, as consumers mainly turned to the online channel amid the 2020 pandemic situation (should ease in 2022), we take a prudent view on the supply chain situation that we believe could prevail in Q1 too. In all, we lower our 2022-23 sales and EBITA forecasts, respectively, by an average of 12% p.a. We set our revised mid-point equity value at SEK 30 (SEK 39).

Growth remains top of agenda, but WC management to bolster shorter-term We argue Footway offers a good exposure to the large European online apparel and sports retail market, summarised in its ambition to generate an average growth of 30-40% p.a. Shorter-term we expect WC management to bolster cash flow as the group aims for inventories of below SEK 700m in Q4 2022.

Mid-point DCF-based equity value of SEK 30 implies 1.4x 2022E EV/Sales Based on revised forecasts and WACC of 6.9% (increased from 6.1%), we arrive at a mid-point DCF-based equity value of SEK 30 per share. At this level, the equity would be valued at about 1.4x next year’s EV/Sales estimate, equal to a prospective 20% discount to its Nordic online retail peer median.

Key Data (2021E)

Price (SEK)ReutersBloomberg

Market cap (SEKm)Market cap (USDm)Net debt (SEKm)Net gearingNet debt/EBITDA (x)

Shares fully dil. (m)Avg daily turnover (m)Free float 28%

26443%

88.80.5

43.7

FOOTb.STFOOTB SS

1,305143

14.70

Share Price (12M)

Absolute (green) / Relative to Sweden (purple).

10

15

20

25

30

35

Dec Jan Apr Jun Aug Oct Dec

Financials (SEK)

Source for all data on this page: SEB (estimates) and Millistream/Thomson Reuters (prices)

Year end: Dec 2019 2020 2021E 2022E 2023ERevenues (m) 991 1,089 1,524 1,897 2,504Adj. EBIT 26 7 (42) 3 42Pre-tax profit (m) 6 (23) (66) (13) 32EPS 0.07 (0.26) (0.66) (0.13) 0.28Adj. EPS 0.41 (0.24) (0.23) 0.30 0.70DPS 0.00 0.00 0.00 0.00 0.00

Revenue growth (%) 30.4 9.9 39.9 24.5 32.0Adj. EBIT growth (%) 70.0 (74.3) n.m. n.m. n.m.Adj. EPS growth (%) 15.6 n.m. n.m. n.m. 136.1

Adj. EBIT margin (%) 2.6 0.6 (2.7) 0.2 1.7ROE (%) 1.9 (4.7) (9.3) (1.9) 4.1ROCE (%) 6.5 0.9 (4.2) 0.4 5.5

PER (x) 48.1 n.m. n.m. 49.3 20.9Free cash flow yield (%) (7.7) (10.0) 5.0 17.7 0.4Dividend yield (%) 0.0 0.0 0.0 0.0 0.0P/BV (x) 5.28 3.35 2.13 2.19 2.12

EV/Sales (x) 1.47 2.30 1.03 0.71 0.54EV/Adj. EBITDA (x) 33.7 85.4 259.7 26.3 15.0EV/Adj. EBIT (x) 57.3 381.1 (37.5) 419.8 32.3Operating cash flow/EV (%) (6.6) (7.6) 5.8 17.7 1.1Net debt/EBITDA (x) 7.71 33.50 43.72 0.75 0.42

Estimate Revisions (%)

2021E 2022E 2023ERevenues (3) (12) (12)Adj. EBIT (22) (71) (20)Adj. EPS (45) (20) (12)

Marketing communication commissioned by: Footway Group

Company Update Marketing communication commissioned by: Footway Group 15 December 2021 2

Corporate Research NOT TO BE DISTRIBUTED IN, OR TAKEN OR TRANSMITTED INTO, THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR IN ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.

Fundamental story still intact New mid-point equity value of SEK 30 Mid-point valuation summary

Mid-point DCF value (SEK) 30.00 Share price (SEK) 16.35 2022E EV/Sales (x) 0.70 2022E adj. EV/EBITA (x) 26.3 2021E DPS 0.00 Valuation potential Low High Mid-point DCF valuation range (SEK) 26.00 35.00 30.00

Equity potential (%) 59 114 83 2022 EV/Sales at DCF valuation range (x) 1.24 1.66 1.42 2022 EV/EBITA at DCF valuation range (x) 46.3 62.1 53.3 2021E DPS yield (%) 0.0 0.0 0.0 Total return potential 59 114 83 Source: SEB

Nordic online peer group: absolute share price performance, -3M (%)

Source: SEB, FactSet

Earnings revisions

(SEK) 2021E 2022E 2023E Revenues (m) Old 1,576 2,164 2,857 New 1,524 1,897 2,504 Change (%) (3) (12) (12) EBITA, adj (m) Old 13 59 100 New 6 51 89 Change (%) (57.5) (13.6) (10.7) EPS (adjusted) Old (0.16) 0.37 0.80 New (0.23) 0.30 0.70 Change (%) (45) (20) (12)

Source: SEB

(43.5)

(36.9)

(20.5)

(19.8)

(18.7)

(14.8)

(7.8)

(4.7)

(0.1)

7.1

25.9

29.5

(50.0) (40.0) (30.0) (20.0) (10.0) 0.0 10.0 20.0 30.0 40.0

Desenio Group AB

BHG Group

Pierce Group AB

Verkkokauppa.com Oyj

Footway Group*

RugVista Group AB

Peer group, avg

Nelly Group

Boozt

CDON

RVRC Holding AB

Lyko Group AB Class A

Abs. Perf. 3M (%)



Selected site traffic data, quarterly, chg, y/y (%) Selected site traffic data, monthly, chg, y/y (%)

Source: SEB, Similarweb Source: SEB, Similarweb

Due to a relaunch of Footway Group’s online sites in October last year, this distorts the y/y monthly comparisons in current trading (Q4 2021).

