2026 Q2 -tulosraportti
50 päivää sitten
‧23 min
1,65 SEK/osake
Viimeisin osinko
3,15%Tuotto/v
Tarjoustasot
Ei dataa
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 20.10. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 10.7. | ||
2026 Q1 -tulosraportti 17.4. | ||
2025 Q4 -tulosraportti 30.1. | ||
2025 Q3 -tulosraportti 24.10.2025 | ||
2025 Q2 -tulosraportti 11.7.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·24.8.Growth 6%, intrinsic value ~100 SEK? I have reviewed series of figures and reports back to 2022, and calculated growth, EPS and intrinsic value for Byggmax. For q3, I arrive at an expected y-o-y revenue growth of around 6%. Several coincidences have meant that the company's growth has not been clearly visible in recent reports: - q3 2025 showed negative growth due to the company's decision to remove unprofitable products from its assortment (see webcast q3, as well as page 12 in the q3, 2025-presentation, a total of approx. 3% reduction in revenue) in combination with a negative currency effect of 0,8%. - q4 2025 had the same challenge; Negative currency effect of 1,3% in addition to the quarter being measured against q4 2024, with a larger (and less profitable) assortment. If we adjust for currency effects, however, we see that revenue in q4, 2025 compared to q3 the same year was the highest since 2021, which indicates underlying growth. (Series of figures q4/q3 adjusted for currency effects from 2022: 52%, 51%, 54%, 55%.) - q1 2026 was poor due to particularly cold weather in the Swedish spring - q2 2026 started to look much better, with a revenue increase of 2,9% y-o-y, but the basis for comparison was still sales in q2 2025 before the removal of the unprofitable product categories that took effect in q3 2025. Adjusted for this, growth would have been close to 6%. Looking ahead to q3 2026, we can expect a ketchup effect from several factors: Revenue in q3 in the years 2022-25 has been in the range of 89-94% of sales in q2, with an average of 91%. However, it may be that the figures for q2 2026 are too high as a basis for comparison, because the figures for q1 were particularly low due to low temperature and late spring, and thereby some of the sales from q1 were transferred to q2. However, it is relevant to note that, despite the 3% revenue reduction from q3 2025 onwards, revenue in q1+q2 2026 was already 0,5% higher than in 2025. If we assume that sales in q1 in a normal spring would have been approx. 50mSEK higher (so that q1 2025 = q1 2026), similar to how q4 2025 was equal to q4 2024, adjusted for currency effects), and that 50% was "lost" and 50% was "transferred" to q2, then revenue in q2 would have been 2.263-25 = 2.238 mSEK given a normal spring. Thus: If revenue in q3 can be expected to be 91% of this, it will be 2.238 * 0,91 = 2.037. However, we can expect approx. 1% higher revenue due to the weakening of SEK (measured as of August 24 and assuming this holds throughout q3) and thereby higher revenue from other countries measured in SEK: 2.037 * 1,01 = 2.057 SEK With this, we can calculate expected y-o-y growth q3 2026 vs. 2025: 2.057/1.949 = 5,5%. This figure, however, assumes a stable growth rate from q2 to q3, but, if we assume accelerating growth, as there has been in recent periods, we will arrive somewhat higher, estimated 6-7%. I conclude with an expectation of 6% for q3, 2026. By performing a similar analysis for profit, 5,5 SEK in EPS should be a reasonable expectation for 2026. Briefly, EPS was 3,25 in 2025, and the first half of 2026 yielded 0,74 SEK more in EPS than in 2025. 3,25 + 0,74*2 = 4,73, but due to acceleration in growth and profit, somewhat more can be expected, I calculate approx. 0,75 more (it would be too long a post to write in all the justification here), i.e., approx. 5,5 in EPS for the year. If this analysis holds, we get 2,75 SEK in dividend (policy of 50%), corresponding to 5,3% in direct yield at a price of 52. If we plot this into a simplified version of Ben Graham's valuation formula, we get a valuation of (8 + 2*growth) *EPS*4,4/Y = (8+ 2*5)*5,5*4,4/4,2 = 104. (Note that growth here is set to 5%, not 6%, as 1% of previously calculated growth referred to quarterly currency effect.) Today's price is 52 SEK, i.e., 50% of the calculated intrinsic value. Conclusion: In my world, a company where the value is 2x today's price. But, as always, do your own analyses, do not take this as a recommendation, but rather a framework for analysis. And historical development is no guarantee for future development. Feel free to comment!
