Announcement • Jun 29
Besqab AB (publ) to Report First Half, 2026 Results on Jul 10, 2026 Besqab AB (publ) announced that they will report first half, 2026 results on Jul 10, 2026 Announcement • Mar 28
Besqab AB (publ), Annual General Meeting, Apr 29, 2026 Besqab AB (publ), Annual General Meeting, Apr 29, 2026, at 14:00 W. Europe Standard Time. Location: company`s premises at norra stationsgatan 69, 113 64 stockholm, stockholm Sweden Reported Earnings • Feb 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: kr1.09 loss per share (down from kr0.45 profit in FY 2024). Revenue: kr836.4m (down 75% from FY 2024). Net loss: kr112.5m (down 379% from profit in FY 2024). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jan 23
Besqab AB (Publ) Completes and Handover over Rental Housing Project Completes and Handover Besqab AB (publ) has completed and handed over a rental housing project comprising 111 apartments in Taby to the buyer, Patrizia. The handover was completed in line with the agreed schedule. Besqab has finalized and delivered another project included in the portfolio of rental housing developments divested to the global asset manager Patrizia in June 2022. The project consists of 111 rental apartments within the development area Viggby Angar in Taby. According to the agreement, the buyer takes possession of each housing project upon completion. The completed projects have been handed over as scheduled. Announcement • Dec 19
Besqab Commences Construction of 70 New Homes At Norrberget in Vaxholm Besqab AB (publ) is starting the construction of 70 homes in Storgarden, the fourth development phase at Norrberget in Vaxholm. The construction will be carried out as a dividend contract with Besqab's own site management. The homes are expected to be ready for occupancy in early 2028. Storgarden comprises four buildings with a total of 70 new apartments. It is the fourth phase of the Norrberget development area, which will ultimately include five residential blocks with approximately 230 homes, as well as a preschool and a special housing facility. Construction will be carried out as a split contract with Besqab's's own site management, like previous phases at Norrberget. Storgarden is expected to be completed in 2028. Announcement • Nov 08
Besqab Announces Management Changes Besqab AB announced changes in the Management team. Hanna Bodbacka becomes Head of Operations Development with responsibility for sustainability, project planning, purchasing and digitalization. Sara Vesterlund takes over as Head of Business Development and Anna Åkerlund leaves the Management team to focus on the role of Head of Investment Relations. Hanna Bodbacka, previously Head of Sustainability, will become Head of Operations Development. The aim is to further strengthen the integration of sustainability in all project operations and to increase efficiency in all processes and working methods through AI and digitalization. Anna Åkerlund, former Head of IR, Communications and HR, is moving to the role of Head of IR. Responsibility for HR and Communications is dividend between Malin Semb-Josefson, newly recruited HR Manager, and Communications Manager Christina Durling. All report to the Management team. By November 7, 2025, the Besqab Group Management will be: Magnus Andersson, CEO. Hanna Bodbacka, Head of Operations Development. Emmy Fredenklo, Head of Legal. David Johansson, COO. Magnus Sundell, CFO. Anna Slåtteby, Head of Sales and Marketing. Sara Vesterlund, Head of Business Development. Price Target Changed • Nov 03
Price target increased by 13% to kr33.50 Up from kr29.67, the current price target is an average from 2 analysts. New target price is 36% above last closing price of kr24.70. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of kr2.02 for next year compared to kr0.45 last year. Reported Earnings • Oct 26
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr332.3m (down 68% from 3Q 2024). Net loss: kr13.9m (down 129% from profit in 3Q 2024). Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Oct 02
Besqab AB (publ) (OM:BESQAB) entered into an agreement to acquire Stanford 1 in Hagastaden, Stockholm from Atrium Ljungberg AB (publ) (OM:ATRLJ B) for approximately SEK 820 million. Besqab AB (publ) (OM:BESQAB) entered into an agreement to acquire Stanford 1 in Hagastaden, Stockholm from Atrium Ljungberg AB (publ) (OM:ATRLJ B) for approximately SEK 820 million on September 30, 2025. A cash consideration of SEK 818 million will be paid by Besqab AB (publ). Announcement • Aug 28
Besqab AB (publ) to Develop 140 New Homes at Hagernas Strand in Taby Besqab AB (publ) is planning approximately 140 new residential units in a highly attractive seaside location at Hagernas Strand in Taby Municipality. The zoning plan has now gained legal force, and construction of the homes - developed in accordance with the Nordic Swan Ecolabel - is scheduled to begin in 2026. Announcement • Aug 22