Sweden: apparel and footwear market, 12M trailing l-f-l sales growth, y/y (%)

Source: SEB, Svensk Handel STILindex

Indexed performance: retailer, onliner and omni-retailer Indexed performance: selected sector peers, -1Y

Source: SEB, FactSet Source: SEB, FactSet

9.2

(10.1)

20.8

19.7

(24.4)

(0.6)

(100.0)

(80.0)

(60.0)

(40.0)

(20.0)

0.0

20.0

40.0

60.0

80.0

100.0

Q1/

20

Q2/

20

Q3/

20

Q4/

20

Q1/

21

Q2/

21

Q3/

21

Boozt total Bubbleroom Nordic total Footway Group total Na-kd.com Nelly.com Zalando Nordic total

No of site visits, growth, y/y (%)

12.2

122.5

22.7

(28.1)

(5.9)4.4

(100.0)

(50.0)

0.0

50.0

100.0

150.0

200.0

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb-

21

Mar

-21

Apr

-21

May

-21

Jun-

21

Jul-2

1

Aug

-21

Sep-

21

Oct

-21

Nov

-21

Boozt total Footway Group total Na-kd.com Nelly.com Zalando Nordic total Bubbleroom Nordic total

No of site visits, growth, y/y (%)

(23.7)

3.6

10.5

(33.6)

(1.3)

8.0

(40.0)

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

Nov

-18

Dec-

18Ja

n-19

Feb-

19M

ar-1

9Ap

r-19

May

-19

Jun-

19Ju

l-19

Aug-

19Se

p-19

Oct-1

9N

ov-1

9De

c-19

Jan-

20Fe

b-20

Mar

-20

Apr-

20M

ay-2

0Ju

n-20

Jul-2

0Au

g-20

Sep-

20Oc

t-20

Nov

-20

Dec-

20Ja

n-21

Feb-

21M

ar-2

1Ap

r-21

May

-21

Jun-

21Ju

l-21

Aug-

21Se

p-21

Oct-2

1N

ov-2

1

Swe - 12M trailing clothing l-f-l sales growth, y/y (%) Swe - 12M trailing footwear l-f-l sales growth, y/y (%)

0.00

50.00

100.00

150.00

200.00

250.00

20/1

2/20

1817

/01/

2019

14/0

2/20

1914

/03/

2019

11/0

4/20

1909

/05/

2019

06/0

6/20

1904

/07/

2019

01/0

8/20

1929

/08/

2019

26/0

9/20

1924

/10/

2019

21/1

1/20

1919

/12/

2019

16/0

1/20

2013

/02/

2020

12/0

3/20

2009

/04/

2020

07/0

5/20

2004

/06/

2020

02/0

7/20

2030

/07/

2020

27/0

8/20

2024

/09/

2020

22/1

0/20

2019

/11/

2020

17/1

2/20

2014

/01/

2021

11/0

2/20

2111

/03/

2021

08/0

4/20

2106

/05/

2021

03/0

6/20

2101

/07/

2021

29/0

7/20

2126

/08/

2021

23/0

9/20

2121

/10/

2021

18/1

1/20

21

FOOT.B-SE RIZZO.B-SE HM.B-SE (for reference)

Footway: online retail

Administration

H&M: omni-channel retail

Rizzo: store-based retail (travel accessories and footwear)

84.28

110.58

94.24

85.92

71.21

119.93

90.45

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

200.00

25/1

1/20

2004

/12/

2020

15/1

2/20

2024

/12/

2020

04/0

1/20

2113

/01/

2021

22/0

1/20

2102

/02/

2021

11/0

2/20

2122

/02/

2021

03/0

3/20

2112

/03/

2021

23/0

3/20

2101

/04/

2021

12/0

4/20

2121

/04/

2021

30/0

4/20

2111

/05/

2021

20/0

5/20

2131

/05/

2021

09/0

6/20

2118

/06/

2021

29/0

6/20

2108

/07/

2021

19/0

7/20

2128

/07/

2021

06/0

8/20

2117

/08/

2021

26/0

8/20

2106

/09/

2021

15/0

9/20

2124

/09/

2021

05/1

0/20

2114

/10/

2021

25/1

0/20

2103

/11/

2021

12/1

1/20

2123

/11/

2021

FOOT.B-SE BOOZT-SE LYKO.A-SE NELLY-SE BHG-SE VERK-FI HM.B-SE

Nordic online peers and H&M, performance, -1Y (indexed)



Market and online brand expansions and sales forecasts (SEKm)

Source: SEB

Nordic and European Apparel and footwear markets, excl. VAT (EURm)

Source: SEB, Euromonitor (Zalando)

European fashion market: online penetration forecasts Footway sales growth forecasts, LTM, y/y (%)

Source: SEB, Euromonitor (Zalando) Source: SEB, Footway Group

3 27 89 222 260 344

505

760

991 1,089

1,524

1,897

2,504

0

500

1,000

1,500

2,000

2,500

3,000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

E

2022

E

2023

E

Net sales (SEKm)

Nordic-4 expansion

7 new markets

13 new markets

14,233

359,263

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Nordic-4 - clothing & footwear market, const. ccy (EURm) European fashion market, const. ccy, 2020E (EURm)

2020

Nordic market size of about 4% of totalEuropean fashion market

57,383 61,748

82,990

91,073 96,113

102,464

15.5 16.5

23.1

25.0 26.2

27.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

0

20,000

40,000

60,000

80,000

100,000

120,000

2018

2019

2020

2021

E

2022

E

2023

E

European online fashion market (EURm) European fashion market - online penetration (%)

