New Risk • Jul 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • May 18
First quarter 2026 earnings released: EPS: kr1.64 (vs kr1.36 in 1Q 2025) First quarter 2026 results: EPS: kr1.64 (up from kr1.36 in 1Q 2025). Revenue: kr660.9m (up 3.9% from 1Q 2025). Net income: kr114.8m (up 21% from 1Q 2025). Profit margin: 17% (up from 15% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.72, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 21x in the Building industry in Europe. Total loss to shareholders of 20% over the past three years. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: kr1.55 (vs kr3.70 loss in FY 2024) Full year 2025 results: EPS: kr1.55 (up from kr3.70 loss in FY 2024). Revenue: kr2.37b (up 9.5% from FY 2024). Net income: kr108.3m (up kr366.9m from FY 2024). Profit margin: 4.6% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Dec 23
Byggma ASA, Annual General Meeting, May 27, 2026 Byggma ASA, Annual General Meeting, May 27, 2026. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: kr0.86 (vs kr0.40 loss in 3Q 2024) Third quarter 2025 results: EPS: kr0.86 (up from kr0.40 loss in 3Q 2024). Revenue: kr544.2m (up 8.2% from 3Q 2024). Net income: kr59.8m (up kr87.6m from 3Q 2024). Profit margin: 11% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. New Risk • Oct 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €84.4m (US$98.5m) 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 (0.8x net interest cover). Earnings have declined by 28% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€84.4m market cap, or US$98.5m). New Risk • Sep 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Earnings have declined by 28% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: kr0.77 (vs kr0.81 in 2Q 2024) Second quarter 2025 results: EPS: kr0.77 (down from kr0.81 in 2Q 2024). Revenue: kr598.6m (up 9.2% from 2Q 2024). Net income: kr22.1m (down 61% from 2Q 2024). Profit margin: 3.7% (down from 10% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. New Risk • Apr 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €88.8m (US$97.8m) 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 Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Market cap is less than US$100m (€88.8m market cap, or US$97.8m). Reported Earnings • Mar 03
Full year 2024 earnings released: kr3.70 loss per share (vs kr0.87 profit in FY 2023) Full year 2024 results: kr3.70 loss per share (down from kr0.87 profit in FY 2023). Revenue: kr2.19b (down 1.4% from FY 2023). Net loss: kr258.6m (down kr319.6m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • Jan 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. 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). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.43, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 21x in the Building industry in Europe. Total loss to shareholders of 15% over the past year. New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (€93.2m market cap, or US$98.4m). Reported Earnings • Nov 10
Third quarter 2024 earnings released: kr0.40 loss per share (vs kr0.80 profit in 3Q 2023) Third quarter 2024 results: kr0.40 loss per share (down from kr0.80 profit in 3Q 2023). Revenue: kr509.3m (up 8.3% from 3Q 2023). Net loss: kr27.8m (down 150% from profit in 3Q 2023). Announcement • Nov 08
Byggma ASA, Annual General Meeting, May 27, 2025 Byggma ASA, Annual General Meeting, May 27, 2025. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: kr0.81 (vs kr0.56 in 2Q 2023) Second quarter 2024 results: EPS: kr0.81 (up from kr0.56 in 2Q 2023). Revenue: kr554.3m (up 1.8% from 2Q 2023). Net income: kr56.4m (up 44% from 2Q 2023). Profit margin: 10% (up from 7.2% in 2Q 2023). Buy Or Sell Opportunity • Aug 07
Now 26% overvalued Over the last 90 days, the stock has fallen 5.1% to €1.48. The fair value is estimated to be €1.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.4%. Reported Earnings • May 19