Besqab AB (publ) Announces Zoning Plan for Saltangen Project in Nacka The zoning plan for Besqab AB's (publ) Saltangen project in Nacka has now gained legal force. Construction of the approximately 50 new homes is expected to begin in 2026. The zoning plan for the Saltangen project in NACKa was legally approved during the summer of 2025. The project is located in an established residential area with both single-family homes and apartment buildings, near Ektorp Centrum. Designed by Bergkrantz Arkitektur AB, the development includes two buildings with approximately 50 new apartments, carefully designed to blend in with the surrounding architecture. Construction is scheduled to start in 2026. Reported Earnings • Jul 14
Second quarter 2025 earnings released: kr0.23 loss per share (vs kr0.029 loss in 2Q 2024) Second quarter 2025 results: kr0.23 loss per share (further deteriorated from kr0.029 loss in 2Q 2024). Revenue: kr93.9m (down 94% from 2Q 2024). Net loss: kr23.6m (loss widened kr20.7m from 2Q 2024). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Announcement • Jun 13
Besqab AB (publ) Begins Construction of Final Phase of Viggby Angar Housing Project in Taby Besqab AB (publ) has commenced construction of fifteen new townhouses, marking the fourth and final phase of the Viggby Angar development area in Taby. The construction is being carried out as a turnkey contract, with Bergschold & Holm responsible for groundwork and Active Bygg handling the building construction. The homes, designed to meet Energy Class B and Nordic Swan Ecolabel (Generation 4) standards, are expected to be ready for occupancy by summer 2026. The fourth phase of Viggby Angar consists of fifteen unique townhouses designed by Belatchew Architects. The construction is being carried up as a turnkey contract, With Bergschold &Holm responsible for groundwork and Active bygg for the building construction. Occupancy is expected in summer 2026, at which point the entire Viggby Angar area will be completed, comprising 274 newly built homes in both rental and cooperative formats, including single-family homes and apartment buildings. Sustainability has been a key focus in the planning of the townhouses, which are being built to meet Energy Class B andN Nordic Swan Ecolabel (generation 4) standards. The houses are arranged in two rows, with green roofs on one side and fully integrated solar panels on the other. The target climate footprint is 110 kg CO2e/sqm. The houses are insulated with wood fiber, built without steel beams or columns in the load-bearing structure, and use climate-improved concrete for the foundation. They are designed for flexibility, allowing for the addition of one to three bedrooms, and a walkway between the rows encourages social interaction. Reused brick and natural stone are used for exterior ground covering, and each household will have an electric car charger and a planter box with stormwater delay functionality. Announcement • Jun 05
Besqab AB (publ) Begins Construction of 38 New Seaside Homes in Vaxholm Besqab AB (publ) has started construction of 38 new homes in the Berghallen project, which represents the third phase of the Norrberget development area in Vaxholm. The construction is being carried out as a divided contract under Besqab's management, and the homes are expected to be ready for first occupancy in early 2027. Berghallen, the third phase of Besqab's new development area Norrberget in Vaxholm, includes 38 apartments distributed across two multi-family buildings and three terrraced houses. In total, Norrberget will comprise approximately 250 new homes, spread across five blocks. The architecture is inspired by the existing buildings in old Vaxholm, featuring wooden facades and traditional colors. The attractive location with views over Vaxholmsfjarden has been utilized through window placement, dormers, and balconies. The project is being carried out as a split contract under besqab's management. The homes are being built to meet the Nordic Swan Ecolabel certification (version 3) and are expected to achieve energy class B. Sales have begun, and the first move-ins are expected in early 2027. New Risk • May 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). New Risk • May 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Minor Risks High level of debt (42% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Announcement • May 07
Besqab AB (publ) Approves Board Changes Besqab AB (publ) announced that at its AGM held on 7 May 2025, resolved, in accordance with the nomination committee's proposal, to elect Louise Eklund as new director. Alexander Alm-Pandeya has declined re-election. Major Estimate Revision • May 05
