olivLaw · European equity research
Besqab AB (publ) BESQAB.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
Besqab is a Swedish residential developer with over 30 years of experience, active in Stockholm and Uppsala, which entered 2023 with higher revenue but a negative result after revaluing its properties and revising its operating targets. The company agreed a rights issue to strengthen its capital structure. Revenue in 2022 was 2166.6 Mkr and the net result was -317.1 Mkr.
At the close of 05 Nov 2026, Besqab AB (publ) (BESQAB.ST) stock was 24.90 SEK (+1.63% on the day), with market capitalisation 1.5 bn SEK, dividend yield 7.53%, beta 0.27, 52-week range 22.60–30.00 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.0
- strong (55–70)
- Bollinger (20, 2)
- 22.15 – 25.29
- in the upper half of the band · %B 0.88 · band width 13.2%
- SMA 50 / 200
- 25.30 / 26.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.33
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.1% | −0.6% | +5.7 pp | — |
| 3 months | −14.1% | −4.2% | −10.0 pp | — |
| 6 months | −2.0% | +4.3% | −6.3 pp | — |
| Year to date | −7.8% | +7.5% | −15.3 pp | — |
| 1 year | +1.2% | +9.9% | −8.7 pp | −8.2% |
| 3 years | −14.1% | +49.8% | −64.0 pp | +12.3% |
| 5 years | −52.6% | +42.8% | −95.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 1.4 bn | 539.6 m | 2.2 bn | 3.4 bn | 836.4 m |
| Revenue YoY | unavailable | −60.1% | +301.5% | unavailable | −75.2% |
| Net income | 276.5 m | 78.4 m | -304.4 m | 40.4 m | -112.5 m |
| Net income YoY | unavailable | −71.6% | −488.3% | unavailable | −378.5% |
| Diluted EPS | 17.92 | 5.07 | -19.66 | -0.51 | -1.93 |
| Diluted EPS YoY | unavailable | −71.7% | −487.8% | unavailable | unavailable |
| net % | 20.4% | 14.5% | -14.0% | 1.2% | -13.5% |
| Free cash flow | unavailable | unavailable | unavailable | 670.8 m | -1.5 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 294.4 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 3.0 bn SEK
- Total assets
- 6.7 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.71x
- ROE
- -3.6%
- ROA
- -1.8%
- FCF margin
- -178.6%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 539.6 m | 2.2 bn | 3.4 bn | 836.4 m | esef· 28 Oct 2026verified |
| Cost of revenue | 1.1 bn | 444.6 m | 2.3 bn | 3.2 bn | 731.9 m | esef· 28 Oct 2026verified |
| Gross profit | 234.4 m | 95.0 m | 88.7 m | 182.6 m | 104.5 m | esef· 28 Oct 2026verified |
| Operating income | 94.4 m | -14.6 m | -238.6 m | 61.8 m | -91.7 m | esef· 28 Oct 2026verified |
| Interest expense | — | — | — | 72.1 m | 59.2 m | esef· 28 Oct 2026verified |
| Pre-tax income | 328.7 m | 90.3 m | -233.7 m | 40.1 m | -123.8 m | esef· 28 Oct 2026verified |
| Income tax | -53.4 m | -9.9 m | -83.4 m | 900.0 k | 11.3 m | esef· 28 Oct 2026verified |
| Net income | 276.5 m | 78.4 m | -304.4 m | 40.4 m | -112.5 m | esef· 28 Oct 2026verified |
| Diluted EPS | 17.92 | 5.07 | -19.66 | -0.51 | -1.93 | esef· 28 Oct 2026verified |
| Dividend per share | 2.50 | 2.50 | 4.01 | — | 1.88 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 510.4 m | 630.8 m | 360.2 m | 463.4 m | 294.4 m | esef· 28 Oct 2026verified |
| Current assets | 2.4 bn | 5.3 bn | 5.1 bn | 4.2 bn | 6.0 bn | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 775.8 m | 943.1 m | 1.2 bn | — | — | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | — | — | — | 120.0 m | 120.0 m | esef· 28 Oct 2026verified |
| Total assets | 3.2 bn | 6.4 bn | 6.5 bn | 5.6 bn | 6.7 bn | esef· 28 Oct 2026verified |
| Short-term debt | 1.4 bn | 3.0 bn | 3.8 bn | — | — | esef· 09 May 2023verified |
| Long-term debt | 0 | 0 | 799.2 m | — | — | esef· 09 May 2023verified |
| Current liabilities | 1.7 bn | 4.0 bn | 4.4 bn | 2.0 bn | 3.5 bn | esef· 28 Oct 2026verified |