Always fun to read how others reason. A bit too positive, I might think. I am positive about the VPA development in the coming year and have 6 kr for 2027 in my book as the positive scenario. Then BMAX has a growth challenge so it should not be valued so highly. PE=10-11 is reasonable. I set intrinsic value=65 SEK.
·3.8.New monthly recap out now! 📊 Going through July on the stock market – winners, losers and what I'm keeping an eye on for August. Link in the comments for those who want to read the full review on Substack: https://sparainvestera.substack.com/p/manadens-recap-juli-2026- ·10.7.🥊 Friday Fight: Byggmax Group vs BHG Group! Who wins the home builders' war in your portfolio? I have deep-dived into the numbers for two of the Nordics' largest DIY players to see which company is actually best to own right now. 👇 How have you positioned yourselves in the building materials trade? Read the full round-by-round analysis here: https://sparainvestera.substack.com/p/fredagsfighten-byggmax-group-vs-bhg Byggmax: The stable cash flow component. Lower P/E (16,9x), decreasing indebtedness, and a dividend that more than doubled to 1,65 kr. Easy to understand, proven low-price model. BHG Group: The more risky turnaround-case. Good momentum in 2025 with fine organic growth, but burdened by zero dividend and high net debt. My verdict lands in a rather clear points victory from a defensive quality perspective, but BHG offers a completely different asymmetric upside if they reach their margin target of 7 %.
·28.4.Q2 report will be exciting to read when the time comes. If they disappoint then, I will sell off Byggmax for good (no smiley face).
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
2026 Q2 -tulosraportti
50 päivää sitten
‧23 min
1,65 SEK/osake
Viimeisin osinko
3,15%Tuotto/v
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·24.8.Growth 6%, intrinsic value ~100 SEK? I have reviewed series of figures and reports back to 2022, and calculated growth, EPS and intrinsic value for Byggmax. For q3, I arrive at an expected y-o-y revenue growth of around 6%. Several coincidences have meant that the company's growth has not been clearly visible in recent reports: - q3 2025 showed negative growth due to the company's decision to remove unprofitable products from its assortment (see webcast q3, as well as page 12 in the q3, 2025-presentation, a total of approx. 3% reduction in revenue) in combination with a negative currency effect of 0,8%. - q4 2025 had the same challenge; Negative currency effect of 1,3% in addition to the quarter being measured against q4 2024, with a larger (and less profitable) assortment. If we adjust for currency effects, however, we see that revenue in q4, 2025 compared to q3 the same year was the highest since 2021, which indicates underlying growth. (Series of figures q4/q3 adjusted for currency effects from 2022: 52%, 51%, 54%, 55%.) - q1 2026 was poor due to particularly cold weather in the Swedish spring - q2 2026 started to look much better, with a revenue increase of 2,9% y-o-y, but the basis for comparison was still sales in q2 2025 before the removal of the unprofitable product categories that took effect in q3 2025. Adjusted for this, growth would have been close to 6%. Looking ahead to q3 2026, we can expect a ketchup effect from several factors: Revenue in q3 in the years 2022-25 has been in the range of 89-94% of sales in q2, with an average of 91%. However, it may be that the figures for q2 2026 are too high as a basis for comparison, because the figures for q1 were particularly low due to low temperature and late spring, and thereby some of the sales from q1 were transferred to q2. However, it is relevant to note that, despite the 3% revenue reduction from q3 2025 onwards, revenue in q1+q2 2026 was already 0,5% higher than in 2025. If we assume that sales in q1 in a normal spring would have been approx. 50mSEK higher (so that q1 2025 = q1 2026), similar to how q4 2025 was equal to q4 2024, adjusted for currency effects), and that 50% was "lost" and 50% was "transferred" to q2, then revenue in q2 would have been 2.263-25 = 2.238 mSEK given a normal spring. Thus: If revenue in q3 can be expected to be 91% of this, it will be 2.238 * 0,91 = 2.037. However, we can expect approx. 1% higher revenue due to the weakening of SEK (measured as of August 24 and assuming this holds throughout q3) and thereby higher revenue from other countries measured in SEK: 2.037 * 1,01 = 2.057 SEK With this, we can calculate expected y-o-y growth q3 2026 vs. 2025: 2.057/1.949 = 5,5%. This figure, however, assumes a stable growth rate from q2 to q3, but, if we assume accelerating growth, as there has been in recent periods, we will arrive somewhat higher, estimated 6-7%. I conclude with an expectation of 6% for q3, 2026. By performing a similar analysis for profit, 5,5 SEK in EPS should be a reasonable expectation for 2026. Briefly, EPS was 3,25 in 2025, and the first half of 2026 yielded 0,74 SEK more in EPS than in 2025. 