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr2.23 to kr1.80 per share. Revenue forecast steady at kr2.58b. Net income forecast to grow 363% next year vs 20% growth forecast for Consumer Durables industry in Sweden. Consensus price target of kr30.50 unchanged from last update. Share price fell 2.7% to kr22.00 over the past week. Board Change • Apr 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Founder & Director Samir Taha was the last director to join the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
Besqab AB (publ), Annual General Meeting, May 07, 2025 Besqab AB (publ), Annual General Meeting, May 07, 2025. Location: baker mckenzie advokatbyra at vasagatan 7, 101 23 stockholm, Australia Announcement • Mar 28
Besqab AB (publ) Completes and Delivers Rental Housing Project in Huddinge to Patrizia Besqab AB (publ) has completed and delivered a rental housing project with four apartment buildings in Huddinge to Patrizia. The handover is in accordance with the time schedule. Besqab AB has completed and delivered another project in the portfolio of rental housing projects that were sold to Patrizia in June 2022. The project comprises 156 apartments in Huddinge. In June 2022, Aros Bostad (now Besqab) sold a larger portfolio of rental housing projects to the global asset manager Patrizia. The portfolio included projects in Danderyd, Huddinge, Taby, and Solna. According to the agreement, the buyer will take possession of each housing project upon completion. In October 2024, the first project, located in Danderyd, was handed over. The completed projects have been delivered in accordance with the time schedules. Announcement • Feb 15
Besqab AB (Publ) Is Building 22 New Homes in Vallingby in Stockholm Besqab AB (publ) started the housing project with a ceremony. The project includes 22 new townhouses in Vallingby in Stockholm. The 22 new townhouses adds a new block in an already established area. Vemdalsgatan is a child-friendly area close to the metro, schools and shops. The homes will be completed in autumn 2026. The houses are built according to the Swan eco label. Announcement • Jan 23
Besqab AB (Publ) Launches New Residential Project with Townhouses in Stockholm Besqab AB (publ) is starting the production of 22 new homes in the Glimten project, which constitutes the final part of Vallingby Parkstad in Stockholm Municipality. Turnkey contracts have been signed with Derome for house production and with Nator for groundworks. Sales have begun with large interest from the market. Glimten includes the new construction of 20 townhouses and two semi-detached houses, all three stories high with wooden facades and roof terraces. The homes are being built in line with the Nordic Swan Label, with energy class B and green concrete in the foundation slab. The project, which is the final phase of the new production area Vallingby Parkstad, is located in Racksta in Stockholm Municipality. Sales of Besqab's homes began in November 2024, and handover to customer is expected to take place in the summer of 2026. Announcement • Dec 18
Besqab AB (publ) Starts the Production of a Wooded Building with 76 New Residential Apartments in Danderyd Besqab AB (publ) starts production of 76 new tenant-owned apartments in the Hertha project next to Danderyd Hospital. The building will be constructed with the facade and frame entirely made of wood. Contracts have been signed with Lindbäcks Bygg for the building construction and with Bergschöld & Holm for the site development and foundation work. Hertha has been designed by the architectural firm Hermansson, Hiller & Lundberg and will include 76 condominium apartments in a building with frames and facades made entirely of wood. Construction contracts have been signed with Lindbäcks Bygg for the building's construction and with Bergschöld & Holm for foundation work and site development. Production will commence in the fourth quarter of 2024, and the project is expected to be completed in the first half of 2026. Major Estimate Revision • Nov 22
Consensus EPS estimates fall by 63%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr2.36b to kr2.58b. EPS estimate fell from kr0.61 to kr0.223 per share. Net income forecast to shrink 71% next year vs 19% growth forecast for Consumer Durables industry in Sweden . Consensus price target of kr29.33 unchanged from last update. Share price was steady at kr24.50 over the past week. Reported Earnings • Nov 19
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: kr0.47 (down from kr1.09 in 3Q 2023). Revenue: kr1.04b (up 140% from 3Q 2023). Net income: kr48.3m (down 8.2% from 3Q 2023). Profit margin: 4.6% (down from 12% in 3Q 2023). Revenue exceeded analyst estimates by 37%. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Oct 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.7% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. New Risk • Sep 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 3.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (112% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Major Estimate Revision • Sep 13