| Total liabilities | 1.7 bn | 4.8 bn | 5.3 bn | 2.4 bn | 3.7 bn | esef· 28 Oct 2026verified |
| Equity | 1.5 bn | 1.5 bn | 1.1 bn | 3.2 bn | 3.0 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 15.4 m | 15.4 m | 15.4 m | — | 58.3 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | — | — | — | 702.3 m | -1.5 bn | esef· 28 Oct 2026verified |
| Capex | — | — | — | 31.5 m | 0 | esef· 28 Oct 2026verified |
| Free cash flow | — | — | — | 670.8 m ≈ | -1.5 bn ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | — | — | — | 484.6 m | 216.9 m | esef· 28 Oct 2026verified |
| Financing cash flow | 11.8 m | 2.4 bn | 692.2 m | -962.4 m | 1.1 bn | esef· 28 Oct 2026verified |
| Dividends paid | -38.4 m | 38.5 m | 61.7 m | 81.6 m | 87.6 m | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn SEK
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -13.5% | 11 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -27.2% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.5x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 1.7x | 76 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -102.9% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 6.0% | 86 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial11/100 · 1/3 factors with a value
- Returns· partial86/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Besqab AB (publ) (BESQAB.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 836.4 m SEK in 2025; YoY growth -75.2%; net margin -13.5%; ROE -3.7%.
The estimated value range is 18.39–22.72 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 20.33 SEK, the price of 24.90 SEK leaves a potential of -18.4% (value / price − 1) and a margin of safety of -22.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- Shareholder yield (distributions): 6.0%
What contradicts it
- Net margin: -13.5%
- Revenue CAGR 3Y: -27.2%
- Interest coverage: -1.5x
- FCF yield: -102.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for BESQAB.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Besqab is a Swedish residential developer with over 30 years of experience, active in Stockholm and Uppsala, which entered 2023 with higher revenue but a negative result after revaluing its properties and revising its operating targets 1. The company agreed a rights issue to strengthen its capital structure 1. Revenue in 2022 was 2166.6 Mkr and the net result was -317.1 Mkr 1.
SWOT
Strengths
- Long experience in residential development and a project portfolio in Stockholm and Uppsala.
- A stable shareholder base, with a reference investor controlling a significant share of votes.
- Investment properties that generate recurring income and a large stock of assets under construction.
Weaknesses
- A negative result in 2022 and low equity, which limit financial flexibility.
- High debt and reliance on refinancing, which makes the company sensitive to interest rates.
- Operating targets set in 2020 are no longer realistic, pointing to planning difficulties.
Opportunities
- The planned rights issue could strengthen the capital structure and ease debt pressure.
- If demand for new homes recovers, projects in progress could generate better returns.
- Revaluation of investment properties could support long-term asset value.
Threats
- Rising costs for materials, energy and labour could reduce project margins.
- High interest rates could deter buyers and raise the cost of funding.
- Supply risks, including the cement crisis, could delay projects.
Risks
- Negative result and low equityhigh
The negative net result and lower equity could restrict access to funding if margins do not recover.
- Refinancing and debthigh
Large debt with near-term maturities could become hard to refinance if credit markets remain tight.