50.4

65.0

54.3

45.7

30.4

15.2

10.2

6.1 9.9

30.3

36.1

45.2

39.9

25.2 22.3

19.8

24.5

32.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Q4/

18

Q1/

19

Q2/

19

Q3/

19

Q4/

19

Q1/

20

Q2/

20

Q3/

20

Q4/

20

Q1/

21

Q2/

21

Q3/

21

Q4/

21E

Q1/

22E

Q2/

22E

Q3/

22E

Q4/

22E

2023

E

LTM sales growth, y/y (%) Financial targets: sales growth - low (%) Financial targets: sales growth - high (%)



12M trailing gross margin forecasts (%)

Source: SEB

12M trailing EBITA and EBIT forecasts (%)

Source: SEB

Geographical sales growth forecasts

Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21E 2020 2021E 2022E 2023E Sales growth, y/y (%) Sweden (16.2) (2.4) (1.9) 57.2 136.9 46.3 67.8 14.7 11.6 52.0 23.3 23.0 Norway (7.4) (7.3) (17.5) (5.6) 52.4 70.6 60.8 19.0 (9.4) 49.0 25.0 24.2 Finland (7.4) (5.7) (8.7) 32.2 101.7 75.6 95.6 13.8 4.2 62.0 24.0 25.1 Denmark (7.4) 26.2 7.9 (6.0) 63.2 (11.2) (5.4) 9.4 6.1 6.5 20.4 21.3 Other Nordic (7.4) 3.8 (8.0) 2.9 68.2 39.8 47.1 14.6 (1.4) 38.4 23.5 23.8 Europe (6.4) 48.5 42.3 14.5 103.7 1.5 (8.9) 21.7 24.6 20.0 28.7 63.4 Group net sales growth, y/y (%) (11.2) 10.3 3.2 27.3 105.5 31.7 43.2 16.4 9.9 39.9 24.5 32.0 Source: SEB

42.6 42.3

42.1 41.7

40.2

39.1

38.2

37.6 37.7 37.3

37.8 37.8

39.7

40.5 40.4 40.4

39.0 38.7

38.9 39.0

39.5

40.1

36.0

37.0

38.0

39.0

40.0

41.0

42.0

43.0

44.0

45.0

46.0

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Q2/2

0

Q3/2

0

Q4/2

0

Q1/2

1

Q2/2

1

Q3/2

1

Q4/2

1E

Q1/2

2E

Q2/2

2E

Q3/2

2E

Q4/2

2E

2023

E

LTM GM (%)

5.0

3.4 3.0 3.1 2.9

2.7 2.2

3.1 3.2 3.3 3.4

2.0 1.8

0.8 0.6 0.5 0.4

1.0 1.1 1.6

2.7

3.6 3.2

1.5 1.5 1.8 2.0 1.9

1.5

2.4 2.6 2.6 2.7

1.4

0.6

(1.0)

(1.9)

(2.5)(2.7)

(2.1)(1.8)

(1.1)

0.2

1.7

(4.0)

(3.0)

(2.0)

(1.0)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Q4/1

7

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Q2/2

0

Q3/2

0

Q4/2

0

Q1/2

1

Q2/2

1

Q3/2

1

Q4/2

1E

Q1/2

2E

Q2/2

2E

Q3/2

2E

Q4/2

2E

2023

E

LTM adj. EBITA margin (%) LTM adj. EBIT margin (%)



KPI forecasts

(SEKm) Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21E 2020 2021E 2022E 2023E

Net sales 166.0 294.4 236.0 392.5 341.1 387.7 337.9 456.8 1,088.9 1,523.5 1,896.8 2,503.7

No. of visits ('000) 10,987 18,739 9,581 33,702 29,824 23,012 19,153 33,144 73,009 105,133 141,929 191,605 No. of active customers, LTM ('000) 1,172 1,226 1,278 1,404 1,592 1,660 1,704 1,938 1,404 1,938 2,548 3,350 Conversion rate (%) 2.72 3.07 4.50 1.90 2.00 3.21 2.98 2.26 2.67 2.53 2.40 2.34 No. of orders ('000) 299 576 431 640 597 738 571 750 1,946 2,656 3,409 4,478 Average basket, GMV (SEK) 694 639 684 767 714 657 740 761 699 717 695 699 Average order value (SEK) 555 511 548 613 571 525 592 609 560 574 556 559

Average basket/order value (x) 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25

No. of visits growth, y/y (%) 2.4 33.3 (16.2) 124.1 171.4 22.8 99.9 (1.7) 42.4 44.0 35.0 35.0 No. of active customers LTM, y/y (%) 14.8 9.0 12.7 18.3 35.8 35.4 33.3 38.0 18.3 38.0 31.5 31.5 Conversion rate, chg, y/y (pp) (0.37) (0.72) 1.27 (1.25) (0.72) 0.13 (1.52) 0.36 (0.67) (0.14) (0.12) (0.07) No. of orders growth, y/y (%) (9.9) 8.1 16.8 35.0 99.7 28.1 32.5 17.2 13.9 36.5 28.4 31.3 Average basket growth, y/y (%) (1.4) 2.0 (11.6) (5.7) 2.9 2.8 8.1 (0.7) (3.6) 2.5 (3.0) 0.5 Average order value growth, y/y (%) (1.4) 2.0 (11.6) (5.7) 2.9 2.8 8.1 (0.7) (3.6) 2.5 (3.0) 0.5

New customers ('000) 130 279 188 315 268 294 201 419 912 1,182 1,682 2,251 Customer conversion (%) 1.2 1.5 2.0 0.9 0.9 1.3 1.0 1.3 1.2 1.1 1.2 1.2 New customers/active cust, LTM (%) 11.1 22.8 14.7 22.4 16.8 17.7 11.8 21.6 65.0 61.0 66.0 67.2 CAC (SEK) 140 137 138 212 207 163 181 165 164 177 157 163 Adj. CAC (SEK) 140 137 138 142 95 163 181 165 139 151 157 163 Source: SEB, Footway Group

