Recent Insider Transactions • May 03
Independent Chairman recently bought kr1.9m worth of stock On the 29th of April, Mats Jonsson bought around 210k shares on-market at roughly kr9.07 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. 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 kr3.0m worth in shares. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. 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. Reported Earnings • Apr 30
First quarter 2026 earnings released: kr0.54 loss per share (vs kr0.70 loss in 1Q 2025) First quarter 2026 results: kr0.54 loss per share (improved from kr0.70 loss in 1Q 2025). Revenue: kr713.0m (down 37% from 1Q 2025). Net loss: kr173.0m (loss narrowed 23% from 1Q 2025). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • 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. Announcement • 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. Reported Earnings • Mar 22
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: kr0.28 loss per share (improved from kr1.85 loss in FY 2024). Revenue: kr7.73b (down 5.7% from FY 2024). Net loss: kr89.0m (loss narrowed 83% from FY 2024). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Consumer Durables industry in Sweden. 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 23% per year, which means it is significantly lagging earnings. Announcement • 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 Reported Earnings • Feb 05
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: kr0.28 loss per share (improved from kr1.85 loss in FY 2024). Revenue: kr7.73b (down 5.7% from FY 2024). Net loss: kr89.0m (loss narrowed 83% from FY 2024). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Consumer Durables industry in Sweden. 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 20% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 23
Independent Chairman recently bought kr1.1m worth of stock On the 19th of December, Mats Jonsson bought around 100k shares on-market at roughly kr10.54 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Mats' only on-market trade for the last 12 months. Major Estimate Revision • Nov 05
Consensus EPS estimates increase by 277% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from kr0.107 to kr0.404. Revenue forecast unchanged at kr7.27b. Net income forecast to grow 28% next year vs 110% growth forecast for Consumer Durables industry in Sweden. Consensus price target of kr10.00 unchanged from last update. Share price fell 5.0% to kr10.58 over the past week. Reported Earnings • Oct 26
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: kr0.36 loss per share (improved from kr1.23 loss in 3Q 2024). Revenue: kr1.20b (down 16% from 3Q 2024). Net loss: kr117.0m (loss narrowed 70% from 3Q 2024). Revenue exceeded analyst estimates by 61%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Revenue is forecast to grow 15% 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 fallen by 35% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • 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. Announcement • 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. Price Target Changed • Aug 21
Price target decreased by 41% to kr10.00 Down from kr17.00, the current price target is provided by 1 analyst. New target price is 16% below last closing price of kr11.96. Stock is up 45% over the past year. The company is forecast to post earnings per share of kr0.11 next year compared to a net loss per share of kr1.85 last year. Recent Insider Transactions • Jul 20
Independent Director recently bought kr165k worth of stock On the 17th of July, Nils Styf bought around 12k shares on-market at roughly kr13.86 per share. This transaction amounted to 9.3% 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 kr883k. Insiders have collectively bought kr1.4m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 18
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: kr0.075 (up from kr0.46 loss in 2Q 2024). Revenue: kr2.14b (down 8.6% from 2Q 2024). Net income: kr24.0m (up kr172.0m from 2Q 2024). Profit margin: 1.1% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Announcement • 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. Recent Insider Transactions • May 26
President & CEO recently bought kr883k worth of stock On the 20th of May, Peter Wallin bought around 75k shares on-market at roughly kr11.77 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. Peter has been a buyer over the last 12 months, purchasing a net total of kr1.1m worth in shares. Reported Earnings • May 10
First quarter 2025 earnings released: kr0.70 loss per share (vs kr0.87 loss in 1Q 2024) First quarter 2025 results: kr0.70 loss per share. Revenue: kr1.13b (down 12% from 1Q 2024). Net loss: kr225.0m (loss widened 67% from 1Q 2024). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Durables industry in Sweden. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Anneli Jansson was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • 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. Announcement • 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. Announcement • 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. Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: kr1.85 loss per share (improved from kr10.66 loss in FY 2023). Revenue: kr8.19b (down 38% from FY 2023). Net loss: kr518.0m (loss narrowed 55% from FY 2023). Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Sweden. 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. Announcement • 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 Price Target Changed • Feb 15
Price target increased by 19% to kr17.50 Up from kr14.67, the current price target is an average from 2 analysts. New target price is 68% above last closing price of kr10.44. Stock is up 18% over the past year. The company is forecast to post a net loss per share of kr0.19 next year compared to a net loss per share of kr1.85 last year. Reported Earnings • Feb 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: kr1.85 loss per share (improved from kr10.66 loss in FY 2023). Revenue: kr8.19b (down 38% from FY 2023). Net loss: kr518.0m (loss narrowed 55% from FY 2023). Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is expected to decline by 2.7% p.a. on average during the next 2 years, while revenues in the Consumer Durables industry in Sweden are expected to grow by 3.5%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Price Target Changed • Jan 14
Price target decreased by 12% to kr14.67 Down from kr16.75, the current price target is an average from 3 analysts. New target price is 80% above last closing price of kr8.14. Stock is down 38% over the past year. The company is forecast to post a net loss per share of kr1.62 next year compared to a net loss per share of kr10.66 last year. Announcement • 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. Recent Insider Transactions • Nov 18
President & CEO recently bought kr222k worth of stock On the 15th of November, Peter Wallin bought around 28k shares on-market at roughly kr7.92 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. 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 • Oct 24
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 193%. Revenue is expected to decline by 16% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Sweden are expected to grow by 2.2%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Oct 20
Consensus EPS estimates increase by 44% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr8.73b to kr8.94b. EPS estimate increased from kr0.148 to kr0.212 per share. Net income forecast to grow 97% next year vs 18% growth forecast for Consumer Durables industry in Sweden. Consensus price target of kr16.75 unchanged from last update. Share price rose 2.4% to kr9.30 over the past week. 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 Sweden are expected to grow by 1.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • 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 25