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr2.63b to kr2.36b. EPS estimate fell from kr0.70 to kr0.61 per share. Net income forecast to shrink 29% next year vs 7.3% growth forecast for Consumer Durables industry in Sweden . Consensus price target of kr29.67 unchanged from last update. Share price was steady at kr24.80 over the past week. Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from kr0.832 to kr0.685 per share. Revenue forecast steady at kr2.36b. Net income forecast to shrink 29% next year vs 32% growth forecast for Consumer Durables industry in Sweden . Consensus price target of kr29.67 unchanged from last update. Share price was steady at kr26.30 over the past week. Announcement • Aug 19
Besqab AB (publ) Announces CFO Changes Besqab AB (publ) has recruited Magnus Sundell as the new CFO. Sundell, who has over 25 years of experience in senior positions within the real estate industry, succeeds Anna Jepson and will join the group management team. Magnus Sundell most recently served as Deputy CEO at SIBS AB, a company focused on industrial housing production. He holds a Bachelor of Science in Finance from Uppsala University and has previously held senior positions at several real estate companies, including GE Real Estate and Stendörren Fastigheter. Sundell will begin his role as CFO at Besqab on 1 September and will immediately join Besqab's group management as CFO. He succeeds Anna Jepson, who will leave the group after a transition period to take on the role of CFO at Atrium Ljungberg. Announcement • Jun 13
Besqab AB (Publ) Develops More Residential Apartments At Invernesshojden in Danderyd Besqab AB's (publ) CEO Magnus Andersson has initiated another phase of new residential apartments in the development project Invernesshojden in Danderyd. Together with Hanna Bocander, Chairman of the Municipal Board in Danderyd, and NCC's Production Manager Sara Albrecht, the last support layer for the basement floor was put in place. The project Invernesshoj den started in 2018 and now the third phase starts. Earlier stages include both condominiums and rental properties and when the entire area is ready, approximately 480 new homes, spread over four stages, have been added to the Inverness area in Danderyd. New Risk • Jun 09
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: kr99m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Minor Risk Significant insider selling over the past 3 months (kr99m sold). New Risk • Jun 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 110% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Major Estimate Revision • Jun 06
Consensus revenue estimates increase by 127% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr694.0m to kr1.58b. EPS estimate unchanged from -kr0.033 at last update. Consumer Durables industry in Sweden expected to see average net income growth of 19% next year. Consensus price target down from kr47.17 to kr35.67. Share price rose 2.2% to kr28.00 over the past week. Price Target Changed • Jun 05
Price target decreased by 25% to kr35.67 Down from kr47.83, the current price target is an average from 3 analysts. New target price is 28% above last closing price of kr27.80. Stock is down 7.0% over the past year. The company is forecast to post a net loss per share of kr0.83 compared to earnings per share of kr3.43 last year. Reported Earnings • Jun 04
First quarter 2024 earnings released: kr0.94 loss per share (vs kr1.40 profit in 1Q 2023) First quarter 2024 results: kr0.94 loss per share (down from kr1.40 profit in 1Q 2023). Revenue: kr389.0m (down 22% from 1Q 2023). Net loss: kr58.5m (down 187% from profit in 1Q 2023). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Consumer Durables industry in Sweden. Reported Earnings • Apr 17
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: kr3.43 (up from kr1.59 loss in FY 2022). Revenue: kr1.49b (up kr1.46b from FY 2022). Net income: kr168.3m (up kr230.9m from FY 2022). Profit margin: 11% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 55%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Consumer Durables industry in Sweden. Recent Insider Transactions • Mar 10
Founder & Director recently bought kr242k worth of stock On the 7th of March, Per Rutegard bought around 10k shares on-market at roughly kr24.20 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Per has been a buyer over the last 12 months, purchasing a net total of kr601k worth in shares. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 42% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr1.48b to kr1.39b. EPS estimate also fell from kr3.36 per share to kr1.96 per share. Net income forecast to grow 1.1% next year vs 98% growth forecast for Real Estate industry in Sweden. Consensus price target broadly unchanged at kr47.17. Share price was steady at kr25.50 over the past week. Major Estimate Revision • Feb 18
