Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Tina Kleingarn was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 23
Bonava AB (Publ) Approves Board Changes Bonava AB (publ) at its Annual general meeting held on April 22, 2026 approved election of Carl Bergsten, Tina Kleingarn and Henrik Thomsen as new Board members. Board members Per-Ingemar Persson and Tobias Lönnevall had declined re-election. Aankondiging • Mar 26
Bonava Sells And Starts Production Of A Rental Project With 61 Apartments In Turku, Finland Bonava is selling and starting production of a project comprising 61 state subsidised apartments for rental in Turku, Finland, to the property company Avain Asunnot. The purchase price amounts to approximately EUR 13 million and the project will generate a positive cash flow from the very start. The homes are expected to be completed in the first quarter of 2027. The project will be developed in Kirstinpuisto in Turku, one of Finland's largest residential development areas, where Bonava has already successfully delivered several projects to consumers and investors. The growing residential area of Kirstinpuisto is one of Finland's largest residential development districts, located within walking distance of the city centre of Turku. In total Bonava plans to construct around 1,200 housing units in Kirstinpuisto and this marks the beginning of the construction of Bonava's tenth multi-family house in the area. The design of the area emphasises sustainable development solutions, high-quality public areas, and green spaces, with a particular attention to sustainable groundwater management. With its over 200,000 inhabitants, the university city of Turku is one the biggest growth centres in Finland. For decades, the city's harbour and shipping have formed the heart of the region's economy, which is also characterised by businesses specialising in information and biotech development. Aankondiging • Mar 19
Bonava AB (publ), Annual General Meeting, Apr 22, 2026 Bonava AB (publ), Annual General Meeting, Apr 22, 2026, at 15:00 W. Europe Standard Time. Location: at pelarsalen at nalen, david bagares gata 17, stockholm Sweden Aankondiging • Oct 23
Bonava Starts Production of 77 Homes in Helsinki Bonava is starting production of 77 A-energy class homes in the seaside surroundings of Kruunuvuorenranta in Helsinki. The Renata project will be reported as a production start in the third quarter. The project will be completed in the summer of 2027. This production start will be reported in interim report for the third quarter. The project was started late in the quarter why reservations will be converted during the fourth quarter and will then be reported as sold units. The project is financed through project financing from Danske Bank. Aankondiging • Sep 27
Olle Boback Resigns from the Board of Bonava AB (publ), Effective September 24, 2025 Olle Boback resigned from the Board of Bonava AB (publ) due to illness. He resigns at his own request and with immediate effect. Olle Boback has extensive experience with Bonava/NCC spanning over several decades, including roles such as Business Unit President for Bonava Germany until 2019 and Board member since 2023. Aankondiging • Jul 11
Bonava Starts Production of 120 Housing Units in Stockholm Bonava is starting production of 120 Nordic Swan ecolabelled tenant-owned apartments in Hagersten, Stockholm. The Fredman project is the first phase of the new district, and the first housing units are expected to be completed in 2027. The housing units will be reported as started in the third quarter of 2025. The upcoming neighbourhood is situated in Axelsberg, Hagersten, and comprises two residential buildings of 11 storeys, within walking distance of Lake Malaren, Vinterviken and the red line of the underground. The top floors feature generous terraces facing three directions, offering views over Lake Malaren. The neighbourhood is being planned with a strong emphasis on sustainability, including solar panels on the rooftops and shared community spaces. The City of Stockholm is planning approximately 450 homes and two preschools in the area. Bonava will be the first developer to commence construction in this new district. The first homes are expected to be ready for occupancy in 2027. Aankondiging • Apr 29
Bonava Appoints Rico Kallies as Business Unit President in Bonava Germany and Member of Bonava's Executive Management Group, Effective 1 September 2025 Rico Kallies has been appointed as new Business Unit President in Bonava Germany and member of Bonava's Executive Management Group effective 1 September 2025. Rico Kallies joined NCC/Bonava in 1996, holding various positions including roles as Site Manager, Development Manager and Region Manager for Berlin. Rico Kallies currently holds the position as Head of Project Development for Bonava's operations in Germany. Rico Kallies is a widely recognized leader with extensive business-and result-oriented skills. Sabine Helterhoff, who is currently holding the position as Business Unit President in Bonava Germany since 2019, will step down from her position and from Bonava's Executive Management Group in September, transitioning into the role of Senior Advisor. She has been employed with the company since 1990 and is set to retire in 2026. Aankondiging • Apr 09
