2026 Q2 -tulosraportti
16 päivää sitten
‧15 min
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 22.10. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.7. | ||
2026 Q1 -tulosraportti 5.5. | ||
2025 Q4 -tulosraportti 12.2. | ||
2025 Q3 -tulosraportti 23.10.2025 | ||
2025 Q2 -tulosraportti 1.8.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·10 t sittenWhat is required on 22/10 for a better stock market rally? Low turnover makes us hope for some activity from the larger players who can increase their holdings now. My belief, a bit over 5 kr, then it will be good if 5.25 kr then it's a buy. Opinions welcome.- ·3 päivää sittenMy assessment BIMobject is an interesting company but it takes some time. It's a build-up and the larger investors see it long-term. That Håkan Blomdahl entered in autumn 2025 then at a slightly higher level than today and increased is good. Håkan's market value is now approx 82 milj.kr. A clearly long-term and very skilled investor who is now the second largest. Tried to read annual reports and notice that I see no ownership list which I consider an important part. The major owner has also increased. I believe the company is relatively unknown and like e.g. Arbona, Håkan's darling, where he increased significantly and we see a price increase. Many tough years - but all good things take time. A price above 5,42 kr then it's on its way according to my assessment - can it be this year ?
·5.8.H2 could be the most important period for BIMobject in many years! I believe the most important question for BIM during H2 is not whether the company grows, but where the growth comes from. If Data Solutions shows that AI, product data, and sustainability data drive faster growth, higher contract values, and better profitability, then there are prerequisites for a higher valuation. If, on the other hand, the development is primarily based on cost savings without clear signs that the new business model scales, it is harder to justify a larger revaluation. That is why I see H2 2026 as a period where the market will primarily look for evidence of scalability, not just better quarterly figures. I truly hope that the company starts reporting more operational KPIs around Data Solutions, for example, growth per business area, average contract value (ACV), AI-related sales, and expansion with existing customers. These are the key figures that enable the market to start modeling long-term growth. I also don't believe that the main share price driver will be a single press release (PM). However, a chain of positive data points can make a big difference: a strong Q2, new AI and Data Solutions customers, larger partnerships, a strong Q3, and continued improved profitability. When several such signals come one after another, the market's view of a company often changes. For me, the most important question during H2 is therefore not whether BIM grows, but where the growth comes from. If Data Solutions shows that AI, product data, and sustainability data drive faster growth, higher contract values, and better margins, then in my opinion there are good reasons for a higher valuation. Then BIM will start to be valued less as a traditional construction tech company and more as a scalable AI and data platform. That is the revaluation I believe the market is waiting for evidence of.- ·2.8. · MuokattuMy take from the Q2 call is that management did not try to impress with the quarter's results, but rather to make the market understand that BIM is building a new business model. Q2 shows clearer conditions for scaling, but not yet actual financial scaling. ARR continues to rise, retention improves, average contract value develops positively, and recurring revenue now constitutes 87 percent of revenue, while service revenues decrease and the cost base is lowered. This makes the revenue mix more platform-oriented, predictable, and potentially scalable. Organizationally, the company has implemented much of what was communicated in Q1 through the division into Design Enablement and Data Solutions, the elimination of 24 positions, and a repeated savings target of approximately 25m per year. Design Enablement accounts for approximately 136m in ARR and is intended to be the stable and profitable base, while Data Solutions, with approximately 16m in ARR, is intended to create higher growth, larger contract values, and deeper customer lock-in. Data Solutions includes Prodikt, Connect, and EandoX, which are now being consolidated into a common platform and commercial operation. If the entire communicated cost saving of approximately 25m per year had fully impacted already in Q2, the adjusted EBITDA loss would mechanically have decreased from −10.0m to approximately −3.8m. At the same time, 22 out of 149 employees were still covered by the restructuring program at the end of the quarter, which means that the full effect will likely only become visible when the workforce reaches the pro forma level of approximately 127 employees that the company has communicated. I expect that the cost saving will improve EBITDA in the coming quarters. The new AI-driven Prodikt version is intended to automate data collection, improve data quality, and simplify the creation of complete EPD documentation, but is still facing tests with real partners and manufacturers. The GreenMetrica acquisition has simultaneously added agent-based AI and expertise to transform unstructured data into useful workflows. Therefore, I primarily see BIM today as an emerging Data-as-a-Service company, with the possibility to later build Agent-as-a-Service on top of its own data platform. The long-term leverage lies in two-sided network effects where more data consumers attract more manufacturers, and more manufacturers, in turn, make the platform more valuable for wholesalers, contractors, and other users. However, the company still states that the network effects are early and cannot yet show that the partnership with Byggmaterialhandlarna has led to measurably higher demand or more customers. The biggest uncertainty is therefore commercialization: building the platform is one thing, but increasing ACV (Annual Contract Value), converting pilot customers, and accelerating ARR is another. Q3 may show a clear EBITDA improvement when cost savings start to take effect, even if cash flow may still be burdened by already reserved restructuring costs. My conclusion is that Q2 primarily proves execution, while Q3, Q4, and likely 2027 must show that the new model also works