Consensus revenue estimates increase by 20%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr1.21b to kr1.45b. EPS estimate fell from kr2.48 to kr2.21. Net income forecast to grow 115% next year vs 98% growth forecast for Real Estate industry in Sweden. Consensus price target broadly unchanged at kr47.17. Share price fell 8.9% to kr26.70 over the past week. Recent Insider Transactions • Feb 16
Founder & Chairman recently sold kr165k worth of stock On the 12th of February, Johan Gustavsson sold around 2k shares on-market at roughly kr82.50 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Johan has been a net buyer over the last 12 months, purchasing a net total of kr160k worth of shares. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr27.40, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Real Estate industry in Sweden. Total loss to shareholders of 24% over the past year. Announcement • Feb 02
Aros Bostadsutveckling AB (publ) (OM:AROS) made an offer to acquire Besqab AB (publ) (OM:BESQ) from a group of shareholders for SEK 1.8 billion. Aros Bostadsutveckling AB (publ) (OM:AROS) made an offer to acquire Besqab AB (publ) (OM:BESQ) from a group of shareholders for SEK 1.8 billion on January 31, 2024. The consideration for the shareholders in Besqab are offered 1.0417 newly issued common shares and 0.0718 newly issued series B preference shares in Aros Bostad for each existing share in Besqab. The total value of the Offer, based on all outstanding shares in Besqab, amounts to approximately SEK 1.86 billion, equivalent to approximately SEK 40.2 per share in Besqab. If Besqab were to pay dividends or carry out another value transfer before the settlement of the Offer the consideration in the Offer would be reduced accordingly. Assuming full acceptance of the Offer, Aros Bostad will issue approximately 48.1 million new common shares and approximately 3.2 million new series B preference shares. At full acceptance of the Offer, Aros Bostad’s shareholders will hold approximately 53% of the votes and Besqab’s shareholders will hold approximately 47% of the total votes in the New Company and the New Company is proposed to be named Besqab AB (publ). Aros Bostad has obtained irrevocable undertakings and declarations of intent to accept the Offer from shareholders in Besqab representing approximately 73% of the votes and capital in Besqab. Family Douglas (company incl.), Olle Engkvists stiftelse, Sven Jemsten with family (company incl.), Carl Wale with family, Paradeigma Partners AB, Kristian Wale with family (company incl.), Lars Öberg with family (company incl.), Paradigm Capital Value and AB Tuna Holding, representing approximately 36% of the votes and capital in Besqab, have entered irrevocable undertakings to accept the Offer. Additionally, family Nordström (company incl.), whose holdings together represents approximately 37% of the votes and capital in Besqab. Magnus Andersson will become CEO and Anna Jepson will become CFO of the New Company, and the intention is that the New Company’s senior executive management will consist of members from both Aros Bostad’s and Besqab’s current senior management teams, which secure continuity and an experienced and competent senior executive management. The board of directors of Besqab unanimously recommends the shareholders of Besqab to accept the Offer. The transaction is subject to Offer being accepted to such an extent that Aros Bostad becomes the owner of more than 90% of all outstanding shares in Besqab (at full dilution), if Aros Bostad undertakes to not complete the Offer if it is not accepted to that extent; approval of the shareholders of Aros Bostad at extraordinary general meeting held on February 16, 2024; Besqab does not resolve to issue shares or other securities in Besqab; any and all necessary regulatory authorisations, approvals, decisions and other actions required from authorities with respect to the Offer and for the completion of the acquisition obtained on terms acceptable to Aros Bostad; and the Offer is not rendered wholly or partly made impossible or significantly impeded as a result of any legislation or other regulation, court decision or order, governmental decision or any similar circumstance which is actual or reasonably foreseeable and which Aros Bostad could not have foreseen at the time of the announcement of the Offer. The acceptance period for the Offer is expected to commence on February 20, 2024 and conclude on March 12, 2024.