Bonava AB (publ) Announces Board Appointments Bonava AB (publ) announced that at the Annual General Meeting held on 9 April 2025, Anneli Jansson and Paula Röttorp were elected as new Board members. Board member Viveca Ax:son Johnson had declined re-election. Aankondiging • Mar 28
Bonava Sells and Starts Production of A Rental Project Comprising 231 Apartments in Uppsala Bonava announced starting production of a rental housing project in Uppsala with 231 apartments and is, in parallel, selling it to the real estate investor Nrep via the NSF V property fund. The underlying property value in the transaction amounts to SEK 485 M. The project is being financed by the buyer, with regular payments being made during production. The first apartments are expected to be completed in the second quarter of 2026. There is a clear need for new housing in Uppsala, and company is pleased to contribute with more rental apartments together with Nrep, for both today's and future generations. With extensive experience in creating attractive and sustainable neighbourhoods, we continue to play part in the city's development, says Michael Björklund, Business Unit President, Bonava Sweden. In this project, Bonava is developing 231 rental apartments across five buildings, with inviting entryways and a commercial space. The project will be completed in the first quarter of 2027. This emerging neighbourhood is located in the Årsta district of eastern Uppsala, with good transport links and next to one of the city's largest parks. Årsta is a popular residential district close to services, health care and grocery stores, with cycling distance of Uppsala city. The housing units meet high sustainability standards, are equipped with solar panels, and achieve energy class B. The Nordic Swan ecolabelled project has been characterised by close collaboration to reduce climate impact. By optimising material choices and construction processes, carbon emissions during the construction phase will be reduced by approximately 20% compared to the original design. Aankondiging • Mar 05
Bonava AB (publ), Annual General Meeting, Apr 09, 2025 Bonava AB (publ), Annual General Meeting, Apr 09, 2025, at 15:00 W. Europe Standard Time. Location: at pelarsalen nalen, david bagares gata 17, stockholm, Sweden Aankondiging • Dec 06
Bonava AB (publ) Appoints Jon Johnsson as Deputy CEO, Effective 2 January 2025 On 26 June 2024, Bonava AB (publ) announced that Jon Johnsson had been appointed the new CFO and member of Bonava's Executive Management Group. The company's Board of Directors has on December 6, 2024 decided to also appoint Jon Johnsson as Deputy CEO of the company. He will assume the roles of Deputy CEO on 2 January 2025. Jon Johnsson has more than 20 years' experience as CFO and from other leading roles in finance and accounting at companies including Atlas Copco, Geely and most recently as CFO of Karo Healthcare. Reported Earnings • Oct 24
Third quarter 2024 earnings released: kr1.23 loss per share (vs kr12.85 loss in 3Q 2023) Third quarter 2024 results: kr1.23 loss per share (improved from kr12.85 loss in 3Q 2023). Revenue: kr1.43b (down 48% from 3Q 2023). Net loss: kr394.0m (loss narrowed 71% from 3Q 2023). Revenue is expected to decline by 16% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.1%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 22
Second quarter 2024 earnings released: kr0.46 loss per share (vs kr0.34 profit in 2Q 2023) Second quarter 2024 results: kr0.46 loss per share (down from kr0.34 profit in 2Q 2023). Revenue: kr2.34b (down 35% from 2Q 2023). Net loss: kr148.0m (down kr185.0m from profit in 2Q 2023). Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Europe are expected to grow by 5.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Aankondiging • Jun 28
Bonava Starts Production of 66 Housing Units in Uppsala City Centre Bonava is starting production of 66 housing units in Uppsala city centre. The Seminariet project is located in Luthagen and is being built in two stages, with the first 66 homes expected to be handed over to customers in the second half of 2026. The neighbourhood will comprise a total of 113 apartments when completed. The new neighbourhood is located in Luthagen close to central Uppsala. Schools, preschools, public transport, services and a wide range of cultural activities are available in the area. Over time, Bonava will construct three buildings, with housing units varying from 1 to 5 rooms and 33-125 square metres. Residents will have access to a sauna and relax space, a community events space and bookable overnight accommodation. Reported Earnings • Apr 24
First quarter 2024 earnings released: kr0.87 loss per share (vs kr0.87 loss in 1Q 2023) First quarter 2024 results: kr0.87 loss per share (further deteriorated from kr0.87 loss in 1Q 2023). Revenue: kr1.28b (down 34% from 1Q 2023). Net loss: kr135.0m (loss widened 47% from 1Q 2023). Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 10