Inventory/sales forecasts (%) Road to Q4 2022 inventory target (SEKm)

Source: SEB, Footway Group Source: SEB, Footway Group

Net debt-to-EBITDA forecasts (x)

Source: SEB

62.5

57.0 56.0 59.7 59.8

74.8

48.5

32.3 32.0 35.0

0.0

25.0

50.0

75.0

100.0

2015

2016

2017

2018

2019

2020

2021

E

2022

E

2023

E

Inventory/sales (%) Inventory/sales ambition (%)

816.0 813.4

613.2

666.0

500

550

600

650

700

750

800

850

900

950

1,000

Q2/

21

Q3/

21

Q4/

21E

Q1/

22E

Q2/

22E

Q3/

22E

Q4/

22E

Inventory (SEKm) Inventory target, Q4 2022 (SEKm)

"SEK -150m over coming 18 months"

(0.86) 1.13 3.06 3.37 6.49

0.00 0.00

5.18 8.67 7.05

12.07

18.38

37.06

42.33 39.08

43.72

15.29

10.18 5.97

0.75 0.42

(25.00)

(12.50)

0.00

12.50

25.00

37.50

50.00

62.50

75.00

Q1/1

8

Q2/1

8

Q3/1

8

Q4/1

8

Q1/1

9

Q2/1

9

Q3/1

9

Q4/1

9

Q1/2

0

Q2/2

0

Q3/2

0

Q4/2

0

Q1/2

1

Q2/2

1

Q3/2

1

Q4/2

1E

Q1/2

2E

Q2/2

2E

Q3/2

2E

Q4/2

2E

2023

E

Net debt/adj. EBITDA (x)



Financial forecasts – consolidated

P&L (SEKm) Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21E 2020 2021E 2022E 2023E

Net sales 166.0 294.4 236.0 392.5 341.1 387.7 337.9 456.8 1,088.9 1,523.5 1,896.8 2,503.7 Other income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Revenue 166.0 294.4 236.0 392.5 341.1 387.7 337.9 456.8 1,088.9 1,523.5 1,896.8 2,503.7 Cost of goods sold (112.0) (177.7) (147.1) (219.3) (208.3) (234.5) (208.1) (278.2) (656.1) (929.1) (1,147.8) (1,500.1) Gross profit 54.0 116.7 88.9 173.2 132.8 153.2 129.8 178.6 432.8 594.4 749.0 1,003.6 Other external costs (53.4) (108.0) (81.5) (139.3) (134.7) (132.0) (114.7) (144.2) (382.2) (525.6) (633.8) (846.8) Personnel costs (6.4) (6.8) (9.4) (16.9) (10.9) (18.1) (14.3) (19.4) (39.5) (62.7) (64.0) (67.2) Other costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SG&A total (excl. D&A) (59.8) (114.8) (90.9) (156.2) (145.6) (150.1) (129.0) (163.6) (421.7) (588.3) (697.8) (914.0) EBITDA (5.8) 1.9 (2.0) 17.0 (12.8) 3.1 0.8 14.9 11.1 6.0 51.1 89.6 Depreciation (0.3) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.5) (0.4) (0.5) (0.6) EBITA (6.1) 1.8 (2.1) 16.9 (12.9) 3.0 0.7 14.9 10.6 5.7 50.7 89.0 Amortization (1.8) (1.4) (1.7) (8.3) (11.9) (12.0) (12.7) (10.9) (13.1) (47.5) (47.5) (47.5) EBIT (7.8) 0.4 (3.8) 8.7 (24.7) (9.0) (12.0) 3.9 (2.5) (41.8) 3.2 41.5 o/w: total NRIs (2.8) (2.7) (3.6) 0.0 0.0 0.0 0.0 0.0 (9.1) 0.0 0.0 0.0 Adj. EBIT (5.0) 3.1 (0.2) 8.7 (24.7) (9.0) (12.0) 3.9 6.6 (41.8) 3.2 41.5 Associates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest expenses (2.7) (3.9) (6.1) (4.8) (4.8) (7.2) (6.4) (6.0) (17.4) (24.4) (16.3) (9.8) Foreign exchange items 0.0 (1.0) 0.0 (1.8) 1.5 0.0 0.0 0.0 (2.8) 1.5 0.0 0.0 Lease interest expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other financial items 0.0 0.0 0.0 (0.5) (1.0) 0.0 0.0 0.0 (0.5) (1.0) 0.0 0.0 Value changes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net financials (2.7) (4.9) (6.1) (7.1) (4.3) (7.2) (6.4) (6.0) (20.7) (23.9) (16.3) (9.8) Pre-tax profit (10.5) (4.5) (9.9) 1.6 (29.0) (16.2) (18.4) (2.0) (23.2) (65.7) (13.0) 31.8

Minorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Tax paid on pretax profit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Paid tax rate, % 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Tax deferred 2.0 0.0 2.0 (1.4) 3.7 1.8 2.2 0.2 2.6 7.9 1.8 (7.0) Full tax rate, % 19.4 0.0 19.8 86.3 12.8 11.1 11.7 11.4 11.2 12.0 14.0 22.0 Reported after tax profit (8.5) (4.5) (7.9) 0.2 (25.3) (14.4) (16.3) (1.8) (20.6) (57.8) (11.2) 24.8

Total adjustments 1.8 1.4 1.7 8.3 11.9 12.0 12.7 10.9 13.1 47.5 47.5 47.5 Tax effect of adjusts (incl in taxes) (0.4) (0.3) (0.4) (1.8) (2.4) (2.5) (2.6) (2.2) (2.8) (9.8) (9.8) (9.8) Adjusted profit after tax (7.0) (3.4) (6.6) 6.7 (15.9) (4.9) (6.2) 6.9 (10.3) (20.1) 26.5 62.5