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 9.1%. Earnings per share (EPS) missed analyst estimates by 185%. Revenue is forecast to decline by 19% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Sweden are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Apr 23
Consensus EPS estimates fall from profit to kr0.037 loss The consensus outlook for fiscal year 2024 has been updated. Expected to report loss instead of -kr0.037 instead of kr0.216 per share profit previously forecast. Revenue forecast unchanged at kr7.39b Consumer Durables industry in Sweden expected to see average net income growth of 14% next year. Consensus price target of kr16.75 unchanged from last update. Share price was steady at kr10.26 over the past week. Announcement • 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. Announcement • 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 Announcement • 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: EPS exceeds analyst expectations while revenues lag behind 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 missed analyst estimates by 4.6%. Earnings per share (EPS) exceeded analyst estimates by 4.6%. Revenue is expected to fall by 19% p.a. on average during the next 3 years compared to a 1.4% decline forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 20 percentage points per year, which is a significant difference in performance. New Risk • Mar 01
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 (16% average weekly change). Shareholders have been substantially diluted in the past year (200% increase in shares outstanding). Price Target Changed • Feb 09
Price target decreased by 14% to kr17.66 Down from kr20.50, the current price target is an average from 3 analysts. New target price is 121% above last closing price of kr8.00. Stock is down 68% over the past year. The company is forecast to post earnings per share of kr0.47 next year compared to a net loss per share of kr10.66 last year. New Risk • Feb 08
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 Swedish stocks, typically moving 17% 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 (1.3x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Market cap is less than US$100m (kr845.4m market cap, or US$80.7m). Recent Insider Transactions • Feb 08
Independent Director recently bought kr270k worth of stock On the 6th of February, Nils Styf bought around 20k shares on-market at roughly kr13.51 per share. This transaction amounted to 77% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.9m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 01
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 fall by 22% p.a. on average during the next 3 years compared to a 2.2% decline forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. Announcement • 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 16
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to kr14.38, the stock trades at a trailing P/E ratio of 7.9x. Average forward P/E is 11x in the Consumer Durables industry in Sweden. Total loss to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr8.94 per share. New Risk • Nov 15
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 Swedish stocks, typically moving 9.6% 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 (2.0x net interest cover). Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Major Estimate Revision • Nov 10
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr14.4b to kr14.0b. Losses expected to increase from kr2.58 per share to kr3.11. Consumer Durables industry in Sweden expected to see average net income growth of 6.6% next year. Consensus price target down from kr28.00 to kr26.33. Share price fell 3.6% to kr18.27 over the past week. Price Target Changed • Nov 09
Price target decreased by 7.1% to kr26.33 Down from kr28.33, the current price target is an average from 3 analysts. New target price is 42% above last closing price of kr18.60. Stock is down 45% over the past year. The company is forecast to post a net loss per share of kr3.11 compared to earnings per share of kr4.71 last year. Announcement • Nov 09
Bonava AB (publ), Annual General Meeting, Apr 10, 2024 Bonava AB (publ), Annual General Meeting, Apr 10, 2024. Announcement • 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. Major Estimate Revision • Oct 13
Consensus EPS estimates fall by 90% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -kr1.36 to -kr2.58 per share. Revenue forecast unchanged at kr14.4b. Consumer Durables industry in Sweden expected to see average net income growth of 16% next year. Consensus price target of kr28.00 unchanged from last update. Share price fell 3.2% to kr16.30 over the past week. Announcement • 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 Announcement • 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 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr17.98, the stock trades at a trailing P/E ratio of 9.9x. Average forward P/E is 11x in the Consumer Durables industry in Sweden. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr12.01 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 forecast to decline by 28% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Sweden are expected to remain flat. 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 32% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 19
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr14.1b to kr13.9b. EPS estimate also fell from kr4.27 per share to kr3.64 per share. Net income forecast to shrink 16% next year vs 1.3% growth forecast for Consumer Durables industry in Sweden . Consensus price target of kr28.33 unchanged from last update. Share price was steady at kr18.98 over the past week. Announcement • 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. Recent Insider Transactions • Jun 14
Independent Director recently bought kr287k worth of stock On the 12th of June, Nils Styf bought around 15k shares on-market at roughly kr19.12 per share. This transaction increased Nils' direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.2m more in shares than they have sold in the last 12 months. Major Estimate Revision • Jun 13
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from kr4.94 to kr4.27 per share. Revenue forecast steady at kr14.1b. Net income forecast to grow 1.4% next year vs 2.1% growth forecast for Consumer Durables industry in Sweden. Consensus price target broadly unchanged at kr28.33. Share price rose 3.9% to kr19.23 over the past week. Announcement • 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. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr19.95, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Consumer Durables industry in Sweden. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr27.09 per share. Price Target Changed • Apr 24
Price target decreased by 9.7% to kr31.00 Down from kr34.33, the current price target is an average from 3 analysts. New target price is 46% above last closing price of kr21.22. Stock is down 59% over the past year. The company is forecast to post earnings per share of kr5.45 for next year compared to kr4.71 last year. 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 fall by 18% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Consumer Durables industry in Sweden. 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 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr24.52, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Consumer Durables industry in Sweden. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr16.84 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 fall by 19% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Consumer Durables industry in Sweden. 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 32% per year, which means it is significantly lagging earnings. 