Bonava AB (publ) Announces Composition of Nomination Committee Bonava AB (publ) at its Annual General Meeting held on 10 April 2024, resolved that the Nomination Committee for the 2025 AGM will comprise of Peter Hofvenstam (Nordstjernan AB), Lennart Francke (Swedbank Robur Fonder) and Olof Nyström (Fourth Swedish National Pension Fund), and the Chairman of the Board as a co-opted member. Peter Hofvenstam was elected Chairman of the Nomination Committee. Aankondiging • Mar 29
Bonava AB (publ) to Report Fiscal Year 2024 Results on Feb 04, 2025 Bonava AB (publ) announced that they will report fiscal year 2024 results on Feb 04, 2025 Aankondiging • Mar 27
Bonava Starts Production of 240 Housing Units in the Baltics Bonava announced that it is commencing production of a new project consisting of 101 housing units in Vilnius, Lithuania. In parallel, production has started on the second and final phase of the Pikaliiva Kaarmaja neighbourhood in Tallinn, Estonia, consisting of 81 housing units, and the Blumendales Majas project in Riga, Latvia, consisting of 58 housing units. Production of the new Forest Gate neighbourhood is set to commence in the Lithuanian capital of Vilnius. The project in question is located in the large Fabijoniskes residential area, just 7 kilometres from Vilnius city centre. Meanwhile, Bonava has initieted a further two production starts in the Baltics. In Tallinn, the capital of Estonia, production of the second and final phase of The Pikaliiva Kaarmaja neighborhood is starting, consisting of 81 housing units. At the end of January, Pikaliiva Kaarmaja's first phase comprising 79 apartments was completed, and when the entire neighbourhood is finished, it will consist of 160 housing units across four buildings, each with four buildings, just outside Tallinn city centre and close to Lake Harku. In Latvia's capital Riga, construction work is commencing on the Blumendales Maj as project, consisting of 58 housing units; This is the second phase of the project and when completed, the five-storey building will include 58 eco-friendly and functional homes. In all three projects, rooftop solar panels will be installed, and the associated parking spaces will be fitted with infrastructure that will make it easy for residents to install charging stations for electric cars. Furthermore, in several of the projects, residents will have access to a shared bicycle workshop. Approximately 2.5 million inhabitants live in the three Baltic capital cities, and in the Baltic countries Bonava builds housing units for consumers as well as apartments for own management (Build to Manage). Bonava's operations in Tallinn, Riga and Vilnius are part of the Bonava Baltics segment, which reported sales of SEK 770 million in 2023. Forest Gate in Vilnius is expected to be completed in the third quarter of 2025, Pikaliiva Kaarmaj in Tallinn, is expected to be completed in The fourth quarter of 2024 and Blumendales Majas in Riga is expected to be completed in, the first half of 2025. Reported Earnings • Mar 20
Full year 2023 earnings released: kr10.66 loss per share (vs kr4.10 profit in FY 2022) Full year 2023 results: kr10.66 loss per share (down from kr4.10 profit in FY 2022). Revenue: kr13.3b (down 5.1% from FY 2022). Net loss: kr1.14b (down 360% from profit in FY 2022). Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 17 percentage points per year, which is a significant difference in performance. New Risk • Feb 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 200% 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 (1.3x net interest cover). Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). New Risk • Feb 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €74.9m (US$80.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risk Market cap is less than US$100m (€74.9m market cap, or US$80.7m). Reported Earnings • Feb 02
Full year 2023 earnings released: kr10.66 loss per share (vs kr4.71 profit in FY 2022) Full year 2023 results: kr10.66 loss per share (down from kr4.71 profit in FY 2022). Revenue: kr13.3b (down 16% from FY 2022). Net loss: kr1.14b (down 326% from profit in FY 2022). Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 25 percentage points per year, which is a significant difference in performance. Aankondiging • Jan 09
Bonava AB (Publ) Announces CFO Changes Bonava AB (publ) announced that in connection with the implementation of Bonava's updated business plan for 2024 and onwards, Bonava's CEO Peter Wallin and CFO Lars Granlöf have agreed that Bonava needs a CFO with somewhat different competence and experience. Therefore, Lars Granlöf is leaving the role as CFO of Bonava. At the same time, Lars Ingman has been appointed as interim CFO. The change takes effect on January 9, 2024.Lars Ingman has been appointed as interim CFO and member of Bonava's executive management. Lars Ingman has broad expertise and experience as CFO from, among others, the listed real estate company John Mattson and other companies such as Volati, Asker Healthcare Group and Cederroth. He has led several financing projects, including projects regarding share issues, and has successfully driven strategic changes in various companies and is recognised as a good leader. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €1.21, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total loss to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.32 per share. Aankondiging • Nov 09