First quarter 2024 earnings released: kr1.49 loss per share (vs kr0.57 profit in 1Q 2023) First quarter 2024 results: kr1.49 loss per share (down from kr0.57 profit in 1Q 2023). Revenue: kr548.1m (down 14% from 1Q 2023). Net loss: kr103.8m (down 360% from profit in 1Q 2023). New Risk • Feb 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (94% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: kr0.87 (vs kr3.58 in FY 2022) Full year 2023 results: EPS: kr0.87 (down from kr3.58 in FY 2022). Revenue: kr2.25b (down 11% from FY 2022). Net income: kr61.0m (down 76% from FY 2022). Profit margin: 2.7% (down from 9.9% in FY 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.62, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 15x in the Building industry in Europe. Total loss to shareholders of 41% over the past year. Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: kr0.80 (vs kr1.75 in 3Q 2022) Third quarter 2023 results: EPS: kr0.80 (down from kr1.75 in 3Q 2022). Revenue: kr476.2m (down 16% from 3Q 2022). Net income: kr55.7m (down 54% from 3Q 2022). Profit margin: 12% (down from 22% in 3Q 2022). The decrease in margin was driven by lower revenue. Announcement • Sep 03
Geir Drangsland Steps Down as CEO in Byggma ASA CEO Geir Drangsland has notified the board in Byggma ASA that he will resign as CEO in Byggma ASA. The board has accepted his notification and the work of hiring a new CEO will be initiated immediately. The processes of Geir Drangsland’s resignation and hiring a new CEO will be completed as soon as possible. The board will prepare a notice of extraordinary general meeting in Byggma ASA with the agenda of proposing Geir Drangsland as a member of the board. New Risk • Aug 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: kr3.60 (vs kr2.49 in FY 2021) Full year 2022 results: EPS: kr3.60 (up from kr2.49 in FY 2021). Revenue: kr2.53b (up 6.1% from FY 2021). Net income: kr251.3m (up 44% from FY 2021). Profit margin: 9.9% (up from 7.3% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Hege Klem was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 07
Third quarter 2022 earnings released: EPS: kr1.75 (vs kr0.60 in 3Q 2021) Third quarter 2022 results: EPS: kr1.75 (up from kr0.60 in 3Q 2021). Revenue: kr573.6m (up 4.1% from 3Q 2021). Net income: kr122.2m (up 192% from 3Q 2021). Profit margin: 21% (up from 7.6% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Announcement • Oct 01
Byggma ASA Appoints Conrad Lehne Drangsland as Chief Financial Officer Byggma ASA announced that With effect from 1 October 2022, Conrad Lehne Drangsland has been appointed the new Chief Financial Officer (CFO) of Byggma ASASA. Conrad has held the position as Deputy CFO in Byggma ASA. Before joining Byggma ASA, Conrad has held the positions as Head of Group Accounting in IDEX Biometrics ASA and Manager in PwC. Conrad is certified as a state authorised auditor and holds a Master of Science in Business with a Major in Finance from BI Norwegian Business School, in addition to a Master in Professional Accountancy from NHH Norwegian School of Economics. Former CFO, Jens Unhammer, will continue as Advisor in Byggma ASA in a part time position. This will ensure continuity in the finance department in Byggma ASA. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: kr0.94 (vs kr0.55 in 2Q 2021) Second quarter 2022 results: EPS: kr0.94 (up from kr0.55 in 2Q 2021). Revenue: kr691.6m (up 13% from 2Q 2021). Net income: kr65.7m (up 72% from 2Q 2021). Profit margin: 9.5% (up from 6.2% in 2Q 2021). The increase in margin was driven by higher revenue. Announcement • Aug 26
Byggma ASA (OB:BMA) acquired a 7.68% stake in Norske Skog ASA (OB:NSKOG). Byggma ASA (OB:BMA) acquired a 7.68% stake in Norske Skog ASA (OB:NSKOG) on August 25, 2022. Byggma ASA will following completion of the share transaction hold 11,962,734 shares in the Company, corresponding to approx. 12.7 % of the total outstanding shares of Norske.
Byggma ASA (OB:BMA) completed the acquisition of a 7.68% stake in Norske Skog ASA (OB:NSKOG) on August 25, 2022. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: kr0.96 (vs kr0.60 in 1Q 2021) First quarter 2022 results: EPS: kr0.96 (up from kr0.60 in 1Q 2021). Revenue: kr706.5m (up 25% from 1Q 2021). Net income: kr67.4m (up 60% from 1Q 2021). Profit margin: 9.5% (up from 7.4% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Hege Klem was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.76, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 17x in the Building industry in Europe. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr2.49 (up from kr1.79 in FY 2020). Revenue: kr2.39b (up 15% from FY 2020). Net income: kr366.1m (up 193% from FY 2020). Profit margin: 15% (up from 6.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Board Change • Jan 17
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Hege Klem was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.