In this Research Note, we examine the professional and public lighting business of Fagerhult Group, based on their 2021 Annual Report, Q1 2022 financial results, investor presentations, growth strategy and M&A. Fagerhult Group’s history began in 1945 as a family business in Fagerhult, Sweden. Today, this Nasdaq listed manufacturer of professional lighting solutions based in Habo, Sweden, has operations in 28 countries, 13 sales companies located around Europe and 4,700 employees. Their product portfolio encompasses 13 lighting brands in four business areas (Collection, Premium, Professional and Infrastructure) with a focus on office, education, healthcare, retail and outdoor applications. During 2021 the Group began to recover from the significant negative impacts of the pandemic with net sales of SEK 7,088 million (USD 705.9 million). 79% of sales originate in Europe. Delivering a solid 13.0% growth in organic order intake offset the 12.3% decline in 2020 and profitability recovered well with an operating margin of 10.0%. As a response to the growing […]