NRIs Cash NRIs (2.8) (2.7) (3.6) 0.0 0.0 0.0 0.0 0.0 (9.1) 0.0 0.0 0.0 Non-cash NRIs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total NRIs (2.8) (2.7) (3.6) 0.0 0.0 0.0 0.0 0.0 (9.1) 0.0 0.0 0.0

EPS (0.09) (0.04) (0.08) 0.09 (0.18) (0.06) (0.07) 0.08 (0.13) (0.23) 0.30 0.70 Adj. EPS (0.09) (0.04) (0.08) 0.09 (0.18) (0.06) (0.07) 0.08 (0.13) (0.23) 0.30 0.70

Total D&A (2.1) (1.5) (1.8) (8.3) (11.9) (12.1) (12.8) (11.0) (13.6) (47.9) (47.9) (48.1) Depr. of fixed assets (0.3) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.5) (0.4) (0.5) (0.6) Depr. of ROU asset (IFRS16) Depr. of development costs Amortisation (1.8) (1.4) (1.7) (8.3) (11.9) (12.0) (12.7) (10.9) (13.1) (47.5) (47.5) (47.5) Impairments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Gross margin (%) 32.5 39.6 37.7 44.1 38.9 39.5 38.4 39.1 39.7 39.0 39.5 40.1 GM chg, y/y (pp) (2.7) 1.7 (0.0) 5.1 6.4 (0.1) 0.7 (5.0) 2.0 (0.7) 0.5 0.6

Adj. SG&A costs (excl. NRIs) (59.1) (113.6) (89.1) (164.5) (157.5) (162.2) (141.8) (174.6) (426.2) (636.2) (745.8) (962.1) Adj. EBITDA (3.0) 4.6 1.6 17.0 (12.8) 3.1 0.8 14.9 20.2 6.0 51.1 89.6 Adj. EBITA (3.3) 4.5 1.5 16.9 (12.9) 3.0 0.7 14.9 19.7 5.7 50.7 89.0 Adj. EBIT (5.0) 3.1 (0.2) 8.7 (24.7) (9.0) (12.0) 3.9 6.6 (41.8) 3.2 41.5

Adj. SG&A costs-to-sales (%) 35.6 38.6 37.7 41.9 46.2 41.8 42.0 38.2 39.1 41.8 39.3 38.4 Adj. EBITDA margin (%) (1.8) 1.6 0.7 4.3 (3.8) 0.8 0.2 3.3 1.9 0.4 2.7 3.6 Adj. EBITA margin (%) (2.0) 1.5 0.6 4.3 (3.8) 0.8 0.2 3.3 1.8 0.4 2.7 3.6 Adj. EBIT margin (%) (3.0) 1.1 (0.1) 2.2 (7.2) (2.3) (3.6) 0.9 0.6 (2.7) 0.2 1.7

No of shares, out, avg. adj. (m) 85.875 85.875 85.875 85.875 87.230 88.805 88.805 88.805 85.875 88.805 88.805 88.805 No of shares, f. dil., avg. adj. (m) 78.588 78.588 78.588 78.588 87.230 87.255 88.073 88.073 78.588 88.073 88.805 88.805 Source: SEB



Online peers: 3Y sales CAGR forecasts, 21-23E (%) Online peers: 2022 EV/Sales estimates (x)

Source: SEB, FactSet Source: SEB, FactSet

Mid-point DCF valuation summary

Source: SEB

Mid-point DCF sensitivity analyses: CoE and equity weight (SEK p. sh.)

Source: SEB

Mid-point DCF sensitivity analyses: growth and margins (SEK p. sh.)

Source: SEB

6.0

6.0

7.8

10.4

14.9

17.1

21.2

21.7

22.2

25.3

28.2

35.7

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0

CDON

Nelly Group


Hennes & Mauritz

RugVista Group AB

Pierce Group AB

Desenio Group AB

Boozt


BHG Group

Footway Group*

RVRC Holding AB

0.44

0.47

0.73

0.87

1.11

1.49

1.77

2.05

2.17

3.51

4.92

0.00 1.00 2.00 3.00 4.00 5.00 6.00

Nelly Group


Footway Group*

BHG Group

Pierce Group AB

Boozt

Peer group, med


Desenio Group AB

RugVista Group AB

CDON

EV/Sales 2022E (x)

DCF valuation (SEKm) Weighted average cost of capital (%)

NPV of FCF in explicit forecast period 784 Risk free interest rate 2.5

NPV of continuing value 2,215 Risk premium 5.0

Value of operation 3,000 Cost of equity 7.5

Net debt, incl. Pref shares 336 After tax cost of debt 2.0

Share issue/buy-back in forecast period -

Value of associated companies - WACC 6.9

Value of minority shareholders' equity -

Value of marketable assets - Assumptions

DCF value of equity 2,664 Number of forecast years 10

DCF value per share (SEK) 30.00 EBIT margin - steady state (%) 3.8

Current share price (SEK) 15.20 EBIT multiple - steady state (x) 15.7

DCF performance potential (%) 97 Continuing value (% of NPV) 73.8

6.5 7.0 7.5 8.0 8.5

69 49.7 45.4 41.7 38.4 35.6

Equity capital 79 42.1 38.3 35.1 32.3 29.8

weight (%) 89 36.2 32.9 30.0 27.5 25.3

99 31.5 28.5 25.9 23.7 21.7

100 31.0 28.1 25.5 23.3 21.4

Cost of equity (%)

-2% -1% 0 +1% +2%

-2% 13.0 20.0 27.1 34.1 41.2

Abs. change in -1% 13.6 21.1 28.5 35.9 43.4

sales growth - 0 14.3 22.1 30.0 37.8 45.7

all years +1% 15.0 23.3 31.6 39.9 48.1

+2% 15.8 24.5 33.2 42.0 50.7

Absolute change in EBITDA margin - all years



Overview Investment considerations

Its highly automated e-commerce platform (AI handling supply, pricing, returns, marketing, etc) distinguishes Footway Group from many of its online peers and allows for future expansion at high incremental margins, in our view. We expect a CAGR of 28% in 2021-23 to sales of SEK 2.5bn and for EBITA margin to increase from about 0.5% this year to 3.5% in 2023. The TAM in Europe is estimated at EUR 360bn and we expect online migration to sustain above-market growth rates for Footway Group.