Bonava AB (publ), Annual General Meeting, Apr 10, 2024 Bonava AB (publ), Annual General Meeting, Apr 10, 2024. Aankondiging • Oct 20
Star Development LLC signed an agreement to acquire St. Petersburg operations Of bonava from Bonava AB (publ) (OM:BONAV B). Star Development LLC signed an agreement to acquire St. Petersburg operations Of bonava from Bonava AB (publ) (OM:BONAV B) on October 18, 2023. Closing of the divestment is subject to the approval of the Russian competition authority, which is expected in the fourth quarter of 2023.Bonava has received the transaction amount of €50 million from the counterparty’s Swiss bank to Bonava’s account in Stockholm. Aankondiging • Oct 08
Bonava AB (publ) to Report Q1, 2024 Results on Apr 24, 2024 Bonava AB (publ) announced that they will report Q1, 2024 results on Apr 24, 2024 Aankondiging • Sep 13
The Bayer Group Pension Plan signed an agreement to acquire 176 rental apartments in Cologne, Germany from Bonava AB (publ) (OM:BONAV B). The Bayer Group Pension Plan signed an agreement to acquire 176 rental apartments in Cologne, Germany from Bonava AB (publ) (OM:BONAV B) on September 12, 2023. Completing this transaction under the prevailing market conditions is a great indicator of our strength Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.32, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 11x in the Consumer Durables industry in Germany. Total loss to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.99 per share. Reported Earnings • Jul 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr3.59b (up 3.2% from 2Q 2022). Net income: kr37.0m (down 75% from 2Q 2022). Profit margin: 1.0% (down from 4.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 28% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 6.4%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jun 18
President & CEO recently bought €54k worth of stock On the 15th of June, Peter Wallin bought around 34k shares on-market at roughly €1.59 per share. This transaction amounted to 65% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Peter has been a buyer over the last 12 months, purchasing a net total of €110k worth in shares. Aankondiging • Jun 14
Bonava AB (Publ) Appoints Michael Björklund as New Business Unit President for Bonava Sweden Bonava AB (publ) announced that Michael Björklund has been appointed as the new Business Unit President for Bonava Sweden. He will take office on 1 September and will also continue to be responsible for Bonava's operations in the Baltics. Michael Björklund has broad experience and in-depth expertise of residential development, which makes him the right person to lead Bonava Sweden going forward. By focusing on its commercial activities, Bonava in the Baltics has developed into the Group's most profitable business unit under his leadership, says Peter Wallin, President and CEO of Bonava. Michael Björklund is currently the Business Unit President for Bonava Baltics and has been a member of Bonava's Executive Management Group since 2016. He has solid experience in construction and residential development, and has held executive positions at companies including Skanska, IKEA, Kingfisher, NCC, and Bonava. As of 1 September, he will be Business Unit President for both Bonava Sweden and Bonava Baltics, and will remain part of the Executive Management Group. At the same time, Jonas Granström will step into the role as regional manager for Bonava in Stockholm and Mälardalen. Granström comes most recently from his role as Business Unit President for Bonava Norway. He has lengthy experience in residential development, and has held executive positions in Skanska Norden, the Scandic hotel chain, and the property management company ByggVesta. Granström steps into his new role on 1 September and is leaving his position in the Executive Management Group when he takes on the role. The appointment of both roles, and the finalisation of the divestment of the Norwegian operations, means that the number of members of Bonava's Executive Management Group will shrink from nine to a total of seven. Aankondiging • Jun 13
UNION Residential Development fund managed by Union Eiendomskapital AS reached an agreement to acquire Bonava Norge A/S from Bonava AB (publ) (OM:BONAV B) for SEK 1.5 billion. UNION Residential Development fund managed by Union Eiendomskapital AS reached an agreement to acquire Bonava Norge A/S from Bonava AB (publ) (OM:BONAV B) for SEK 1.5 billion on June 12, 2023. The purchase price amounts to SEK 1.5 billionn where of SEK 800 million is to be paid when the deal is finalized, while the remainder is to be paid out in tranches, with the main part in 2024 and 2025. The net financial impact amounts to SEK 700 million and will be recognized during the second quarter of 2023. The deal is pending approval from Norwegian authorities. If the deal is not finalized by the end of the second quarter of 2023, the business unit will be reported as assets held for sale by Bonava. The deal is expected to close no later than the third quarter of 2023. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Olle Boback was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 38%. The fair value is estimated to be €2.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to decline by 18% per annum. Earnings is also forecast to decline by 4.4% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.00, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Consumer Durables industry in Germany. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.43 per share. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: kr4.71 (vs kr7.54 in FY 2021) Full year 2022 results: EPS: kr4.71 (down from kr7.54 in FY 2021). Revenue: kr15.7b (up 1.4% from FY 2021). Net income: kr505.0m (down 38% from FY 2021). Profit margin: 3.2% (down from 5.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €2.12, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Consumer Durables industry in Germany. Total loss to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.45 per share. Reported Earnings • Feb 04
Full year 2022 earnings released: EPS: kr4.71 (vs kr7.54 in FY 2021) Full year 2022 results: EPS: kr4.71 (down from kr7.54 in FY 2021). Revenue: kr15.7b (up 1.4% from FY 2021). Net income: kr505.0m (down 38% from FY 2021). Profit margin: 3.2% (down from 5.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Aankondiging • Jan 04
INDUSTRIA Wohnen GmbH acquired 94 rental apartments in Leipzig and 60 rental apartments in Dusseldorf from Bonava AB (publ) for €50 million. INDUSTRIA Wohnen GmbH acquired 94 rental apartments in Leipzig and 60 rental apartments in Dusseldorf from Bonava AB (publ) for €50 million in the end of December 2022.INDUSTRIA Wohnen GmbH completed the acquisition of 94 rental apartments in Leipzig and 60 rental apartments in Dusseldorf from Bonava AB (publ) in the end of December 2022. Aankondiging • Jan 03
Bonava to Sell Total of 154 Rental Apartments in Germany Bonava is selling 94 rental apartments in Leipzig and 60 rental apartments in Dusseldorf, Germany, to the investor INDUSTRIA. The transaction was closed during end of December 2022 and the amount is EUR 50 million. The first units are scheduled for completion and handover to customers in the second half of 2025. The three apartment buildings to be sold in Leipzig-Portitz are part of the new "Parkstadt-Portitz" residential district and planned to meet the KfW55 standard with heat regeneration and rainwater recirculation. Bonava is also selling six commercial units with a total lettable area of 971 square metres. Of the 60 units that Bonava is selling in Dusseldorf, the investor will offer 52 of them as publicly subsidised apartments. The neighbourhood will have a distinct sustainability profile, with features such as greenery and rooftop solar panels. In addition, Bonava is planning to set up a ride-sharing offer and build a large number of bike parking spaces and a bike repair station. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.51, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Consumer Durables industry in Germany. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.80 per share. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Andreas Segal was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 20% share price gain to €3.06, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Consumer Durables industry in Germany. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.86 per share. Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr3.21b (down 11% from 3Q 2021). Net income: kr68.0m (down 66% from 3Q 2021). Profit margin: 2.1% (down from 5.5% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Aankondiging • Oct 28
Bonava AB (publ), Annual General Meeting, Apr 03, 2023 Bonava AB (publ), Annual General Meeting, Apr 03, 2023, at 15:00 Central European Standard Time. Aankondiging • Oct 11
G-group Joint-Stock Company has entered into an agreement to acquire Bonava from Bonava AB (publ) (OM:BONAV B) for €98 million. G-group Joint-Stock Company has entered into an agreement to acquire Bonava from Bonava AB (publ) (OM:BONAV B) for €98 million on October 10, 2022. The closing of the transaction is dependent on authority approvals. The transaction is expected to be finalized within six months Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €2.50, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Consumer Durables industry in Germany. Total loss to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.53 per share. Upcoming Dividend • Sep 23
Upcoming dividend of kr1.75 per share Eligible shareholders must have bought the stock before 30 September 2022. Payment date: 06 October 2022. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 10%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (4.0%). Aankondiging • Sep 21
Taaleri Housing Fund VIII, managed by Taaleri Oyj (HLSE:TAALA) acquired 313 sustainable rental apartments in the Helsinki region from Bonava AB (publ) (OM:BONAV B) for €85 million. Taaleri Housing Fund VIII, managed by Taaleri Oyj (HLSE:TAALA) acquired 313 sustainable rental apartments in the Helsinki region from Bonava AB (publ) (OM:BONAV B) for €85 million on September 20, 2022.
