Bonava AB (publ)

Bonava's capital structure is characterized by a debt-to-equity ratio of 0.79, indicating a moderate reliance on debt financing. The company holds SEK 1.31 billion in cash and equivalents, but its operating cash flow is negative at SEK -175 million, raising concerns about liquidity sustainability. The current ratio of 2.84 suggests the company can cover its short-term liabilities with its current assets, but the negative net cash position after subtracting total debt highlights a liquidity risk.

Profitability metrics are weak, with a return on equity (ROE) of -2% and a return on assets (ROA) of -0.76%. These figures fall significantly below the industry median for real estate firms, which typically report positive ROE and ROA. The company's operating income of SEK 15 million is far below its gross profit of SEK 181 million, indicating high operating expenses or inefficiencies in cost management.

Bonava's revenue is not segmented by geographic region or business line in the available data, but the company operates primarily in Sweden. Given the lack of geographic diversification, the company is likely exposed to local economic conditions and regulatory changes in the Swedish real estate market.

The company's growth trajectory is uncertain, with a net loss of SEK 148 million in the latest reporting period. Analysts have assigned a mean price target of SEK 15.67, with a median of SEK 15.00, and a mean recommendation of 2.00 (indicating a "hold" or "market outperform" rating). The absence of a clear revenue growth trend and the negative net income suggest that the company may struggle to meet analyst expectations in the near term.

Risk factors include liquidity concerns, as the company's operating cash flow is negative and its net cash position is negative after subtracting total debt. The dilution risk is currently low, as there is no indication of share issuance or dilution in the latest financial data. However, the company's negative net income and high debt levels could lead to future dilution if it needs to raise capital.

Recent events include the publication of the latest financial results, which show a significant net loss. No recent filings or transcripts are available to provide additional context on the company's strategic direction or operational performance.

Operating income surged 1,545.5% year-over-year to SEK 362 million in FY2026, signaling a strong operational turnaround.

Net income improved significantly by 82.8% year-over-year to a loss of SEK 89 million in FY2026.

Free cash flow improved by 95.8% year-over-year to a loss of SEK 19 million in FY2026.

Long-term debt decreased to SEK 3.64 billion in FY2026, down from SEK 4.31 billion in the prior year.

Analysts maintain a buy recommendation with a mean price target of SEK 15.67 for the stock.

Revenue declined at a 14.9% compound annual growth rate over the last four years to SEK 7.73 billion.

The company faces high credit risk, posing significant potential financial stability concerns for investors.

Operating margin of 0.64% remains well below the 15.6% median for the real estate development cohort.

Revenue kr 713.0M, −37,0% YoY; Operating income +5,3% YoY.

• ▍Revenue kr 713.0M, −37,0% YoY
• ▍Operating income +5,3% YoY
• ▍Net income +22,8% YoY
• ▍Net margin -24.3%

Revenue kr 3.25B, +3,4% YoY; Operating income +17,4% YoY.

• ▍Revenue kr 3.25B, +3,4% YoY
• ▍Operating income +17,4% YoY
• ▍Net income +44,0% YoY
• ▍Net margin 7.0%

Revenue kr 1.20B, −16,1% YoY; Operating income +89,2% YoY.

• ▍Revenue kr 1.20B, −16,1% YoY
• ▍Operating income +89,2% YoY
• ▍Net income +70,4% YoY
• ▍Net margin -9.7%

Revenue kr 2.14B, −8,6% YoY; Operating income +753,3% YoY.

• ▍Revenue kr 2.14B, −8,6% YoY
• ▍Operating income +753,3% YoY
• ▍Net income +116,2% YoY
• ▍Net margin 1.1%

Revenue kr 1.13B; Operating income -kr 76.0M.

• ▍Revenue kr 1.13B
• ▍Operating income -kr 76.0M
• ▍Net margin -19.8%

Revenue kr 3.14B; Operating income kr 288.0M.

• ▍Revenue kr 3.14B
• ▍Operating income kr 288.0M
• ▍Net margin 5.1%

Revenue kr 1.43B; Operating income -kr 258.0M.

• ▍Revenue kr 1.43B
• ▍Operating income -kr 258.0M
• ▍Net margin -27.6%

Revenue kr 2.34B; Operating income kr 15.0M.

• ▍Revenue kr 2.34B
• ▍Operating income kr 15.0M
• ▍Net margin -6.3%

Revenue kr 7.72B, −5,7% YoY; Operating income +1 545,5% YoY.

• ▍Revenue kr 7.72B, −5,7% YoY
• ▍Operating income +1 545,5% YoY
• ▍Net income +82,8% YoY
• ▍Free cash flow +95,8% YoY
• ▍Net margin -1.2%

Revenue kr 8.19B, −38,2% YoY; Operating income +103,6% YoY.

• ▍Revenue kr 8.19B, −38,2% YoY
• ▍Operating income +103,6% YoY
• ▍Net income +61,2% YoY
• ▍Free cash flow +62,8% YoY
• ▍Net margin -6.3%

Revenue kr 13.27B, −5,1% YoY; Operating income −177,1% YoY.

• ▍Revenue kr 13.27B, −5,1% YoY
• ▍Operating income −177,1% YoY
• ▍Net income −340,9% YoY
• ▍Free cash flow −1 010,5% YoY
• ▍Net margin -10.1%

Revenue kr 13.99B, −5,2% YoY; Operating income −20,0% YoY.

• ▍Revenue kr 13.99B, −5,2% YoY
• ▍Operating income −20,0% YoY
• ▍Net income −137,5% YoY
• ▍Free cash flow −43,5% YoY
• ▍Net margin -2.2%