Company profile

Founded in 2010, Footway Group has built a prominent position in the online segment of the footwear and sports apparel retail market. Its track record is built on a combination of organic sales and a string of (asset) acquisitions over the years. Today Footway Group operates seven specialised online retail store formats in 24 European markets with 168 country-specific stores. Most brands focus on footwear for any occasion (offering over 600 brands and 30,000 products) or within a specific niche, such as streetwear or basketball wear. Following the acquisition of Sportamore in 2020 to add about SEK 600m in run-rate sales (post-restructuring) in mainly the Nordic markets (France was launched in mid-2019), Footway’s exposure to the sports apparel segment has increased substantially. The group operates from a highly scalable technology platform, allowing for automated order approval processes (supplier integration) and allocation of marketing spend supported by AI.

Valuation approach

Based on a fundamental DCF valuation model, we derive an equity valuation range of SEK 26-35 per share, with a mid-point valuation of SEK 30. At this level, the shares would trade at a 2022E EV/Sales of 1.4x, which would equal a prospective 20% discount to our Nordic online retail peer group average (reflecting a small cap/liquidity discount). As Footway is required to amortise acquired goodwill, we believe investors will increasingly look at EV/EBITA, rather than EV/EBIT.

Investment risks

Demand for footwear and apparel is cyclical, varying with private consumption growth and discretionary budget decisions. In the medium-term, we expect the consumption shift to online to accelerate. The expansion of the new fully-automated distribution centre in Eskilstuna represents an operational risk in terms of potentially lost sales and increased costs. Also, unseasonal weather conditions typically have a significant short-term impact on quarterly P&Ls.

Revenues by region ROCE: Footway vs. peer groups, 2021-2023E (%)

Source: SEB Source: SEB

Sweden: 48% Other Nordic: 76%Other Europe: 24% Americas: 0%Asia: 0% RoW: -48%

15.0

13.7

10.8

0.6

14.9

16.5

10.3

5.9

19.1

21.5

12.9

11.8

0.0

5.0

10.0

15.0

20.0

25.0

Omni Retail & Sports fashion, med Online Retail & Marketplace, med Online Apparel & Footwear, med Footway Group

2021E 2022E 2023E

ROCE forecasts (%)



PER - 12 month forward P/BV - 12 month forward


EV/Sales - 12 month forward EV/EBITA - 12 month forward


Net sales & EBITDA margin EBIT & Operating margin


Comparison with sector index - 1 year Comparison with Boozt - 1 year

Source: Thomson Datastream Source: Thomson Datastream

(20.0)

(15.0)

(10.0)

(5.0)

0.0

5.0

(10,000)

(7,500)

(5,000)

(2,500)

0

2,500

2014 2016 2018 2020 2022E

(%)

(SE

Km

)

Net sales EBITDA margin

0

100

200

300

400

500

600

700

800

2018 2019 2020 2021 2022

(%)

P/BV - 12 month forward

(3.0)

(2.0)

(1.0)

0.0

1.0

2.0

3.0

4.0

5.0

(60)

(40)

(20)

0

20

40

60

80

2014 2016 2018 2020 2022E(%

)

(SE

Km

)

EBIT Operating margin

0

10

20

30

40

50

60

2018 2019 2020 2021 2022

(x)

PER - 12 month forward

0

5

10

15

20

25

30

35

40

45

2018 2019 2020 2021 2022

(x)

EV/EBITA - 12 month forward

0.0

0.5

1.0

1.5

2.0

2.5

2018 2019 2020 2021 2022

(x)

EV/Sales - 12 month forward

10

15

20

25

30

35

Dec 20 Mar 21 Jun 21 Aug 21 Nov 21

Footway Group Rel Swedish Retail

10

15

20

25

30

35

Dec 20 Mar 21 Jun 21 Aug 21 Nov 21

Footway Group Rel Boozt



Profit & loss statement - Footway Group(SEKm) 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023ENet Sales 222 260 344 505 760 991 1,089 1,524 1,897 2,504Other revenues 0 0 0 0 0 0 0 0 0 0Total revenues 222 260 344 505 760 991 1,089 1,524 1,897 2,504

Total expenses (261) (253) (323) (480) (737) (969) (1,078) (1,517) (1,846) (2,414)Profit before depreciation (39) 7 21 25 23 22 11 6 51 90

Depreciation - Fixed assets (1) (1) (0) (0) (1) (1) (1) (0) (0) (1)Depreciation - Other assets 0 0 0 0 0 0 0 0 0 0Depreciation of right-of-use assets 0 0 0 0 0 0 0 0 0 0Amortisation - Goodwill (17) (10) (9) (9) (7) (7) (13) (47) (47) (47)Amortisation - Other intangibles 0 0 0 0 0 0 0 0 0 0Operating profit (58) (4) 11 16 15 15 (3) (42) 3 42

Net interest expenses (8) (1) (2) (1) (5) (8) (17) (24) (16) (10)Foreign exchange items (9) (3) (4) (1) 2 (0) (3) 2 0 0Other financial items (0) (1) (0) 0 (1) (1) (1) (1) 0 0Value changes - Fixed assets 0 0 0 0 0 0 0 0 0 0Value changes - Financial assets 0 0 0 0 0 0 0 0 0 0Value changes - Other assets 0 0 0 0 0 0 0 0 0 0Reported pre-tax profit (74) (9) 5 14 11 6 (23) (66) (13) 32