Taaleri Housing Fund VIII, managed by Taaleri Oyj (HLSE:TAALA) completed the acquisition of 313 sustainable rental apartments in the Helsinki region from Bonava AB (publ) (OM:BONAV B) on September 20, 2022. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: kr2.01 (vs kr0.71 in 2Q 2021) Second quarter 2022 results: EPS: kr2.01 (up from kr0.71 in 2Q 2021). Revenue: kr3.76b (up 11% from 2Q 2021). Net income: kr215.0m (up 187% from 2Q 2021). Profit margin: 5.7% (up from 2.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 17% compared to a 3.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Aankondiging • Jun 30
ICECAPITAL Housing Fund VI Ky agreed to acquire 123 rental apartments in Finland from Bonava AB (publ) (OM:BONAV B). ICECAPITAL Housing Fund VI Ky agreed to acquire 123 rental apartments in Finland from Bonava AB (publ) (OM:BONAV B) on June 29, 2022. The first housing units are expected to be completed and handed over to the customer in the third quarter of 2024. Board Change • Jun 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Andreas Segal was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Mar 05
Bonava Decides to Close Its Operations in Russia Bonava decided to close its operations in Russia. Bonava cannot continue to pursue a sound residential development in St. Petersburg. Bonava will evaluate the best course of action for the company to responsibly conclude ongoing production. Bonava has 810 units in production. First and foremost, the Russian invasion of Ukraine is an escalating humanitarian disaster. Due to the highly uncertain situation in the world, the company decided to close the operations in St. Petersburg. This is a necessary decision, but also a minor one in light of the suffering brought about by the conflict in Ukraine. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €5.38, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Consumer Durables industry in Germany. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.15 per share. Aankondiging • Feb 16
Bonava AB (publ), Annual General Meeting, Apr 01, 2022 Bonava AB (publ), Annual General Meeting, Apr 01, 2022, at 15:00 Central European Standard Time. Location: Finlandshuset,Snickarbacken 4, Stockholm Sweden Agenda: To consider the auditing firm PricewaterhouseCoopers AB (PwC) as new auditor; to consider PwC has announced that Patrik Adolfson will be appointed as Auditor in Charge if the Annual General Meeting elects PwC; and to consider the proposal regarding the auditor is in accordance with the Audit Committee's recommendation. Reported Earnings • Feb 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr7.54 (up from kr7.02 in FY 2020). Revenue: kr15.5b (down 8.9% from FY 2020). Net income: kr808.0m (up 10% from FY 2020). Profit margin: 5.2% (up from 4.3% in FY 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 4.0%, compared to a 7.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 03
Sirius Capital Partners acquired 53 rental apartments in Helsinki from Bonava AB (publ) (OM:BONAV B) for €16 million. Sirius Capital Partners acquired 53 rental apartments in Helsinki from Bonava AB (publ) (OM:BONAV B) for €16 million on February 1, 2022. The transaction amounts to €16 million and the first housing units are expected to be completed and handed over to the customer in the second quarter of 2023. Once completed in 2025, Bonava's development in Vuosaari will comprise 550 housing units.