The board of directors obtained fairness opinion from Öhrlings PricewaterhouseCoopers AB for recommendation. Aros Bostad has retained SEB Corporate Finance as financial advisor and Baker McKenzie as legal advisor in connection with the Offer. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Director Joakim Alm was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 24
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr1.29b to kr1.21b. EPS estimate also fell from kr3.22 per share to kr2.48 per share. Net income forecast to grow 29% next year vs 361% growth forecast for Real Estate industry in Sweden. Consensus price target down from kr50.50 to kr47.83. Share price fell 4.7% to kr28.30 over the past week. Price Target Changed • Nov 22
Price target decreased by 11% to kr47.83 Down from kr53.83, the current price target is an average from 3 analysts. New target price is 62% above last closing price of kr29.50. Stock is down 30% over the past year. The company is forecast to post earnings per share of kr2.48 next year compared to a net loss per share of kr1.58 last year. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: kr1.09 (vs kr0.13 loss in 3Q 2022) Third quarter 2023 results: EPS: kr1.09 (up from kr0.13 loss in 3Q 2022). Revenue: kr437.2m (up kr431.2m from 3Q 2022). Net income: kr52.6m (up kr57.4m from 3Q 2022). Profit margin: 12% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Real Estate industry in Sweden. Announcement • Oct 20
An unknown fund managed by CBRE Investment Management, LLC acquired residential asset in Täby, Greater Stockholm, Sweden from Aros Bostadsutveckling AB (publ) (OM:AROS). An unknown fund managed by CBRE Investment Management, LLC acquired residential asset in Täby, Greater Stockholm, Sweden from Aros Bostadsutveckling AB (publ) (OM:AROS) on October 18, 2023.
An unknown fund managed by CBRE Investment Management, LLC completed the acquisition of residential asset in Täby, Greater Stockholm, Sweden from Aros Bostadsutveckling AB (publ) (OM:AROS) on October 18, 2023. Reported Earnings • Aug 28
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: kr0.081 loss per share (improved from kr0.28 loss in 2Q 2022). Revenue: kr66.6m (up kr61.1m from 2Q 2022). Net loss: kr3.88m (loss narrowed 63% from 2Q 2022). Revenue missed analyst estimates by 62%. Earnings per share (EPS) exceeded analyst estimates by 25%. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Real Estate industry in Sweden. Recent Insider Transactions • Jun 21
Founder & Director recently bought kr74k worth of stock On the 16th of June, Per Rutegard bought around 3k shares on-market at roughly kr29.54 per share. This transaction amounted to 6.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr2.6m. Per has been a buyer over the last 12 months, purchasing a net total of kr1.7m worth in shares. Recent Insider Transactions • Feb 28
Founder & Director recently bought kr88k worth of stock On the 23rd of February, Samir Taha bought around 2k shares on-market at roughly kr42.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr190k. Despite this recent buy, Samir has been a net seller over the last 12 months, reducing personal holdings by kr1.7m. Recent Insider Transactions • Feb 23
Founder & Director recently bought kr190k worth of stock On the 17th of February, Samir Taha bought around 5k shares on-market at roughly kr38.09 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Samir has been a net seller over the last 12 months, reducing personal holdings by kr1.8m. Reported Earnings • Feb 19
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: kr1.59 loss per share (down from kr1.27 profit in FY 2021). Net loss: kr62.6m (down 240% from profit in FY 2021). Revenue missed analyst estimates by 82%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 58% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Real Estate industry in Sweden. Recent Insider Transactions • Jan 20
Founder & Director recently bought kr125k worth of stock On the 13th of January, Per Rutegard bought around 4k shares on-market at roughly kr35.73 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Per has been a buyer over the last 12 months, purchasing a net total of kr1.2m worth in shares. Recent Insider Transactions • Jan 18
Founder & Director recently bought kr125k worth of stock On the 13th of January, Per Rutegard bought around 4k shares on-market at roughly kr35.73 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Per has been a buyer over the last 12 months, purchasing a net total of kr1.2m worth in shares. Recent Insider Transactions • Jan 02