Minority interests 0 0 0 0 0 0 0 0 0 0Total taxes 9 2 (1) (3) (3) (1) 3 8 2 (7)Reported profit after tax (65) (7) 4 12 8 5 (21) (58) (11) 25

Discontinued operations 0 0 0 0 0 0 0 0 0 0Extraordinary items 0 0 0 0 0 0 0 0 0 0Net Profit (65) (7) 4 12 8 5 (21) (58) (11) 25

Adjustments:Discontinued operations 0 0 0 0 0 0 0 0 0 0Interest on convertible debt 0 0 0 0 0 0 0 0 0 0Minority interests (IFRS) 0 0 0 0 0 0 0 0 0 0Value changes 0 0 0 0 0 0 0 0 0 0Goodwill/intangibles amortisations 17 10 9 9 7 7 13 47 47 47Restructuring charges 0 0 0 0 0 0 0 0 0 0Other adjustments 0 0 0 0 0 11 9 0 0 0Tax effect of adjustments (65) (7) 4 12 8 5 (21) (10) (10) (10)Adjusted profit after tax (112) (4) 17 32 23 26 (19) (20) 26 62

Margins, tax & returnsOperating margin (26.0) (1.6) 3.3 3.2 2.0 1.5 (0.2) (2.7) 0.2 1.7Pre-tax margin (33.4) (3.6) 1.6 2.8 1.4 0.6 (2.1) (4.3) (0.7) 1.3Tax rate 12.6 23.8 22.7 17.8 30.0 24.2 11.2 12.0 14.0 22.0ROE n.m. (4.3) 2.0 5.4 3.4 1.9 (4.7) (9.3) (1.9) 4.1ROCE (74.6) (2.3) 5.4 7.6 5.2 6.5 0.9 (4.2) 0.4 5.5

Growth rates y-o-y (%)Total revenues n.a. 17.1 32.4 46.9 50.4 30.4 9.9 39.9 24.5 32.0Operating profit n.m. n.m. n.m. 41.3 (7.0) (1.3) n.m. n.m. n.m. 1,197.7Pre-tax profit n.m. n.m. n.m. 159.6 (22.0) (45.5) n.m. n.m. n.m. n.m.EPS (adjusted) 0.0 0.0 0.0 80.4 (30.2) 15.6 0.0 0.0 0.0 136.1

Cash flow(SEKm) 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023ENet profit (65) (7) 4 12 8 5 (21) (58) (11) 25Non-cash adjustments 16 7 7 11 11 9 11 40 46 55Cash flow before work cap (49) (1) 11 23 18 13 (9) (18) 35 80

Ch. in working capital / Other (34) (74) (23) (17) (109) (109) (181) 108 203 (65)Operating cash flow (83) (75) (12) 6 (91) (96) (190) 91 238 15

Capital expenditures (0) (2) 0 (0) (3) (2) (4) (26) (8) (10)Asset disposals 2 0 0 0 0 0 0 0 0 0L/T financial investments 1 0 0 0 0 0 0 5 0 0Acquisitions / adjustments (2) (3) (0) 0 0 0 (312) 3 0 0Free cash flow (83) (79) (12) 5 (93) (98) (507) 73 230 5

Net loan proceeds (46) (9) (1) (7) 129 61 235 (100) (150) (50)Dividend paid 0 (1) (4) (4) (4) (4) (4) (4) (4) (4)Share issue 120 109 0 17 3 9 297 38 0 0Other 14 (2) 1 (1) 3 0 (2) (0) (0) (0)Net change in cash 5 18 (17) 10 37 (32) 18 6 76 (50)

AdjustmentsC/flow bef chng in work cap (49) (1) 11 23 18 13 (9) (18) 35 80Adjustments 0 0 0 0 0 0 0 0 0 0Int on conv debt net of tax 0 0 0 0 0 0 0 0 0 0Cash earnings (49) (1) 11 23 18 13 (9) (18) 35 80

Per share informationCash earnings (0.94) (0.01) 0.18 0.36 0.29 0.21 (0.12) (0.2) 0.39 0.9Operating cash flow (1.61) (1.33) (0.19) 0.09 (1.44) (1.51) (2.42) 1.03 2.68 0.16Free cash flow (1.61) (1.4) (0.19) 0.08 (1.48) (1.54) (6.45) 0.82 2.6 0.05

Investment coverCapex/sales (%) 0.1 0.7 0.0 0.1 0.3 0.2 0.4 0.4 0.4 0.4Capex/depreciation (%) 25 334 0 143 500 380 840 1,600 1,600 1,600

Source for all data on this page: SEB



Balance sheet - Footway Group(SEKm) 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023ECash and liquid assets 5 22 6 16 53 21 39 45 121 72Debtors 10 14 15 8 27 31 60 83 96 120Inventories 83 162 196 283 453 593 814 739 613 801Other 0 0 0 0 0 0 0 0 0 0Current assets 98 199 217 307 533 645 913 868 831 993

Interest bearing fixed assets 0 0 0 0 0 0 16 16 16 16Other financial assets 22 24 23 21 18 17 19 14 14 14Capitalized development cost 0 0 0 0 0 0 0 20 20 20Goodwill 74 64 48 0 0 0 398 350 303 255Other intangibles 0 0 0 40 35 30 27 27 27 27Right-of-use lease assets 0 0 0 0 0 0 0 0 0 0Fixed tangible assets 1 1 1 1 1 1 0 6 13 22Other fixed assets 0 0 0 0 0 0 0 0 0 0Fixed assets 97 91 73 62 53 48 460 433 392 354