3,25 + 0,74*2 = 4,73, but due to acceleration in growth and profit, somewhat more can be expected, I calculate approx. 0,75 more (it would be too long a post to write in all the justification here), i.e., approx. 5,5 in EPS for the year. If this analysis holds, we get 2,75 SEK in dividend (policy of 50%), corresponding to 5,3% in direct yield at a price of 52. If we plot this into a simplified version of Ben Graham's valuation formula, we get a valuation of (8 + 2*growth) *EPS*4,4/Y = (8+ 2*5)*5,5*4,4/4,2 = 104. (Note that growth here is set to 5%, not 6%, as 1% of previously calculated growth referred to quarterly currency effect.) Today's price is 52 SEK, i.e., 50% of the calculated intrinsic value. Conclusion: In my world, a company where the value is 2x today's price. But, as always, do your own analyses, do not take this as a recommendation, but rather a framework for analysis. And historical development is no guarantee for future development. Feel free to comment!Always fun to read how others reason. A bit too positive, I might think. I am positive about the VPA development in the coming year and have 6 kr for 2027 in my book as the positive scenario. Then BMAX has a growth challenge so it should not be valued so highly. PE=10-11 is reasonable. I set intrinsic value=65 SEK.
- ·3.8.New monthly recap out now! 📊 Going through July on the stock market – winners, losers and what I'm keeping an eye on for August. Link in the comments for those who want to read the full review on Substack: https://sparainvestera.substack.com/p/manadens-recap-juli-2026
- ·10.7.🥊 Friday Fight: Byggmax Group vs BHG Group! Who wins the home builders' war in your portfolio? I have deep-dived into the numbers for two of the Nordics' largest DIY players to see which company is actually best to own right now. 👇 How have you positioned yourselves in the building materials trade? Read the full round-by-round analysis here: https://sparainvestera.substack.com/p/fredagsfighten-byggmax-group-vs-bhg Byggmax: The stable cash flow component. Lower P/E (16,9x), decreasing indebtedness, and a dividend that more than doubled to 1,65 kr. Easy to understand, proven low-price model. BHG Group: The more risky turnaround-case. Good momentum in 2025 with fine organic growth, but burdened by zero dividend and high net debt. My verdict lands in a rather clear points victory from a defensive quality perspective, but BHG offers a completely different asymmetric upside if they reach their margin target of 7 %.
- ·28.4.Q2 report will be exciting to read when the time comes. If they disappoint then, I will sell off Byggmax for good (no smiley face).
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Ei dataa
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 20.10. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 10.7. | ||
2026 Q1 -tulosraportti 17.4. | ||
2025 Q4 -tulosraportti 30.1. | ||
2025 Q3 -tulosraportti 24.10.2025 | ||
2025 Q2 -tulosraportti 11.7.2025 |
2026 Q2 -tulosraportti
50 päivää sitten
‧23 min
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 20.10. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 10.7. | ||
2026 Q1 -tulosraportti 17.4. | ||
2025 Q4 -tulosraportti 30.1. | ||
2025 Q3 -tulosraportti 24.10.2025 | ||
2025 Q2 -tulosraportti 11.7.2025 |
1,65 SEK/osake
Viimeisin osinko
3,15%Tuotto/v
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·24.8.Growth 6%, intrinsic value ~100 SEK? I have reviewed series of figures and reports back to 2022, and calculated growth, EPS and intrinsic value for Byggmax. For q3, I arrive at an expected y-o-y revenue growth of around 6%. Several coincidences have meant that the company's growth has not been clearly visible in recent reports: - q3 2025 showed negative growth due to the company's decision to remove unprofitable products from its assortment (see webcast q3, as well as page 12 in the q3, 2025-presentation, a total of approx. 