olivLaw · European equity research
Byggma ASA BMA.OL
Norway · Euronext Oslo Børs · ISIN NO0003087603 · Vertical: Listed companies from Norway
Byggma ASA produces and sells building materials across Scandinavian and Northern European markets through seven production units and segments covering panels, I-beams, windows, lighting and property. Revenue declined slightly in 2024 and the group posted a net loss, in a setting of weak new-home construction activity.
At the close of 04 Nov 2026, Byggma ASA (BMA.OL) stock was 23.00 NOK (−4.17% on the day), with market capitalisation 1.6 bn NOK, beta 0.14, 52-week range 13.60–26.60 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)
- 45.6
- neutral
- Bollinger (20, 2)
- 22.37 – 25.87
- in the lower half of the band · %B 0.18 · band width 14.5%
- SMA 50 / 200
- 23.80 / 20.00
- mixed trend
- MACD (12, 26, 9)
- -0.06 / 0.07
- MACD below 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 | −2.5% | +0.4% | −2.9 pp | — |
| 3 months | −1.7% | −3.3% | +1.6 pp | — |
| 6 months | +10.6% | +4.0% | +6.6 pp | — |
| Year to date | +56.5% | +8.1% | +48.4 pp | — |
| 1 year | +60.8% | +10.7% | +50.1 pp | −5.7% |
| 3 years | +35.7% | +50.1% | −14.4 pp | +19.1% |
| 5 years | −17.3% | +43.6% | −60.9 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 |
|---|---|---|---|
| Revenue | 2.5 bn | 2.2 bn | 2.2 bn |
| Revenue YoY | unavailable | −11.4% | −2.5% |
| Net income | 429.8 m | 61.0 m | -258.6 m |
| Net income YoY | unavailable | −85.8% | −523.9% |
| Diluted EPS | 6.16 | 0.87 | -3.70 |
| Diluted EPS YoY | unavailable | −85.9% | −525.3% |
| net % | 17.1% | 2.7% | -11.9% |
| Free cash flow | 186.9 m | 160.8 m | 15.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 51.4 m NOK
- Financial debt
- 1.4 bn NOK
- Net debt
- 1.3 bn NOK
- Equity
- 912.5 m NOK
- Total assets
- 2.9 bn NOK
- Debt / equity
- 1.48x
- Current ratio
- 0.75x
- ROE
- -25.3%
- ROA
- -8.4%
- FCF margin
- 0.7%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.5 bn | 2.2 bn | 2.2 bn | esef· 08 May 2025verified |
| Operating income | 554.8 m | -35.9 m | 22.3 m | esef· 08 May 2025verified |
| Interest expense | 26.1 m | 96.0 m | 96.5 m | esef· 08 May 2025verified |
| Pre-tax income | 529.4 m | 31.3 m | -272.8 m | esef· 08 May 2025verified |
| Income tax | 99.6 m | -29.7 m | -14.3 m | esef· 08 May 2025verified |
| Net income | 429.8 m | 61.0 m | -258.6 m | esef· 08 May 2025verified |
| Diluted EPS | 6.16 | 0.87 | -3.70 | esef· 08 May 2025verified |
Balance sheet · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 37.1 m | 63.2 m | 51.4 m | esef· 08 May 2025verified |
| Receivables | 378.8 m | 376.4 m | 358.8 m | esef· 08 May 2025verified |
| Inventories | 385.7 m | 349.6 m | 362.4 m | esef· 08 May 2025verified |
| Current assets | 936.7 m | 846.8 m | 779.7 m | esef· 08 May 2025verified |
| Property, plant & equipment, net | 853.5 m | 819.4 m | 773.2 m | esef· 08 May 2025verified |
| Total assets | 3.3 bn | 3.2 bn | 2.9 bn | esef· 08 May 2025verified |
| Short-term debt | 546.3 m | 568.7 m | 537.8 m | esef· 08 May 2025verified |
| Long-term debt | 831.9 m | 785.7 m | 816.7 m | esef· 08 May 2025verified |
| Current liabilities | 1.1 bn | 1.1 bn | 1.0 bn | esef· 08 May 2025verified |
| Total liabilities | 2.2 bn | 2.1 bn | 2.0 bn | esef· 08 May 2025verified |
| Equity | 1.1 bn | 1.1 bn | 912.5 m | esef· 08 May 2025verified |
| Shares outstanding at year end | 69.8 m | 70.1 m | 69.9 m | esef· 08 May 2025derived |
Cash flow · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 315.0 m | 213.7 m | 50.4 m | esef· 08 May 2025verified |
| Capex | 128.0 m | 52.9 m | 35.4 m | esef· 08 May 2025verified |
| Free cash flow | 186.9 m ≈ | 160.8 m ≈ | 15.0 m ≈ | esef· 08 May 2025derived |
| Investing cash flow | -1.1 bn | -130.6 m | -37.3 m | esef· 08 May 2025verified |
| Financing cash flow | 783.7 m | -58.0 m | -25.2 m | esef· 08 May 2025verified |
≈ 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn NOK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.8% | 18 (vs peers) | 29% |
| Net margin · Quality | -11.9% | 18 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.9% | 12 (on a fixed band) | 24% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality18/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial12/100 · 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
BYGGMA ASA (BMA.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 2.2 bn NOK in 2024; YoY growth -2.5%; net margin -11.9%; ROE -25.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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: 0.8%
- Net margin: -11.9%
- Interest coverage: 0.2x
- Current ratio: 0.8x
- FCF yield: 0.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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 | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for BMA.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| 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
Byggma ASA produces and sells building materials across Scandinavian and Northern European markets through seven production units and segments covering panels, I-beams, windows, lighting and property. Revenue declined slightly in 2024 and the group posted a net loss, in a setting of weak new-home construction activity.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Refinancing riskmedium
Some loans must be renewed in 2025, and financing costs could rise if market conditions worsen 1.