Sirius Capital Partners completed the acquisition of 53 rental apartments in Helsinki from Bonava AB (publ) (OM:BONAV B) for €16 million on February 1, 2022. Aankondiging • Feb 01
Bonava Announces Changes to its Executive Management Group Bonava announced that Alexandra Laurén will take up the position as Business Unit President for Bonava Sweden and as a member of the Executive management Group in August 2022. Alexandra Laurén most recently held the position as Vice President of Skanska Sweden. Prior to this, Alexandra Laurén worked in the contracting business and has also been responsible for sustainability, innovation and marketing. Anna Wenner will take up the position of SVP Brand and Culture and become a member of the Executive Management Group, with responsibility for sustainability, HR, marketing, sales and communication. Anna Wenner most recently held the position as SVP Human Resources at Skanska Sweden and also has extensive experience in marketing and communication. As announced in 2021, Anna Wenner will take up her new duties on 1 February 2022. Hedvig Wallander, Group Head of Legal of Bonava, will join the Executive Management Group. Hedvig Wallander has lengthy experience as Head of Legal of Bonava Sweden and prior to that as company lawyer at PEAB. Fredrik Hemborg will leave his role as Business Unit President of Bonava Sweden in spring 2022. Sofia Rudbeck will leave Bonava and her role as SVP Marketing, Sales and Communication in spring 2022. The role of SVP of Operations in the Executive Management Group has been discontinued. Responsibility for this area has been shared between various other members of the Executive Management Group. This change took effect earlier this year. Recent Insider Transactions • Dec 22
Independent Chairman recently bought €74k worth of stock On the 16th of December, Mats Jonsson bought around 10k shares on-market at roughly €7.37 per share. This was the largest purchase by an insider in the last 3 months. Mats has been a buyer over the last 12 months, purchasing a net total of €166k worth in shares. Aankondiging • Dec 15
Bonava Provides Earning Forecast for 2026 and for the Interim 2024 Bonava provided earning forecast for 2026 and for the interim 2024. For the 2026, the company Expects earning before tax of SEK 2.2 Billion an increase of 120% from 2020. For the interim 2024, the company expects earning before tax of SEK 1.6 Billion. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr3.62b (up 22% from 3Q 2020). Net income: kr198.0m (up 175% from 3Q 2020). Profit margin: 5.5% (up from 2.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 24
Upcoming dividend of kr1.60 per share Eligible shareholders must have bought the stock before 01 October 2021. Payment date: 07 October 2021. Trailing yield: 4.0%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.1%). Aankondiging • Aug 31
eQ Residential Fund, managed by eQ Asset Management Ltd. acquired 50 rental apartments in Helsinki from Bonava AB (publ) (OM:BONAV B) for €12 million. eQ Residential Fund, managed by eQ Asset Management Ltd. acquired 50 rental apartments in Helsinki from Bonava AB (publ) (OM:BONAV B) for €12 million on August 31, 2021.
