olivLaw · European equity research
Selvaag Bolig ASA SBO.OL
Norway · Euronext Oslo Børs · ISIN NO0010612450 · Vertical: Listed companies from Norway
Selvaag Bolig is a Norwegian residential developer that controls the whole value chain, from land purchase to delivering turnkey homes, without its own construction arm. In 2025 it sold 466 homes worth 3 036 million NOK, while the company remains exposed to a still weak housing market in Norway and Sweden.
At the close of 06 Nov 2026, Selvaag Bolig ASA (SBO.OL) stock was 31.65 NOK (−3.51% on the day), with beta 0.17, 52-week range 29.95–37.70 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.0
- neutral
- Bollinger (20, 2)
- 29.53 – 32.78
- in the upper half of the band · %B 0.65 · band width 10.4%
- SMA 50 / 200
- 31.53 / 33.27
- mixed trend
- MACD (12, 26, 9)
- 0.27 / 0.09
- 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 | +5.0% | −0.6% | +5.6 pp | — |
| 3 months | −5.1% | −4.2% | −0.9 pp | — |
| 6 months | −2.6% | +4.3% | −6.9 pp | — |
| Year to date | −13.8% | +7.5% | −21.3 pp | — |
| 1 year | −5.0% | +9.9% | −14.9 pp | −4.7% |
| 3 years | +17.0% | +49.8% | −32.8 pp | +12.7% |
| 5 years | −38.2% | +42.8% | −81.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.3 bn | 2.0 bn | 2.1 bn |
| Revenue YoY | unavailable | −39.4% | +5.9% |
| Net income | 244.6 m | 176.9 m | 133.0 m |
| Net income YoY | unavailable | −27.7% | −24.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 7.5% | 9.0% | 6.4% |
| Free cash flow | 1.2 bn | 82.6 m | -1.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 254.8 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 2.4 bn NOK
- Total assets
- 6.8 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 1.99x
- ROE
- 5.5%
- ROA
- 2.2%
- FCF margin
- -62.9%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.3 bn | 2.0 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Operating income | 300.9 m | 198.2 m | 126.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 9.2 m | 9.8 m | 6.7 m | esef· 21 Oct 2026verified |
| EBITDA | 310.1 m ≈ | 208.0 m ≈ | 133.5 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 11.2 m | 14.5 m | 13.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | 319.5 m | 209.2 m | 139.6 m | esef· 21 Oct 2026verified |
| Income tax | 74.8 m | 32.2 m | 6.6 m | esef· 21 Oct 2026verified |
| Net income | 244.6 m | 176.9 m | 133.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 266.5 m | 383.6 m | 254.8 m | esef· 21 Oct 2026verified |
| Inventories | 3.2 bn | 3.3 bn | 4.8 bn | esef· 21 Oct 2026verified |
| Current assets | 3.6 bn | 3.7 bn | 5.2 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 9.8 m | 7.9 m | 7.7 m | esef· 21 Oct 2026verified |
| Goodwill | 383.4 m | 383.4 m | 383.4 m | esef· 21 Oct 2026verified |
| Total assets | 4.8 bn | 5.2 bn | 6.8 bn | esef· 21 Oct 2026verified |
| Current liabilities | 1.2 bn | 1.2 bn | 2.6 bn | esef· 21 Oct 2026verified |
| Total liabilities | 2.4 bn | 2.8 bn | 4.4 bn | esef· 21 Oct 2026verified |
| Equity | 2.3 bn | 2.4 bn | 2.4 bn | esef· 21 Oct 2026verified |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 87.1 m | -1.3 bn | esef· 21 Oct 2026verified |
| Capex | 3.7 m | 4.4 m | 2.4 m | esef· 21 Oct 2026verified |
| Free cash flow | 1.2 bn ≈ | 82.6 m ≈ | -1.3 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -45.3 m | 23.2 m | 81.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | -1.5 bn | 6.8 m | 1.1 bn | esef· 21 Oct 2026verified |
| Dividends paid | 281.2 m | 93.6 m | 117.2 m | esef· 21 Oct 2026verified |
| Share repurchases | 27.5 m | 23.0 m | 27.8 m | esef· 21 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
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · 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: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.4% | 58 (vs peers) | 27% |
| FCF conversion · Quality | -987.2% | 0 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.5x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 2.0x | 99 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality29/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
SELVAAG BOLIG ASA (SBO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.1 bn NOK in 2025; YoY growth 5.9%; net margin 6.4%; ROE 5.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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
- Interest coverage: 9.5x
- Current ratio: 2.0x
What contradicts it
- FCF conversion: -987.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · 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 | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for SBO.OL 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
Scenarios are not available. input data missing
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
Selvaag Bolig is a Norwegian residential developer that controls the whole value chain, from land purchase to delivering turnkey homes, without its own construction arm. In 2025 it sold 466 homes worth 3 036 million NOK 1, while the company remains exposed to a still weak housing market in Norway and Sweden.
SWOT
Strengths
- Lean operating model, with construction outsourced and a small team focused on development and sales 1.
- Access to a large land bank and a partnership that reduces the equity needed for land acquisition 1.
- The rule of starting construction only after most of the value is sold limits market risk on projects 1.
Weaknesses
- Reliance on one partner for most of the land makes the company sensitive to contract terms with Urban Property 1.
- Completions and sales fell from the previous year, and profit before tax is modest relative to revenue 1.
- Activity is geographically concentrated in a few urban areas in Norway and Sweden, increasing exposure to local markets 1.
Opportunities
- A decline in interest rates could revive demand for new homes and speed up sales in existing projects 1.
- Extending the Selvaag City and Selvaag Nabolag concepts to new projects could open segments with smaller budgets 1.
- New land in Ski, Kolbotn and Drammen could support growth of the project portfolio 1.
