olivLaw · European equity research
JM AB JM.ST
Sweden · Nasdaq Stockholm · ISIN SE0000806994 · Vertical: Listed companies from Sweden
JM AB is one of the largest Nordic residential property developers, active in Sweden, Norway and Finland. The housing market is stabilising after several years of decline, and the company holds a large portfolio of building rights that could support growth if demand recovers.
At the close of 05 Nov 2026, JM AB (JM.ST) stock was 125.60 SEK (+0.24% on the day), with market capitalisation 8.1 bn SEK, P/E 144.4 on diluted EPS of 0.87 SEK over the last 12 months, dividend yield 2.59%, beta 0.83, 52-week range 108.80–149.50 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)
- 55.3
- strong (55–70)
- Bollinger (20, 2)
- 109.05 – 134.29
- in the upper half of the band · %B 0.66 · band width 20.7%
- SMA 50 / 200
- 122.23 / 124.02
- mixed trend
- MACD (12, 26, 9)
- 1.29 / 1.10
- 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 | +8.7% | −0.6% | +9.4 pp | — |
| 3 months | −1.5% | −4.2% | +2.7 pp | — |
| 6 months | +6.2% | +4.3% | +1.8 pp | — |
| Year to date | −9.8% | +7.5% | −17.3 pp | — |
| 1 year | −4.5% | +9.9% | −14.4 pp | −8.5% |
| 3 years | −3.8% | +49.8% | −53.7 pp | +12.3% |
| 5 years | −65.6% | +42.8% | −108.4 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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 11.1, median 30.5, max 160.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 16.0 bn | 14.3 bn | 10.7 bn |
| Revenue YoY | unavailable | −10.6% | −25.1% |
| Net income | 1.0 bn | 353.0 m | 56.0 m |
| Net income YoY | unavailable | −65.7% | −84.1% |
| Diluted EPS | 15.95 | 5.48 | 0.87 |
| Diluted EPS YoY | unavailable | −65.6% | −84.1% |
| net % | 6.4% | 2.5% | 0.5% |
| Free cash flow | 1.1 bn | 3.5 bn | 1.4 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 580.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 7.9 bn SEK
- Total assets
- 23.7 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.76x
- ROE
- 0.7%
- ROA
- 0.2%
- FCF margin
- 12.9%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 16.0 bn | 14.3 bn | 10.7 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 13.2 bn | 12.6 bn | 9.4 bn | esef· 26 Oct 2026verified |
| Gross profit | 2.8 bn | 1.6 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Operating income | 1.5 bn | 692.0 m | 326.0 m | esef· 26 Oct 2026verified |
| Interest expense | 159.0 m | 177.0 m | 214.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 1.4 bn | 538.0 m | 129.0 m | esef· 26 Oct 2026verified |
| Income tax | 356.0 m | 185.0 m | 72.0 m | esef· 26 Oct 2026verified |
| Net income | 1.0 bn | 353.0 m | 56.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 15.95 | 5.48 | 0.87 | esef· 26 Oct 2026verified |
| Dividend per share | 14.00 | 3.00 | 3.25 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.7 bn | 506.0 m | 580.0 m | esef· 26 Oct 2026verified |
| Current assets | 29.5 bn | 24.5 bn | 23.0 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 10.0 m | 24.0 m | 17.0 m | esef· 26 Oct 2026verified |
| Goodwill | 217.0 m | 215.0 m | 203.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 6.0 m | 12.0 m | esef· 26 Oct 2026verified |
| Total assets | 30.1 bn | 25.2 bn | 23.7 bn | esef· 26 Oct 2026verified |
| Current liabilities | 18.3 bn | 14.1 bn | 13.1 bn | esef· 26 Oct 2026verified |
| Total liabilities | 22.1 bn | 17.0 bn | 15.8 bn | esef· 26 Oct 2026verified |
| Equity | 8.0 bn † | 8.2 bn † | 7.9 bn † | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 64.5 m | 64.5 m | 64.4 m | esef· 26 Oct 2026derived |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 3.5 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Capex | 1.0 m | 18.0 m | 14.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 1.1 bn ≈ | 3.5 bn ≈ | 1.4 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -2.0 m | -69.0 m | -28.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -1.5 bn | -4.6 bn | -1.3 bn | 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 weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.1 bn 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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.5% | 22 (vs peers) | 15% |
| FCF conversion · Quality | 2,466.1% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.8x | 80 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 144.4x | 0 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.1% | 100 (on a fixed band) | 20% |
| 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 sheet32/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation44/100 · 2/3 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
JM AB (JM.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 10.7 bn SEK in 2025; YoY growth -25.1%; net margin 0.5%; ROE 0.7%.
The estimated value range is 22.69–34.39 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 26.87 SEK, the price of 125.60 SEK leaves a potential of -78.6% (value / price − 1) and a margin of safety of -367.4% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 2,466.1%
- Current ratio: 1.8x
- FCF yield: 17.1%
What contradicts it
- Net margin: 0.5%
- Interest coverage: 1.5x
- P/E (TTM): 144.4x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), 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% |
| JM.STJm Ab | 8.1 bn | 144.4 | 0.7% | 0.5% | −25.1% | −10% / −14% |
| 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% |
1- and 3-year price returns: for JM.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 | 67.15 Total return -46% · Per year -46% | 119.32 Total return -4% · Per year -4% | 180.55 Total return 45% · Per year 45% |
| 3 years | 53.32 Total return -56% · Per year -24% | 107.69 Total return -12% · Per year -4% | 180.55 Total return 46% · Per year 13% |
| 5 years | 42.34 Total return -64% · Per year -19% | 97.19 Total return -20% · Per year -4% | 180.55 Total return 48% · Per year 8% |
- Exit P/E± 26.92
- Net margin± 18.85
- Annual revenue growth± 17.02
- Annual dilution± 1.58
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
JM AB is one of the largest Nordic residential property developers, active in Sweden, Norway and Finland. The housing market is stabilising after several years of decline, and the company holds a large portfolio of building rights that could support growth if demand recovers 1.
SWOT
Strengths
- Strong market position in new-build housing in Stockholm and a large base of building rights, a significant part of which is conditional, giving visibility on future production 1.
- Presence in three Nordic countries, which reduces dependence on a single market 1.
- Strategy of conditional land acquisition and phased project starts, which gives flexibility in the face of changing demand 1.
Weaknesses
Opportunities
Risks
- Housing demandhigh
Demand depends on economic growth and household purchasing power, and a decline could reduce sales 1.
- Construction costshigh
Rising subcontractor, material and land costs could reduce project margins 1.
- Unsold homesmedium
A large stock of unsold homes could reduce returns if prices have to be lowered 1.
- Financing and refinancingmedium
Refinancing debt or meeting loan covenants could become more expensive in tight market conditions 1.
- Regulation and geopoliticslow
Political decisions, trade tariffs and conflicts can quickly change building conditions 1.
Investment thesis
What would need to be true (bull case)
- If interest rates keep falling and housing demand stabilises, activity in Stockholm could return to profitability, supported by a large portfolio of building rights 1.
- Presence in three Nordic markets and flexibility in project starts could help the company adapt to changes in the property cycle 1.
- The market value of building rights exceeds their book value, which could support asset values if conditions improve 1.
What would break the thesis
- If economic uncertainty persists, demand for new homes could stay weak and pressure revenue and margins 1.
- The Stockholm segment remained loss-making at operating level and unsold inventory rose, which could weigh on returns 1.
- The Finnish market keeps shrinking and cost pressure could limit the ability to offset lower revenues 1.
What to watch
- Sales of new homes in Stockholm and the growth towns2026
- Operating result of the JM Bostad Stockholm segment against the 12 percent margin target2026
- Development of unsold home inventory and selling pricesnext 10-K
- Conversion of conditional building rights into productive projects2027
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
JM develops housing projects in attractive locations, focusing on the large cities and university towns of Sweden, Norway and Finland. The business covers acquiring land and building rights, planning, design, production and sale of homes, as well as commercial property development and contracting services, mainly in the Stockholm area 1. At year-end 2025 the company had 21 500 building rights recorded in the balance sheet, plus 15 700 conditional building rights 1.
Segments
JM Bostad Stockholm
The Stockholm segment had revenues of 3 187 mkr in 2025, down from the prior year, and an operating result of –28 mkr, better than in 2024. The segment sold 720 homes and started production on 637 homes 1.
JM Bostad Riks
The segment for growth towns in Sweden outside Stockholm develops housing projects through land acquisition, planning and production. New-build housing supply stayed at a low level, except in Gothenburg 1.
JM Norway and Finland
Operations in Norway and Finland generated revenues of 1 814 mkr and 1 527 mkr respectively in 2025, in a context of still weak residential construction 1.
Market context
The Swedish economy grew by 1.5 percent in 2025, and the Riksbank cut the policy rate to 1.75 percent in October 1. Housing prices were broadly flat, with the largest rise in central Stockholm at 3.7 percent, and residential construction began to stabilise 1. In Norway, mainland GDP grew 1.2 percent, prices rose in the big cities, but construction stayed weak 1.
Trends
- Easing interest ratestailwind
Lower policy rates in Sweden and Norway could support housing demand and access to financing, although the effect on consumption has been limited 1.
- Weak consumption and confidenceheadwind
Uncertainty and caution among households have held back consumption in all three markets, which could slow sales of new homes 1.
- Declining Finnish marketheadwind
In Finland, housing starts fell for the fourth year in a row and prices kept weakening, keeping pressure on that segment 1.
- Construction cost pressuremixed
Subcontractor costs are the largest cost item and changes in them can affect project results; other costs such as land and labour have a similar effect, making profitability sensitive to cost developments 1.
Competitive position
The annual report states that the number of competitors affects supply, pricing and profitability, especially locally. JM aims to differentiate through company culture, flexibility, acquisition skills and a focus on customers and quality 1. The report does not name direct competitors.
- Local residential developers
The annual report does not identify competing firms by name; competition is described only at local and regional level.
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 / JM 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.