Founder & Chairman recently bought kr67k worth of stock On the 28th of December, Johan Gustavsson bought around 2k shares on-market at roughly kr37.03 per share. This transaction amounted to 89% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr121k. Despite this recent buy, Johan has been a net seller over the last 12 months, reducing personal holdings by kr2.1m. Recent Insider Transactions • Dec 22
Founder & Director recently bought kr69k worth of stock On the 16th of December, Per Rutegard bought around 2k shares on-market at roughly kr38.01 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr407k. Per has been a buyer over the last 12 months, purchasing a net total of kr983k worth in shares. Recent Insider Transactions • Dec 15
Founder & Director recently bought kr91k worth of stock On the 9th of December, Per Rutegard bought around 2k shares on-market at roughly kr38.20 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr407k. Per has been a buyer over the last 12 months, purchasing a net total of kr914k worth in shares. Reported Earnings • Nov 19
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: kr0.13 loss per share (down from kr0.028 profit in 3Q 2021). Net loss: kr4.81m (down kr5.87m from profit in 3Q 2021). Revenue exceeded analyst estimates by 104%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 64% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Real Estate industry in Sweden. Price Target Changed • Nov 16
Price target decreased to kr58.33 Down from kr69.50, the current price target is an average from 3 analysts. New target price is 47% above last closing price of kr39.80. Stock is down 27% over the past year. The company is forecast to post a net loss per share of kr0.54 compared to earnings per share of kr1.27 last year. Price Target Changed • Oct 05
Price target decreased to kr58.33 Down from kr69.50, the current price target is an average from 3 analysts. New target price is 30% above last closing price of kr45.00. Stock is down 16% over the past year. The company is forecast to post earnings per share of kr0.30 for next year compared to kr1.27 last year. Recent Insider Transactions • Jul 05
Founder & Director recently bought kr168k worth of stock On the 27th of June, Samir Taha bought around 3k shares on-market at roughly kr55.97 per share. In the last 3 months, they made an even bigger purchase worth kr178k. Samir has been a buyer over the last 12 months, purchasing a net total of kr2.3m worth in shares. Recent Insider Transactions • Jun 01
Founder & Chairman recently bought kr60k worth of stock On the 27th of May, Johan Gustavsson bought around 1k shares on-market at roughly kr59.54 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr385k. This was Johan's only on-market trade for the last 12 months. Recent Insider Transactions • May 25
Founder & Director recently bought kr178k worth of stock On the 19th of May, Samir Taha bought around 3k shares on-market at roughly kr59.29 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr385k. Samir has been a buyer over the last 12 months, purchasing a net total of kr2.0m worth in shares. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 26% share price gain to kr61.00, the stock trades at a trailing P/E ratio of 51.8x. Average forward P/E is 9x in the Real Estate industry in Sweden. Major Estimate Revision • May 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from kr233.4m to kr24.0m. EPS estimate increased from -kr1.04 to -kr0.76 per share. Real Estate industry in Sweden expected to see average net income decline 47% next year. Consensus price target down from kr63.00 to kr60.00. Share price rose 23% to kr62.00 over the past week. Recent Insider Transactions • Mar 30
CFO & Deputy CEO recently bought kr290k worth of stock On the 23rd of March, Ken Wendelin bought around 5k shares on-market at roughly kr58.00 per share. In the last 3 months, they made an even bigger purchase worth kr385k. Ken has been a buyer over the last 12 months, purchasing a net total of kr1.8m worth in shares. Recent Insider Transactions • Mar 24
CFO & Deputy CEO recently bought kr352k worth of stock On the 15th of March, Ken Wendelin bought around 6k shares on-market at roughly kr58.00 per share. In the last 3 months, they made an even bigger purchase worth kr385k. Ken has been a buyer over the last 12 months, purchasing a net total of kr1.5m worth in shares. Recent Insider Transactions • Mar 23
