olivLaw · European equity research
Fasadgruppen Group AB (publ) FG.ST
Sweden · Nasdaq Stockholm · ISIN SE0015195771 · Vertical: Listed companies from Sweden
Fasadgruppen Group is a Nordic group of building-envelope service companies, active mainly in renovating facades, windows, balconies and roofs. In 2024 it expanded into the UK through the Clear Line acquisition, a player with a strong position in fire-prevention facade works, amid renovation demand driven by energy-efficiency rules and an ageing property stock. About 80 percent of 2024 revenue came from renovation.
At the close of 05 Nov 2026, Fasadgruppen Group AB (publ) (FG.ST) stock was 15.64 SEK (+1.43% on the day), with market capitalisation 829.1 m SEK, dividend yield 0.00%, beta 0.41, 52-week range 13.10–31.35 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)
- 52.8
- neutral
- Bollinger (20, 2)
- 13.00 – 16.61
- in the upper half of the band · %B 0.73 · band width 24.4%
- SMA 50 / 200
- 16.34 / 19.80
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.31 / -0.59
- 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 | −2.2% | −0.6% | −1.6 pp | — |
| 3 months | −22.8% | −4.2% | −18.6 pp | — |
| 6 months | −26.9% | +4.3% | −31.3 pp | — |
| Year to date | −49.5% | +7.5% | −57.0 pp | — |
| 1 year | −41.1% | +9.9% | −51.0 pp | −8.5% |
| 3 years | −69.9% | +49.8% | −119.7 pp | +12.3% |
| 5 years | −90.3% | +42.8% | −133.2 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 4.5 bn | 5.1 bn | 4.9 bn | 5.4 bn |
| Revenue YoY | unavailable | +12.4% | −3.6% | +10.6% |
| Net income | 271.9 m | 219.2 m | 600.0 k | -116.1 m |
| Net income YoY | unavailable | −19.4% | −99.7% | −19,450.0% |
| Diluted EPS | 5.62 | 4.42 | 0.05 | -2.19 |
| Diluted EPS YoY | unavailable | −21.4% | −98.9% | −4,480.0% |
| net % | 6.0% | 4.3% | 0.0% | -2.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 423.6 m SEK
- Financial debt
- 2.0 bn SEK
- Net debt
- 1.6 bn SEK
- Equity
- 2.0 bn SEK
- Total assets
- 6.4 bn SEK
- Debt / equity
- 1.00x
- Current ratio
- 1.19x
- ROE
- -5.3%
- ROA
- -1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 4.5 bn | 5.1 bn | 4.9 bn | 5.4 bn | esef· 28 Oct 2026verified |
| Operating income | 384.6 m | 403.8 m | 166.1 m | 79.7 m | esef· 28 Oct 2026verified |
| Interest expense | 48.5 m | 130.0 m | 150.7 m | 172.5 m | esef· 28 Oct 2026verified |
| Pre-tax income | 346.3 m | 301.9 m | 38.4 m | -81.6 m | esef· 28 Oct 2026verified |
| Income tax | 74.4 m | 82.7 m | 37.8 m | 34.5 m | esef· 28 Oct 2026verified |
| Net income | 271.9 m | 219.2 m | 600.0 k | -116.1 m | esef· 28 Oct 2026verified |
| Diluted EPS | 5.62 | 4.42 | 0.05 | -2.19 | esef· 28 Oct 2026verified |
| Weighted average diluted shares | 48.4 m | 49.6 m | 49.8 m | 54.1 m | esef· 28 Oct 2026verified |
| Dividend per share | 1.21 | 1.70 | 7.31 | 0.00 | esef· 28 Oct 2026derived |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 452.6 m | 467.6 m | 482.3 m | 423.6 m | esef· 28 Oct 2026verified |
| Inventories | 25.5 m | 29.4 m | 33.7 m | 23.8 m | esef· 28 Oct 2026verified |
| Current assets | 1.5 bn | 1.5 bn | 1.6 bn | 1.5 bn | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 282.0 m | 311.1 m | 361.7 m | 326.6 m | esef· 28 Oct 2026verified |
| Goodwill | 2.8 bn | 2.9 bn | 4.3 bn | 4.0 bn | esef· 28 Oct 2026verified |
| Total assets | 5.0 bn | 5.2 bn | 7.1 bn | 6.4 bn | esef· 28 Oct 2026verified |
| Short-term debt | 139.1 m | 108.8 m | — | — | esef· 23 Apr 2024verified |
| Long-term debt | 1.4 bn | 1.4 bn | 2.3 bn | 2.0 bn | esef· 28 Oct 2026verified |
| Current liabilities | 1.1 bn | 1.2 bn | 1.3 bn | 1.2 bn | esef· 28 Oct 2026verified |
| Equity | 2.1 bn | 2.2 bn | 2.3 bn | 2.0 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 48.4 m | 49.6 m | 12.0 m | 53.0 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 312.8 m | 529.1 m | 285.4 m | 418.4 m | esef· 28 Oct 2026verified |
| Investing cash flow | -973.0 m | -216.4 m | -838.7 m | -139.6 m | esef· 28 Oct 2026verified |