eQ Residential Fund, managed by eQ Asset Management Ltd. completed the acquisition of 50 rental apartments in Helsinki from Bonava AB (publ) (OM:BONAV B) on August 31, 2021. Reported Earnings • Jul 21
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: kr3.38b (down 4.5% from 2Q 2020). Net income: kr75.0m (up 317% from 2Q 2020). Profit margin: 2.2% (up from 0.5% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • May 15
Independent Chairman recently bought €50k worth of stock On the 7th of May, Mats Jönsson bought around 5k shares on-market at roughly €9.96 per share. In the last 3 months, there was an even bigger purchase from another insider worth €59k. This was Mats' only on-market trade for the last 12 months. Recent Insider Transactions • May 13
Independent Chairman recently bought €50k worth of stock On the 7th of May, Mats Jönsson bought around 5k shares on-market at roughly €9.96 per share. In the last 3 months, there was an even bigger purchase from another insider worth €59k. This was Mats' only on-market trade for the last 12 months. Recent Insider Transactions • May 03
President & CEO recently bought €60k worth of stock On the 30th of April, Peter Wallin bought around 6k shares on-market at roughly €9.87 per share. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Reported Earnings • May 01
First quarter 2021 earnings released: kr0.06 loss per share (vs kr0.019 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: kr1.85b (down 37% from 1Q 2020). Net loss: kr6.00m (down 400% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 29
Bonava AB (Publ) Provides Production Guidance for the Full Year 2021 Bonava AB (publ) provides production guidance for the full year 2021. For full-year 2021, it is estimated that the number of production starts will increase approximately 5% compared with 5,710 housing starts in 2020. Executive Departure • Apr 08
Independent Director has left the company On the 31st of March, Samir Kamal's tenure as Independent Director ended after 5.3 years in the role. We don't have any record of a personal shareholding under Samir's name. A total of 2 executives have left over the last 12 months. Upcoming Dividend • Mar 25
Upcoming dividend of kr3.65 per share Eligible shareholders must have bought the stock before 01 April 2021. Payment date: 09 April 2021. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.2%). Aankondiging • Mar 12
Bonava AB (Publ) Proposes Dividend Distributed in Two Installments, Payable on April 9, 2021 and October 7, 2021 Respectively The Board of Directors of Bonava AB (publ) proposes an ordinary dividend of SEK 3.25 per share, and an extraordinary dividend of SEK 2.00 per share paid in two disbursements. The record date for the right to receive the first dividend of SEK 3.65 per share is proposed to be 6 April 2021. The record date for the right to receive the second dividend of SEK 1.60 per share is proposed to be 4 October 2021. On condition that the Annual General Meeting approves the dividend proposal, payment will be made on 9 April 2021 and 7 October 2021, respectively. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS kr6.82 (vs kr5.71 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr17.0b (up 9.8% from FY 2019). Net income: kr733.0m (up 19% from FY 2019). Profit margin: 4.3% (up from 4.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue beats expectations Revenue exceeded analyst estimates by 0.1%. Over the next year, revenue is expected to shrink by 21% compared to a 8.3% growth forecast for the Consumer Durables industry in Germany. Is New 90 Day High Low • Mar 05
New 90-day high: €9.51 The company is up 37% from its price of €6.93 on 04 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.56 per share. Executive Departure • Feb 03
CEO & President Joachim Hallengren has left the company On the 1st of February, Joachim Hallengren, was replaced as CEO by Peter Wallin. As of September 2020, Joachim personally held 120.70k shares (€818k worth at the time). A total of 3 executives have left over the last 12 months. Is New 90 Day High Low • Feb 02
New 90-day high: €9.01 The company is up 31% from its price of €6.88 on 04 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.23 per share. Reported Earnings • Jan 30
Full year 2020 earnings released: EPS kr6.84 (vs kr5.71 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr17.0b (up 9.8% from FY 2019). Net income: kr733.0m (up 19% from FY 2019). Profit margin: 4.3% (up from 4.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Jan 30
Revenue beats expectations Revenue exceeded analyst estimates by 0.1%. Over the next year, revenue is expected to shrink by 23% compared to a 6.9% growth forecast for the Consumer Durables industry in Germany. Is New 90 Day High Low • Jan 09
New 90-day high: €8.10 The company is up 23% from its price of €6.58 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.45 per share. Aankondiging • Dec 31
ICECAPITAL Housing Fund VI Ky agreed to acquire 138 rental apartments in Helsinki from Bonava AB (publ) (OM:BONAV B). ICECAPITAL Housing Fund VI Ky agreed to acquire 138 rental apartments in Helsinki from Bonava AB (publ) (OM:BONAV B) on December 30, 2020. The housing units are expected to be handed over to the customer and recognized in profit in the second quarter of 2023. Aankondiging • Dec 23
INDUSTRIA Wohnen GmbH acquired 155 rental apartments in Lübeck, Germany from Bonava AB (publ) (OM:BONAV B) for approximately €45 million. INDUSTRIA Wohnen GmbH acquired 155 rental apartments in Lübeck, Germany from Bonava AB (publ) (OM:BONAV B) for approximately €45 million on December 21, 2020. The housing units will be completed in three phases, with the first of these units expected to be handed over to the customer and recognized in profit in the third quarter of 2022.
INDUSTRIA Wohnen GmbH completed the acquisition of 155 rental apartments in Lübeck, Germany from Bonava AB (publ) (OM:BONAV B) on December 21, 2020.