3% reduction in revenue) in combination with a negative currency effect of 0,8%. - q4 2025 had the same challenge; Negative currency effect of 1,3% in addition to the quarter being measured against q4 2024, with a larger (and less profitable) assortment. If we adjust for currency effects, however, we see that revenue in q4, 2025 compared to q3 the same year was the highest since 2021, which indicates underlying growth. (Series of figures q4/q3 adjusted for currency effects from 2022: 52%, 51%, 54%, 55%.) - q1 2026 was poor due to particularly cold weather in the Swedish spring - q2 2026 started to look much better, with a revenue increase of 2,9% y-o-y, but the basis for comparison was still sales in q2 2025 before the removal of the unprofitable product categories that took effect in q3 2025. Adjusted for this, growth would have been close to 6%. Looking ahead to q3 2026, we can expect a ketchup effect from several factors: Revenue in q3 in the years 2022-25 has been in the range of 89-94% of sales in q2, with an average of 91%. However, it may be that the figures for q2 2026 are too high as a basis for comparison, because the figures for q1 were particularly low due to low temperature and late spring, and thereby some of the sales from q1 were transferred to q2. However, it is relevant to note that, despite the 3% revenue reduction from q3 2025 onwards, revenue in q1+q2 2026 was already 0,5% higher than in 2025. If we assume that sales in q1 in a normal spring would have been approx. 50mSEK higher (so that q1 2025 = q1 2026), similar to how q4 2025 was equal to q4 2024, adjusted for currency effects), and that 50% was "lost" and 50% was "transferred" to q2, then revenue in q2 would have been 2.263-25 = 2.238 mSEK given a normal spring. Thus: If revenue in q3 can be expected to be 91% of this, it will be 2.238 * 0,91 = 2.037. However, we can expect approx. 1% higher revenue due to the weakening of SEK (measured as of August 24 and assuming this holds throughout q3) and thereby higher revenue from other countries measured in SEK: 2.037 * 1,01 = 2.057 SEK With this, we can calculate expected y-o-y growth q3 2026 vs. 2025: 2.057/1.949 = 5,5%. This figure, however, assumes a stable growth rate from q2 to q3, but, if we assume accelerating growth, as there has been in recent periods, we will arrive somewhat higher, estimated 6-7%. I conclude with an expectation of 6% for q3, 2026. By performing a similar analysis for profit, 5,5 SEK in EPS should be a reasonable expectation for 2026. Briefly, EPS was 3,25 in 2025, and the first half of 2026 yielded 0,74 SEK more in EPS than in 2025. 3,25 + 0,74*2 = 4,73, but due to acceleration in growth and profit, somewhat more can be expected, I calculate approx. 0,75 more (it would be too long a post to write in all the justification here), i.e., approx. 5,5 in EPS for the year. If this analysis holds, we get 2,75 SEK in dividend (policy of 50%), corresponding to 5,3% in direct yield at a price of 52. If we plot this into a simplified version of Ben Graham's valuation formula, we get a valuation of (8 + 2*growth) *EPS*4,4/Y = (8+ 2*5)*5,5*4,4/4,2 = 104. (Note that growth here is set to 5%, not 6%, as 1% of previously calculated growth referred to quarterly currency effect.) Today's price is 52 SEK, i.e., 50% of the calculated intrinsic value. Conclusion: In my world, a company where the value is 2x today's price. But, as always, do your own analyses, do not take this as a recommendation, but rather a framework for analysis. And historical development is no guarantee for future development. Feel free to comment!Always fun to read how others reason. A bit too positive, I might think. I am positive about the VPA development in the coming year and have 6 kr for 2027 in my book as the positive scenario. Then BMAX has a growth challenge so it should not be valued so highly. PE=10-11 is reasonable. I set intrinsic value=65 SEK.
- ·3.8.New monthly recap out now! 📊 Going through July on the stock market – winners, losers and what I'm keeping an eye on for August. Link in the comments for those who want to read the full review on Substack: https://sparainvestera.substack.com/p/manadens-recap-juli-2026
- ·10.7.🥊 Friday Fight: Byggmax Group vs BHG Group! Who wins the home builders' war in your portfolio? I have deep-dived into the numbers for two of the Nordics' largest DIY players to see which company is actually best to own right now. 👇 How have you positioned yourselves in the building materials trade? Read the full round-by-round analysis here: https://sparainvestera.substack.com/p/fredagsfighten-byggmax-group-vs-bhg Byggmax: The stable cash flow component. Lower P/E (16,9x), decreasing indebtedness, and a dividend that more than doubled to 1,65 kr. Easy to understand, proven low-price model. BHG Group: The more risky turnaround-case. Good momentum in 2025 with fine organic growth, but burdened by zero dividend and high net debt. My verdict lands in a rather clear points victory from a defensive quality perspective, but BHG offers a completely different asymmetric upside if they reach their margin target of 7 %.
- ·28.4.Q2 report will be exciting to read when the time comes. If they disappoint then, I will sell off Byggmax for good (no smiley face).
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Ei dataa
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt