olivLaw · European equity research
Byggmax Group AB BMAX.ST
Sweden · Nasdaq Stockholm · ISIN SE0003303627 · Vertical: Listed companies from Sweden
Byggmax Group is a Nordic do-it-yourself and building-materials retailer with stores in Sweden, Norway, Finland and Denmark, aiming to strengthen its position as the leading DIY player in the region. The EBITA margin improved in 2025, which points to the effect of cost-efficiency measures, while seasonality and the economic backdrop remain important to monitor.
At the close of 05 Nov 2026, Byggmax Group AB (BMAX.ST) stock was 65.10 SEK (−1.81% on the day), with market capitalisation 3.8 bn SEK, P/E 20.0 on diluted EPS of 3.25 SEK over the last 12 months, dividend yield 1.15%, beta 0.78, 52-week range 45.30–66.30 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 49.76 – 69.98
- in the upper half of the band · %B 0.76 · band width 33.8%
- SMA 50 / 200
- 55.60 / 53.57
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.17 / 2.75
- 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 | +25.9% | −0.6% | +26.6 pp | — |
| 3 months | +22.8% | −4.2% | +27.0 pp | — |
| 6 months | +34.9% | +4.3% | +30.6 pp | — |
| Year to date | +18.6% | +7.5% | +11.1 pp | — |
| 1 year | +35.1% | +9.9% | +25.1 pp | −8.3% |
| 3 years | +127.5% | +49.8% | +77.6 pp | +12.0% |
| 5 years | −16.0% | +42.8% | −58.8 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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 16.9, median 39.4, max 86.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 26.0 m | 67.0 m | 191.0 m |
| Net income YoY | unavailable | +157.7% | +185.1% |
| Diluted EPS | 0.44 | 1.14 | 3.25 |
| Diluted EPS YoY | unavailable | +159.1% | +185.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 670.0 m | 804.0 m | 752.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.0 m SEK
- Financial debt
- 366.0 m SEK
- Net debt
- 355.0 m SEK
- Equity
- 2.5 bn SEK
- Total assets
- 5.5 bn SEK
- Debt / equity
- 0.15x
- Current ratio
- 0.79x
- ROE
- 7.8%
- ROA
- 3.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 123.0 m | 177.0 m | 306.0 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 658.0 m | 676.0 m | 660.0 m | esef· 26 Oct 2026verified |
| EBITDA | 781.0 m ≈ | 853.0 m ≈ | 966.0 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 154.0 m | 122.0 m | 100.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 14.0 m | 83.0 m | 227.0 m | esef· 26 Oct 2026verified |
| Income tax | -12.0 m | 17.0 m | 36.0 m | esef· 26 Oct 2026verified |
| Net income | 26.0 m | 67.0 m | 191.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.44 | 1.14 | 3.25 | esef· 26 Oct 2026verified |
| Dividend per share | 0.00 | 0.50 | 0.75 | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.0 m | 11.0 m | 11.0 m | esef· 26 Oct 2026verified |
| Inventories | 1.3 bn | 1.1 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Current assets | 1.5 bn | 1.3 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Total assets | 6.2 bn | 5.9 bn | 5.5 bn | esef· 26 Oct 2026verified |
| Short-term debt | — | 629.0 m | 366.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 2.3 bn | 2.0 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Equity | 2.4 bn | 2.4 bn | 2.5 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 59.1 m | 58.8 m | 58.8 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 781.0 m | 860.0 m | 809.0 m | esef· 26 Oct 2026verified |
| Capex | 111.0 m | 56.0 m | 57.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 670.0 m ≈ | 804.0 m ≈ | 752.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -153.0 m | -77.0 m | -79.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -655.0 m | -783.0 m | -731.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 0 | 29.0 m | 44.0 m | esef· 26 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: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn SEK
Key indicators
Coverage and freshness
Score by group
- Valuation85
- Balance sheet37
- Returns50
- Quality61
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
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.7% | 38 (vs peers) | 14% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 393.7% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.4x | 60 (vs peers) | 14% |
| Interest coverage · Balance sheet | 3.1x | 24 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.0x | 62 (vs peers) | 14% |
| EV/EBITDA · Valuation | 4.3x | 97 (on a fixed band) | 14% |
| FCF yield · Valuation | 19.7% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.2% | 16 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 5.9% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet37/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation85/100 · 3/3 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
Byggmax Group AB (BMAX.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 7.8%; net debt/EBITDA 0.4x.
The estimated value range is 59.38–113.61 SEK per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 75.26 SEK, the price of 65.10 SEK leaves a potential of 15.6% (value / price − 1) and a margin of safety of 13.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 393.7%
- EV/EBITDA: 4.3x
- FCF yield: 19.7%
- Payout ratio (FCF): 5.9%
What contradicts it
- Interest coverage: 3.1x
- Current ratio: 0.8x
- Shareholder yield (distributions): 1.2%
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y.
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
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 BMAX.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
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
Byggmax Group is a Nordic do-it-yourself and building-materials retailer with stores in Sweden, Norway, Finland and Denmark, aiming to strengthen its position as the leading DIY player in the region. The EBITA margin improved in 2025, which points to the effect of cost-efficiency measures, while seasonality and the economic backdrop remain important to monitor.