Total assets 195 290 290 369 587 692 1,372 1,300 1,223 1,347

Creditors 21 39 42 107 182 212 170 209 260 343Other trade financing 16 5 14 19 33 38 96 96 120 158S/T lease liabilities 0 0 0 0 0 0 0 0 0 0S/T interest bearing debt 15 2 1 0 129 190 331 250 150 50Other 24 27 28 18 11 12 46 64 79 105Current liabilities 76 73 84 144 355 451 643 618 609 655

L/T interest bearing debt 2 7 4 0 0 0 94 75 25 75L/T lease liabilities 0 0 0 0 0 0 0 0 0 0Other long-term liabilities 0 0 0 0 0 0 0 0 0 0Convertible debt 0 0 0 0 0 0 0 0 0 0Pension provisions 0 0 0 0 0 0 0 0 0 0Other provisions 0 0 0 0 0 0 0 0 0 0Deferred tax 0 0 0 0 0 0 0 (5) (7) 0Long term liabilities 2 7 4 0 0 0 94 70 18 75

Minority interests 1 0 0 0 0 0 0 0 0 0

Shareholders' equity 116 210 201 225 232 241 636 612 596 617

Total liabilities and equity 195 290 290 369 587 692 1,372 1,300 1,223 1,347

Net debt (m) 12 (14) (1) (16) 76 169 371 264 38 38Working capital (m) 32 106 128 147 254 363 562 454 251 316Capital employed (m) 135 219 207 225 361 431 1,061 937 771 742Net debt/equity (%) 10 (6) (0) (7) 33 70 58 43 6 6Net debt/EBITDA (x) (0.3) (2.1) (0.0) (0.6) 3.4 5.2 18.4 43.7 0.7 0.4Equity/total assets (%) 60 73 69 61 39 35 46 47 49 46Interest cover (7.4) (3.1) 6.7 13.7 3.1 1.8 (0.1) (1.7) 0.2 4.3

Valuation(SEK) 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E

No of shares, fully dil. (y/e) 51.5 61.0 61.0 63.1 63.1 64.9 85.9 88.8 88.8 88.8No of shares, fully dil. avg. 51.5 56.3 61.0 62.7 63.1 63.8 78.6 88.1 88.8 88.8

Share price, y/e 27.0 19.9 24.8 14.7 14.7 14.7Share price, high 45.0 32.6 26.6 32.2Share price, low 12.0 17.0 12.0 14.7Share price, avg 18.6 20.2 17.5 22.7

EPS (reported) (1.26) (0.13) 0.07 0.18 0.12 0.07 (0.26) (0.66) (0.13) 0.28EPS (adjusted) (2.18) (0.07) 0.28 0.51 0.36 0.41 (0.24) (0.23) 0.30 0.70Cash earnings/share (0.94) (0.01) 0.18 0.36 0.29 0.21 (0.12) (0.20) 0.39 0.90Dividend/share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Enterprise value/share 28 23 29 17.7 15.1 15.1Book value/share 2.3 3.4 3.3 3.6 3.7 3.8 7.4 6.9 6.7 6.9Adjusted equity/share 2.3 3.4 3.3 3.6 3.7 3.8 7.4 6.9 6.7 6.9

PER (adjusted) 75.4 48.1 n.m. n.m. 49.3 20.9CEM 93.1 94.7 (207.3) (72.6) 37.4 16.3Dividend yield 0.0 0.0 0.0 0.0 0.0 0.0

EV/EBITDA 78.4 44.8 124.0 259.7 26.3 15.0EV/EBITA 80.1 45.5 127.2 277.1 26.5 15.1EV/EBIT 118.6 57.3 381.1 (37.5) 419.8 32.3EV/Sales (x) 2.34 1.47 2.30 1.03 0.71 0.54Price/Book value 7.35 5.28 3.35 2.13 2.19 2.12Price/adjusted equity 7.35 5.28 3.35 2.13 2.19 2.12

Free cash flow/Market cap (%) (5.5) (7.7) (10.0) 5.0 17.7 0.4Operating cash flow/EV (%) (5.1) (6.6) (7.6) 5.8 17.7 1.1EV/Capital employed (x) 4.9 3.4 2.4 1.7 1.7 1.8

Main shareholders Management Company informationName (%) Votes Capital Title Name ContactDaniel Mühlbach 26.7 9.3 COB Helene Willberg Internet www.footway.comRutger Arnholt 22.6 25.9 CEO Daniel Mühlbach Phone number 0eEquity 12.5 13.9 CFO Maria CarlsonForeign owners (total) 19.0 19.0 IR Susanne Cederström

Source for all data on this page: SEB



About this publication This report is a marketing communication commissioned by Footway Group and prepared by Skandinaviska Enskilda Banken AB (publ). It does not constitute investment research; as such, it has not been prepared in accordance with the legal requirements to promote the independence of investment research, nor is it subject to any prohibition on dealing ahead of the dissemination of investment research.

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Methodology Final consideration as to any valuations, projections and forecasts contained in this report are based on a number of assumptions and estimates and are subject to contingencies and uncertainties, and their inclusion in this report should not be regarded as a representation or warranty by or on behalf of the Group or any person or entity within the Group that they or their underlying assumptions and estimates will be met or realized. Different assumptions could result in materially different results. Past performance is not a reliable indicator of future performance. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in this report. In addition, investors in securities, such as ADRs, whose values are influenced by the currency of the underlying security, effectively assume currency risk.

Company specific disclosures and potential conflicts of interest A member of, or an entity associated with, SEB or its affiliates, officers, directors, employees or shareholders of such members (a) is not, and has never been, represented on the board of directors or similar supervisory entity of Footway Group, (b) has from time to time bought or sold the securities issued by the company or options relating to the company, and (c) SEB does not hold any short / long position exceeding 0.5% of the total issued share capital of Footway Group as of 30 Nov 2021. The analyst(s) responsible for this research report (jointly with their closely related persons) hold(s) 0 shares in Footway Group and do(es) not have holdings in other instruments related to the company.

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