- Currency riskmedium
The company has sales in SEK and DKK and purchases in EUR and USD; a weaker Norwegian krone could raise costs 1.
- Raw material price riskhigh
Exposure to timber, adhesive and energy prices can affect margins, especially if increases cannot be passed on to customers 1.
- Customer credit risklow
The largest customers are DIY store chains; a payment problem at one of them could cause losses 1.
- Going concern riskhigh
Management states that the going concern assumption holds, but repeated losses and falling equity call for close monitoring 1.
Investment thesis
What would need to be true (bull case)
- If demand for new homes recovers and raw material costs fall, sales in the I-beam and window segments could rebound quickly 1.
- Growth in renovation work and expansion in the United Kingdom could diversify income sources 1.
- Investments in automation and digitalisation could improve margins over the medium term 1.
What would break the thesis
What to watch
- Development of sales and operating result in the I-beam segment2025
- Refinancing of maturing loans and the level of interest-bearing debt2025
- Pace of new-home sales and construction starts in Norway2025
- Raw material price trends and their impact on margins2025
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
The group has seven production units, including Huntonit, Uldal, Masonite Beams and Smartpanel, as well as lighting companies Aneta Lighting and property subsidiaries 1. About 34.7 % of sales are made outside Norway, mainly in Sweden, Denmark, the United Kingdom and the Netherlands 1.
The shareholder structure is linked to Norske Skog, where Byggma holds a significant stake partly through the affiliated company Drangsland Kapital 1. The company ended 2024 with 647 full-time equivalent positions 1.
Segments
Panels
The panels segment (Huntonit, Forestia, Smartpanel) had higher sales and a better operating result in 2024 than in 2023, although demand varies between product groups 1.
I-beams
The I-beam segment (Masonite Beams) had weaker sales and results in 2024 because new-home construction declined; the company sees growth potential through its new UK subsidiary 1.
Windows
The windows segment (Uldal) recorded lower sales and results in 2024 due to strong competition and price pressure, although recent investments improved delivery times 1.
Market context
The Norwegian new-home market stayed weak, with sales and construction starts below the official housing need of about 30000 units per year 1. The renovation (ROT) segment and non-residential and public buildings stayed active, and the company notes rising demand for its new products 1.
Raw material costs and regulation were the main reasons for lower housing activity, and a possible stabilisation of timber and energy prices could support demand over the medium term 1.
Trends
- Decline in new-home constructionheadwind
Sales and starts of new homes stayed below the needed level, which directly hit the I-beam and window segments 1.
- Growth in renovation worktailwind
The ROT (renovation, refurbishment and extension) market grew as new construction fell, making the sector more stable 1.
- Cost and regulatory pressuremixed
Higher raw material prices and regulation slowed activity, but a stabilisation of some raw materials could help demand 1.
- Non-residential and public buildingstailwind
Activity in office and public-sector construction remained good, supporting the panels and lighting segments 1.
Competitive position
Byggma operates in a fragmented Nordic market where it competes with producers and distributors of panels, I-beams, windows and lighting; in windows the company explicitly mentions intense competition 1.
The competitive advantages cited include in-house production, sales networks in Norway and Sweden, and the capacity to invest in digitalisation and automation 1.
- Norske Skog
Company within the same shareholder group, in which Byggma is a significant shareholder; not a direct competitor in building materials.
- Nordic panel and building materials distributors
Regional competitors selling panels and wood components in Norway and Sweden.
- Norwegian window manufacturers
Local competition in the windows segment, where the company mentions price pressure.
- Nordic lighting manufacturers
Competition in the lighting segment, where Aneta Lighting grew sales in 2024.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Byggma ASA · 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.