Threats
- High construction costs and long regulatory procedures could reduce margins or delay projects 1.
- The Swedish market remains difficult, with a large supply of homes and restrained demand, which could slow sales 1.
- Changes in financing conditions or covenants in partner agreements could restrict financial flexibility 1.
Risks
- Dependence on Urban Propertyhigh
Most land is owned by Urban Property, and buy-backs depend on contract terms and financial covenants. If the relationship deteriorates, access to land could be affected 1.
- Construction costsmedium
Construction costs remain at a high level. If sales prices cannot offset cost increases, project margins could fall below the company's target 1.
- Weak demand in Swedenmedium
The Stockholm market is still cautious, with a large supply and restrained demand. If the recovery in optimism does not continue, sales in this segment could stay low 1.
- Regulatory delaysmedium
Long planning procedures can postpone project launches and lock up capital in land, which could reduce the return on investment 1.
- Dividend policylow
The aim to distribute at least 60 percent of net profit depends on liquidity and solvency. If results decline, the dividend could be reduced 1.
Investment thesis
What would need to be true (bull case)
- The company has a large land portfolio, a model without large fixed construction costs and a solid sales rate on projects under way 1.
- If interest rates fall and demand returns in Norway, sales and margins could benefit quickly, especially in projects close to delivery 1.
- Housing concepts with services and shared spaces may differentiate the company from other developers and support prices 1.
What would break the thesis
- Completions and sales fell from the previous year, and profit before tax remains modest, which could limit the ability to sustain dividends 1.
- Reliance on one partner for land and on financial covenants could restrict flexibility if the market becomes more difficult 1.
- The Swedish market remains weak, and if optimism does not firm up, expansion in Stockholm could proceed more slowly than planned 1.
What to watch
- Sales trend in projects with 2026 completions2026
- Level of construction costs and project marginsnext 10-K
- Status of the Urban Property relationship and financial covenants2027
- Launch of the Hornsberg City project in Stockholm2027/2028
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
Selvaag Bolig is one of Norway's leading residential developers. The company buys and develops land for housing and manages projects in Greater Oslo, Bergen, Stavanger and Greater Stockholm, through both wholly owned projects and partnerships with external investors 1. Construction is outsourced through total contracts, which keeps the operating structure lean, with about 60 employees in core operations 1.
A central element of the model is the partnership with Urban Property, which owns most of the company's land and resells it as projects start. Selvaag Bolig holds an option to buy the land back, paying the original price plus an annual premium linked to NIBOR, which reduces the equity needed for land acquisition 1. In Sweden, land is mostly obtained through allocation from municipalities, and Urban Property can finance these purchases 1.
Sales act as a decision criterion: construction of a project phase generally starts only after 60 percent of the phase's value has been sold 1. The Selvaag Pluss concept, lifestyle homes with staffed shared spaces and social services, is regarded by the company as a competitive advantage in sales 1.
Segments
Housing development in Norway
The Norwegian segment is the largest and concentrates projects in Greater Oslo, Stavanger and Bergen. At the end of 2025 the company had 912 homes under construction with a sales value of 6 574 million NOK, of which 60 percent were already sold 1. For 2026, 59 percent of planned completions were sold at the end of 2025 1.
Housing development in Sweden and neighbourhood concepts
In Stockholm the company has one sales project on the outskirts of Stockholm County, and sales were challenging during 2025, with somewhat higher interest toward the end of the year 1. The company plans a City project at Hornsberg, with sales launch expected in 2027/2028 1. The Selvaag Nabolag concept, with one neighbourhood host, is being tested at Skårerbyen and is set to be extended to future projects 1.
Market context
The Norwegian new-home market was more cautious in 2025, after an expected interest rate cut in March did not materialise, and construction costs stayed at a high level 1. In the large cities, market prices high enough allowed the company to launch and start some new projects 1. In Sweden, a large supply of homes and restrained demand made the market difficult, with slightly improved optimism in central Stockholm 1.
Net sales in 2025 were slightly below the previous year but above the 2023 level 1. The company gained market share in its core areas, supported by attractive locations and the Selvaag Pluss concept 1.
Trends
- Construction costs stabilised but highmixed
Construction costs stabilised at a relatively high level in 2025, which limits margins, although total contracts and fixed prices lock in part of the cost before sales launch 1.
- Interest rates and housing demandmixed
The level of interest rates and inflation directly affects demand for new homes. If rates fall, demand in Norway and Sweden could recover and sales could accelerate 1.
- Lifestyle housing concepttailwind
Growing interest in homes with shared spaces and social services, such as Selvaag Pluss, could support sales and demand from municipalities and partners 1.
- Length of regulatory proceduresheadwind
Long planning and regulatory procedures, together with high environmental requirements, can delay project launches and increase capital tied up in land 1.
Competitive position
The Norwegian new-home market has several large and mid-sized developers competing for land and buyers in Greater Oslo, Bergen and Stavanger. The sources received do not identify competitors in detail, so the analysis is limited to the factors the company itself cites: land access, costs and housing concepts 1.
The company's stated advantages include its land bank, with potential for about 10 400 homes, the partnership with Urban Property and the ability to buy land without tying up much equity 1. In competing for land in Sweden, the company wins part of its acquisitions through municipal tenders, where price is one criterion among several 1.
- Other Norwegian residential developers
Direct competition for land and buyers in Greater Oslo, Bergen and Stavanger, not detailed in the sources received.
- Swedish residential developers
Competition for land through municipal tenders and for sales in the Stockholm area.
- Urban Property
Strategic partner that owns most of the land, and also a potential competitor for land acquisitions.
- External construction contractors
Construction companies that win the total contracts, on which the company depends for execution.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Selvaag Bolig ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.