| Financing cash flow | 832.0 m | -284.3 m | 563.3 m | -308.4 m | esef· 28 Oct 2026verified |
| Dividends paid | 58.3 m | 84.4 m | 87.7 m | 0 | esef· 28 Oct 2026verified |
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: 41.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 829.1 m SEK
Key indicators
Coverage and freshness
Score by group
42% · 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: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.7% | 17 (vs peers) | 25% |
| Net margin · Quality | -2.1% | 17 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 6.2% | 52 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 2/3 factors with a value
- Growth· partial52/100 · 1/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Fasadgruppen Group AB (publ) (FG.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.4 bn SEK in 2025; YoY growth 10.6%; net margin -2.1%; ROE -5.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 1.7%
- Net margin: -2.1%
- Interest coverage: 0.5x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 FG.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
Fasadgruppen Group is a Nordic group of building-envelope service companies, active mainly in renovating facades, windows, balconies and roofs. In 2024 it expanded into the UK through the Clear Line acquisition, a player with a strong position in fire-prevention facade works, amid renovation demand driven by energy-efficiency rules and an ageing property stock. About 80 percent of 2024 revenue came from renovation 1.
SWOT
Strengths
- The group has a decentralised model with local subsidiaries, combining closeness to clients with scale advantages through central purchasing and common systems 1.
- Presence in several Nordic countries and the UK diversifies the group's markets 1.
- Clear Line holds a strong market position in fire-risk facade remediation, a niche with recurring clients 1.
Weaknesses
- Operations are split across many subsidiaries, which requires rigorous central control and can make standardisation harder 1.
- Projects are generally mid-sized and tied to client investment timing, making revenue sensitive to the economic cycle 1.
- The UK expansion is recent and integrating a large acquisition carries execution risks 1.
Opportunities
- Energy-efficiency requirements and remediation programmes could generate sustained demand for envelope works 1.
- Market fragmentation offers possibilities for further acquisitions and regional consolidation 1.
- Extending the offering to larger portfolios, with Clear Line's support, could open new projects 1.
Threats
- Lower new construction and rising competition could put pressure on prices, especially in renovation 1.
- Macroeconomic conditions and geopolitical tensions could affect investor confidence and client demand 1.
- Regulatory changes or delays in remediation programmes could reduce the volume of UK works 1.
Risks
- Economic cycle and interest rateshigh
A slowing economy and high interest rates could reduce construction and renovation projects, especially in areas with high construction activity 1.
- Price pressuremedium
Competition and prices under pressure, especially after the decline in new construction, could affect subsidiary margins 1.
- Integration of Clear Linemedium
The UK acquisition is the largest to date, and integrating it into a new market carries operational and management risks 1.
- Dependence on regulatory programmesmedium
Remediation demand in the UK depends on the timing and funding of government programmes, which could change 1.
- Project execution riskslow
Long-term projects and revenue recognition based on progress could cause result fluctuations if cost estimates change 1.
Investment thesis
What would need to be true (bull case)
- If renovation demand stays stable and energy-efficiency rules apply, the group could benefit from a long-term supported market 1.