SWOT
Strengths
- Dense store network across four Nordic countries, combined with e-commerce and showrooms for customisation.
- Low-cost model built on a basic range, volume purchasing and a supply chain with several suppliers.
- The EBITA margin improvement in 2025 shows management's ability to control operating costs.
Weaknesses
- Sales are concentrated in a few quarters, making results sensitive to weather and seasonality.
- Dependence on Nordic markets and a basic range may limit revenue diversification.
- The workforce has a large share of part-time employees, which complicates staff planning.
Opportunities
- Expanding the customised product range and online assortment could attract new customers.
- Continued digitalisation of stores and logistics could further reduce costs.
- Less season-sensitive products added to the range could smooth revenue fluctuations.
Threats
- A fall in household consumption or housing-market activity could reduce demand.
- Competitive pressure and price wars could affect margins.
- Geopolitical events and raw material price increases could disrupt supply and costs.
Risks
- Consumer behaviourmedium
Changes in consumption could reduce demand for the products sold, and the company continually adapts its offer.
- Economic conditionshigh
Demand depends on disposable incomes and the housing market; a decline in either could affect sales.
- IT infrastructuremedium
Reliance on IT systems means that an outage or data loss could affect results and confidence.
- Raw material pricesmedium
Higher prices for wood products could reduce margins if sales prices cannot be adjusted.
- Seasonalitymedium
Unusual weather conditions could significantly influence results and cash flow in a given year.
Investment thesis
What would need to be true (bull case)
- If operational efficiency keeps translating into better margins, the company could strengthen profitability without rapidly expanding its network.
- Low-price positioning and a basic range could provide stability in periods of cautious consumer spending.
- The combination of stores, e-commerce and customisation could allow sales growth across several categories.
What would break the thesis
- If Nordic demand falls, revenue could drop below expected levels and margins could be affected.
- Competitive pressure and raw material prices could limit the ability to adjust selling prices.
- Concentration of sales in a few quarters could make results volatile from one year to the next.
What to watch
- Sales performance in the second and third quarters, with attention to weather effectsQ2 2026
- Pace of expansion of the online range and customised productsnext annual report
- Trend in personnel costs and the number of full-time employeesnext annual report
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
Byggmax Group AB aims to be the leading DIY player in the Nordics, with a relevant range, low costs and a simple customer experience 1. The company runs a store network of more than 200 stores, complemented by e-commerce and showrooms, and offers mainly the most demanded building and home-improvement products 1. The model rests on company-operated stores and a supply chain of over 300 selected suppliers, mostly in the Nordics 1.
The organisation is flat, and most business processes are handled from the service office in Stockholm and from the subsidiary Right Price Tiles in Oslo 1. Staffing is largely store-based, with a significant share of part-time employees because of seasonal variation 1.
For 2025 management reports that EBITA improved versus the prior year, mainly through more efficient operations, logistics and lower administrative costs, while costs rose in line with inflation 1.
Segments
Stores and e-commerce in Sweden
Sweden is the largest market, with 142 stores, e-commerce and three showrooms, according to the annual report 1.
Norway, Finland and Denmark
Norway has 55 stores and three showrooms, Finland 10 stores and Denmark 5 stores, each with e-commerce to the extent described in the report 1.
E-commerce
Online sales complement the store network and allow customisation of windows, doors, garage doors and awnings, with home or store delivery. In 2025 the online range was reviewed and expanded with modular buildings and greenhouses under the company's own brand 1.
Market context
The company operates in the Nordic DIY and building-materials market, where demand depends on household consumption, the housing market and weather conditions 1. Seasonality is pronounced: most sales occur in the second and third quarters, and unusual weather years can affect results 1.
The company notes that sensitivity to the economic cycle and geopolitical uncertainty remains an important factor, particularly for discretionary spending linked to housing 1.
Trends
- Household consumptionheadwind
Changes in consumer behaviour and disposable household income could influence demand for Byggmax products, according to the risk assessment in the report 1.
- Cost efficiencytailwind
Investment in digital store tools, better logistics and lower administrative costs contributed to the improved EBITA margin in 2025 1.
- Seasonality and weathermixed
Sales and cash flow are concentrated in the second and third quarters, and weather conditions can amplify variations from one year to the next 1.
- Raw material pricesheadwind
Prices of materials, especially wood products, could affect margins if selling prices cannot be adjusted, according to the report 1.
Competitive position
Byggmax faces rising competition from other operators and price pressure, and the company intends to respond by focusing on selected segments, new store concepts and its pricing policy 1.
The company positions its offer on low prices, with a lowest-price guarantee that refunds customers if they find the same product cheaper at a competitor 1.
- Nordic DIY chains
The annual report refers to competition from other operators in the do-it-yourself segment without naming specific companies.
- General building-materials retailers
Competition also comes from building-materials chains selling the same type of basic products.
- Online DIY retailers
Competitors' e-commerce adds further pressure on prices and range.
- Direct-selling suppliers
Manufacturers and distributors selling direct may compete for the same customers, as described in the report's risk section.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Byggmax Group AB · 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.