- Material and energy pricesmedium
Higher production costs could affect margins on projects without fixed prices.
- Cement supply riskmedium
Reliance on one major cement supplier could delay deliveries if extraction were interrupted.
- Asset valuation risklow
Revaluations have already led to a write-down, and values could fall again if the market deteriorates.
Investment thesis
What would need to be true (bull case)
- If demand for homes in Stockholm and Uppsala stabilises, long experience and the project stock could support a recovery in results.
- The planned rights issue could reduce debt and improve financial flexibility.
- Investment properties and revaluations could provide a steadier asset base than home sales alone.
What would break the thesis
- If interest rates stay high, demand and home prices could fall, putting pressure on margins and equity.
- The 2022 negative result and missed targets suggest operational planning could remain fragile.
- High debt and reliance on refinancing could limit the company's ability to invest in new projects.
What to watch
- Outcome of the rights issue and use of proceeds to repay the bonds early2023
- Development of production starts and project margins in housing2023
- Trends in material, energy and financing costsnext 10-K
- Status of cement supply and any new permits for Slite2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Besqab AB (publ) is a residential property developer listed on Nasdaq Stockholm, focused on property in Stockholm and Uppsala 1. It describes itself as a long-term developer that has built over 10 000 homes and uses partial contracting with successive tenders over the project period 1. Revenue is recognised at a point in time rather than over construction, so results should be judged over a longer cycle 1.
The business covers homes for sale, rental homes, exploitation properties and investment properties, which appear on the balance sheet as separate assets 1. In 2022 the company had low equity and high debt, which led to the planned share issue 1. Ownership is concentrated, with the Nordström family holding a significant share of votes 1.
For 2023, management said its original operating targets on production starts and operating margin were no longer realistic given market conditions, and capital and liquidity objectives became the priority 1.
Segments
Residential development
The main activity is residential projects for ownership and rental, with homes under production totalling 3285.3 Mkr at the end of 2022 1.
Investment properties
Besqab also owns rental buildings, whose value rose in 2022 through favourable revaluations while investment in such assets continued 1.
Market context
The housing market in Stockholm and Uppsala was strong in 2021 and 2022, with high demand for new homes, but construction and financing costs rose markedly in the second half of 2022 1. Contractor costs levelled off toward year-end while developer costs rose, mainly from higher interest and credit costs 1.
Material and energy prices rose after the sanctions linked to Russia's invasion of Ukraine, and the 2021 cement crisis added supply risk for the whole construction sector 1.
Trends
- Construction and energy costsheadwind
Higher material and energy prices have raised production costs, which could squeeze project margins if they cannot be passed on to buyers.
- Cost of financingheadwind
Higher interest rates and credit costs affect both developers and buyers, and could reduce demand and access to funding in the short term.
- Demand for new homesmixed
Strong demand in recent years supported sales and production, but could weaken if the economic slowdown deepens.
- Cement supplymixed
The extraction permit at Slite runs through the end of 2026, and a long-term solution for the sector is still being discussed.
Competitive position
Besqab competes with other residential developers in Stockholm and Uppsala for land, contractors and buyers, and price pressure is greater when demand falls 1. Listed competitors in the sector are not identified in the source received, so the list below is limited to companies explicitly named in the reporting document.
Besqab's position depends on its ability to secure land, keep projects on schedule and manage costs, areas where it has over three decades of experience 1.
- Residential developers in Stockholm and Uppsala
Direct competition for land, contractors and buyers in the same regional markets; no US-listed competitor is identified in the source.
- Construction contractors
Contractors are also suppliers, and their contracts affect project costs and timelines.
- Cement producer (Cementa)
The dominant cement supplier in Sweden, whose extraction permit affects the whole supply chain.
- Other Swedish property companies
Companies competing for funding and buyers in the same high-interest context, with no specific data in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202209 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Besqab AB (publ) · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.