CFO & Deputy CEO recently bought kr352k worth of stock On the 15th of March, Ken Wendelin bought around 6k shares on-market at roughly kr58.00 per share. In the last 3 months, they made an even bigger purchase worth kr385k. Ken has been a buyer over the last 12 months, purchasing a net total of kr1.5m worth in shares. Recent Insider Transactions • Mar 10
CFO & Deputy CEO recently bought kr385k worth of stock On the 3rd of March, Ken Wendelin bought around 7k shares on-market at roughly kr57.30 per share. This was the largest purchase by an insider in the last 3 months. Ken has been a buyer over the last 12 months, purchasing a net total of kr846k worth in shares. Major Estimate Revision • Mar 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -kr0.82 to -kr1.04 per share. Revenue forecast unchanged at kr233.4m. Real Estate industry in Sweden expected to see average net income decline 56% next year. Consensus price target down from kr66.00 to kr63.00. Share price fell 3.5% to kr55.00 over the past week. Reported Earnings • Feb 28
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: kr1.27 (up from kr1.25 loss in FY 2020). Revenue: kr104.9m (up kr89.8m from FY 2020). Net income: kr44.6m (up kr84.9m from FY 2020). Profit margin: 43% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 146%. Over the next year, revenue is forecast to grow 120%, compared to a 8.1% growth forecast for the industry in Sweden. Recent Insider Transactions • Jan 25
CFO & Deputy CEO recently bought kr125k worth of stock On the 18th of January, Ken Wendelin bought around 2k shares on-market at roughly kr59.10 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr1.1m. Ken has been a buyer over the last 12 months, purchasing a net total of kr410k worth in shares. Recent Insider Transactions • Jan 19
CFO & Deputy CEO recently bought kr286k worth of stock On the 12th of January, Ken Wendelin bought around 5k shares on-market at roughly kr60.29 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr1.1m. This was Ken's only on-market trade for the last 12 months. Recent Insider Transactions • Jan 05
Founder & Director recently bought kr63k worth of stock On the 30th of December, Samir Taha bought around 1k shares on-market at roughly kr62.80 per share. In the last 3 months, they made an even bigger purchase worth kr1.1m. Samir has been a buyer over the last 12 months, purchasing a net total of kr1.8m worth in shares. Recent Insider Transactions • Dec 25
Founder & Director recently bought kr249k worth of stock On the 17th of December, Samir Taha bought around 4k shares on-market at roughly kr62.34 per share. In the last 3 months, they made an even bigger purchase worth kr1.1m. Samir has been a buyer over the last 12 months, purchasing a net total of kr1.8m worth in shares. Recent Insider Transactions • Dec 17
Founder & Director recently bought kr244k worth of stock On the 10th of December, Samir Taha bought around 4k shares on-market at roughly kr58.82 per share. In the last 3 months, they made an even bigger purchase worth kr1.1m. Samir has been a buyer over the last 12 months, purchasing a net total of kr1.5m worth in shares. Recent Insider Transactions • Dec 03
Founder & Director recently bought kr1.1m worth of stock On the 29th of November, Samir Taha bought around 20k shares on-market at roughly kr55.92 per share. This was the largest purchase by an insider in the last 3 months. Samir has been a buyer over the last 12 months, purchasing a net total of kr1.3m worth in shares. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: kr10.7m (up 67% from 3Q 2020). Net income: kr1.06m (up kr13.6m from 3Q 2020). Profit margin: 9.9% (up from net loss in 3Q 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 53%. Over the next year, revenue is forecast to grow 98%, compared to a 4.6% growth forecast for the industry in Sweden. Recent Insider Transactions • Sep 25
Founder & Director recently bought kr169k worth of stock On the 20th of September, Samir Taha bought around 3k shares on-market at roughly kr56.40 per share. This was the largest purchase by an insider in the last 3 months. This was Samir's only on-market trade for the last 12 months. Reported Earnings • Sep 01
Second quarter 2021 earnings released: kr0.42 loss per share (vs kr0.59 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: kr18.1m (up kr17.5m from 2Q 2020). Net loss: kr13.6m (loss narrowed 28% from 2Q 2020).