- Clear Line's position in the fire-risk facade niche could provide a base for growth in the UK 1.
- The decentralised model and consolidation of a fragmented market could support growth through well-integrated acquisitions 1.
What would break the thesis
- If interest rates stay high and new construction keeps declining, competition in renovation could reduce margins 1.
- The UK acquisition is recent and could bring integration risks if execution does not follow plan 1.
- Dependence on regulatory programmes and the economic cycle makes revenue harder to predict 1.
What to watch
- Development of revenue and margins at Clear Line after the acquisitionQ1 2027
- Pace of implementation of the EU building energy performance directive in national law2027
- Funding and execution timing of the UK facade remediation programme2027
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
Fasadgruppen Group AB is a group of local companies with specialised craft skills that provide building-envelope services: facades, windows and balconies, roofing and sheet metal, and other works. Operations are organised in local subsidiaries in Sweden, Denmark, Norway, Finland and the UK, giving proximity to markets, fast service and short decision paths 1. The acquisition model targets profitable companies with a clear niche and entrepreneurial management, and after integration subsidiaries benefit from central purchasing, monthly reporting, common IT systems and ISO 9001 and ISO 14001 certification 1.
Integration of new companies follows a six-pillar model: monthly reporting of results and order backlog to the centre, successive profit recognition for long-term projects, support for cash flow management, access to central purchasing agreements, integration into a common IT environment, and succession plans in each company 1. The group encourages collaboration between subsidiaries in the same geographic cluster on projects, resources and best practice 1.
The October 2024 acquisition of Sheffield-based Clear Line is the group's first expansion outside the Nordics and its largest acquisition to date. Clear Line offers integrated solutions from design to documentation for fire-prevention measures 1.
Segments
Renovation and facades in the Nordics
Most of the group's activity is in renovating residential and commercial properties, with mid-sized projects typically between 1 and 100 million Swedish kronor, and facade, window, balcony and roofing works form the core offering 1.
Clear Line (United Kingdom)
Clear Line works in design and execution of facade and envelope works, with emphasis on fire-prevention measures on multi-storey building facades following the rules introduced after the Grenfell Tower fire 1.
Other services and specialist suppliers
Besides the main works, the group offers scaffolding rental, window and specialist works, and multidisciplinary offerings are an advantage over small firms covering a single specialty 1.
Market context
The Nordic building-envelope market is estimated at about 125 billion SEK per year, and the UK market at about 140 billion SEK, both fragmented with many small local firms 1. Renovation is steadier than new construction, which is more sensitive to the economic cycle and interest rates 1.
Demand is supported by the ageing property stock, European requirements on building energy performance and the UK programme for remediating fire-risk facades, which could generate renovation demand over several years 1.
Trends
- Energy-efficiency regulationtailwind
The new EU directive on building energy performance could accelerate renovations, which would support demand for the group's services 1.
- Remediation of fire-risk facades in the UKtailwind
The remediation programme after the Grenfell Tower fire creates demand for works where Clear Line has a recognised position, but the programme's value depends on government timing 1.
- Inflation and rising interest ratesheadwind
In 2024 inflation and higher rates reduced new construction and pushed competitors toward renovation, intensifying competition and price pressure 1.
- Market consolidationmixed
The fragmented market offers consolidation opportunities, and demand for one-stop solutions supports larger companies 1.
Competitive position
The market is dominated by a large number of small firms operating locally on specific services such as masonry, plastering, windows, balconies, roofing or scaffolding. Only a small number of companies can offer multidisciplinary services across several geographic areas 1.
Fragmentation gives larger groups the chance to consolidate the market, but local competition remains intense and prices in renovation are under pressure, especially after the decline in new construction 1.
- Local masonry and plastering firms
Small companies in each local market with specialised services, the main source of competition 1.
- Local window and balcony suppliers
Regional firms offering window and balcony works in direct competition with the group's subsidiaries 1.
- Local roofing and sheet metal contractors
Local contractors on roofing and sheet metal works competing for mid-sized projects 1.
- Other regional multidisciplinary providers
A small number of companies offering several services across several areas, considered competitors on larger projects 1.
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 202408 May 2025
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Fasadgruppen Group AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.