financially and actually scales. If Q3 and Q4 truly show that Data Solutions starts contributing with faster ARR growth while EBITDA improves, then I would see that as the first real evidence of commercial scaling. This does not mean that Data Solutions will scale explosively during H2 2026. But if pilot customers become reference customers and the commercial rollout proceeds as planned, then I think 2027 appears to have greater potential for real scaling than H2 2026. I interpret it more as them currently being precisely between development and commercialization. If I weigh together Q2, management's message, and the probability of development over the next 12–18 months, I think a reasonable base case scenario is around 1.5–2.0 billion SEK in market capitalization (3-5x EV/Sales), provided that Q3 and Q4 confirm the direction described by management. This is however not a forecast or a target price, but a scenario based on the company succeeding in proving scalability and approaching profitability (ARR 12–18 % and EBITDA near break-even). What makes BIM unusually interesting today is that the market still seems to value the company based on the old business model. If Data Solutions truly becomes the growth engine that management describes, the valuation could be significantly higher in a few years' time. If, however, commercialization proceeds slower than expected, there is a risk that the company continues to be valued as a restructuring case. There is a BIM Discord group to follow. Invitation link : https://discord.gg/TD9X8UxwvbThe most interesting thing in Q2 was actually not the total ARR growth, but that the company clearly separately reports the development for its two business areas. This gives investors the opportunity to start analyzing the business as two different growth engines instead of a single ARR figure. Design Enablement appears to be the mature business. ARR development is stable, with high retention and successive improvements through price increases, better customer care, and a growing installed base. This part should be able to continue delivering low single-digit to mid-single-digit ARR growth, but it will likely not be the main value driver. Data Solutions, however, is something completely different. If one starts from the company's own figures, ARR has grown from approximately 2m to about 16m in two years, i.e., an increase of almost 8x. What is particularly interesting is that the curve appears to accelerate during 2025 and into 2026 rather than grow linearly. This aligns well with management's message that the period until now has primarily been about product development, AI investments, and the establishment of partnerships, while the focus now shifts to commercialization. My interpretation is therefore that H2 2026 will be the first half-year where we truly get to see the effect of the commercial initiative. Partnerships are in place, the organization is now divided with dedicated leadership for Data Solutions, and the cost base has been lowered by approximately 25m per year, which provides greater operational leverage. If Data Solutions continues to grow at the same pace as in recent quarters, an ARR range of approximately 20–25m by the end of 2026 would not feel unreasonable. The most important thing, however, will not be the exact figure, but whether the company can show that Data Solutions continues to grow faster than Design Enablement quarter after quarter. If that happens, the market will likely start valuing BIMobject as two separate businesses: a stable cash flow generator and a fast-growing data platform. It is only then that the full potential of the new strategy can begin to be reflected in the valuation.
- ·31.7.My conclusion after Q2 is that BIM has actually taken a clear step in the right direction. What I find is starting to become interesting is that one can actually discern the first signs of scaling. We see a growing base of recurring revenues, better retention, a larger user base, and a product portfolio that is starting to mature. At the same time, the company is still in a position where the big leverage remains to be proven, i.e., ARR growth needs to accelerate, revenue needs to pick up speed, and EBITDA needs to improve through operating leverage. Therefore, I see Q3 and the coming quarters as an important confirmation of whether BIMobject is now leaving the restructuring phase and entering a true scaling phase. If that happens, I believe the market will start to value the company in a completely different way. And that is precisely Niklas's primary task, I think. At the same time, I think the market is right to still consider the company a proof-phase case rather than a fully scaling SaaS company. There are clear signs that the strategy is working, but it remains to be shown that it can also deliver sustainable profitable growth. Therefore, Q3 will be a key quarter. Either it turns out that Q2 was the last costly quarter before operating leverage truly starts to show, or we get yet another quarter where the strategic development is not fully translated into financial results. For me, that is precisely the transition the market is waiting for. When (or if) it comes, the valuation can change significantly.
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.
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
16 päivää sitten
‧15 min
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
- ·10 t sittenWhat is required on 22/10 for a better stock market rally? Low turnover makes us hope for some activity from the larger players who can increase their holdings now. My belief, a bit over 5 kr, then it will be good if 5.25 kr then it's a buy. Opinions welcome.
- ·3 päivää sittenMy assessment BIMobject is an interesting company but it takes some time. It's a build-up and the larger investors see it long-term. That Håkan Blomdahl entered in autumn 2025 then at a slightly higher level than today and increased is good. Håkan's market value is now approx 82 milj.kr. A clearly long-term and very skilled investor who is now the second largest. Tried to read annual reports and notice that I see no ownership list which I consider an important part. The major owner has also increased. I believe the company is relatively unknown and like e.g. Arbona, Håkan's darling, where he increased significantly and we see a price increase. Many tough years - but all good things take time. A price above 5,42 kr then it's on its way according to my assessment - can it be this year ?
- ·5.8.H2 could be the most important period for BIMobject in many years! I believe the most important question for BIM during H2 is not whether the company grows, but where the growth comes from. If Data Solutions shows that AI, product data, and sustainability data drive faster growth, higher contract values, and better profitability, then there are prerequisites for a higher valuation. If, on the other hand, the development is primarily based on cost savings without clear signs that the new business model scales, it is harder to justify a larger revaluation. That is why I see H2 2026 as a period where the market will primarily look for evidence of scalability, not just better quarterly figures. I truly hope that the company starts reporting more operational KPIs around Data Solutions, for example, growth per business area, average contract value (ACV), AI-related sales, and expansion with existing customers. These are the key figures that enable the market to start modeling long-term growth. I also don't believe that the main share price driver will be a single press release (PM). However, a chain of positive data points can make a big difference: a strong Q2, new AI and Data Solutions customers, larger partnerships, a strong Q3, and continued improved profitability. When several such signals come one after another, the market's view of a company often changes. For me, the most important question during H2 is therefore not whether BIM grows, but where the growth comes from. If Data Solutions shows that AI, product data, and sustainability data drive faster growth, higher contract values, and better margins, then in my opinion there are good reasons for a higher valuation. Then BIM will start to be valued less as a traditional construction tech company and more as a scalable AI and data platform. That is the revaluation I believe the market is waiting for evidence of.
- ·2.8. · MuokattuMy take from the Q2 call is that management did not try to impress with the quarter's results, but rather to make the market understand that BIM is building a new business model. Q2 shows clearer conditions for scaling, but not yet actual financial scaling. ARR continues to rise, retention improves, average contract value develops positively, and recurring revenue now constitutes 87 percent of revenue, while service revenues decrease and the cost base is lowered. This makes the revenue mix more platform-oriented, predictable, and potentially scalable. Organizationally, the company has implemented much of what was communicated in Q1 through the division into Design Enablement and Data Solutions, the elimination of 24 positions, and a repeated savings target of approximately 25m per year. Design Enablement accounts for approximately 136m in ARR and is intended to be the stable and profitable base, while Data Solutions, with approximately 16m in ARR, is intended to create higher growth, larger contract values, and deeper customer lock-in. Data Solutions includes Prodikt, Connect, and EandoX, which are now being consolidated into a common platform and commercial operation. If the entire communicated cost saving of approximately 25m per year had fully impacted already in Q2, the adjusted EBITDA loss would mechanically have decreased from −10.0m to approximately −3.8m. At the same time, 22 out of 149 employees were still covered by the restructuring program at the end of the quarter, which means that the full effect will likely only become visible when the workforce reaches the pro forma level of approximately 127 employees that the company has communicated. I expect that the cost saving will improve EBITDA in the coming quarters. The new AI-driven Prodikt version is intended to automate data collection, improve data quality, and simplify the creation of complete EPD documentation, but is still facing tests with real partners and manufacturers. The GreenMetrica acquisition has simultaneously added agent-based AI and expertise to transform unstructured data into useful workflows. Therefore, I primarily see BIM today as an emerging Data-as-a-Service company, with the possibility to later build Agent-as-a-Service on top of its own data platform. The long-term leverage lies in two-sided network effects where more data consumers attract more manufacturers, and more manufacturers, in turn, make the platform more valuable for wholesalers, contractors, and other users. However, the company still states that the network effects are early and cannot yet show that the partnership with Byggmaterialhandlarna has led to measurably higher demand or more customers. The biggest uncertainty is therefore commercialization: building the platform is one thing, but increasing ACV (Annual Contract Value), converting pilot customers, and accelerating ARR is another. Q3 may show a clear EBITDA improvement when cost savings start to take effect, even if cash flow may still be burdened by already reserved restructuring costs. My conclusion is that Q2 primarily proves execution, while Q3, Q4, and likely 2027 must show that the new model also works financially and actually scales. If Q3 and Q4 truly show that Data Solutions starts contributing with faster ARR growth while EBITDA improves, then I would see that as the first real evidence of commercial scaling. This does not mean that Data Solutions will scale explosively during H2 2026. But if pilot customers become reference customers and the commercial rollout proceeds as planned, then I think 2027 appears to have greater potential for real scaling than H2 2026. I interpret it more as them currently being precisely between development and commercialization. If I weigh together Q2, management's message, and the probability of development over the next 12–18 months, I think a reasonable base case scenario is around 1.5–2.0 billion SEK in market capitalization (3-5x EV/Sales), provided that Q3 and Q4 confirm the direction described by management. This is however not a forecast or a target price, but a scenario based on the company succeeding in proving scalability and approaching profitability (ARR 12–18 % and EBITDA near break-even). What makes BIM unusually interesting today is that the market still seems to value the company based on the old business model. If Data Solutions truly becomes the growth engine that management describes, the valuation could be significantly higher in a few years' time. If, however, commercialization proceeds slower than expected, there is a risk that the company continues to be valued as a restructuring case. There is a BIM Discord group to follow. Invitation link : https://discord.gg/TD9X8UxwvbThe most interesting thing in Q2 was actually not the total ARR growth, but that the company clearly separately reports the development for its two business areas. This gives investors the opportunity to start analyzing the business as two different growth engines instead of a single ARR figure. Design Enablement appears to be the mature business. ARR development is stable, with high retention and successive improvements through price increases, better customer care, and a growing installed base. This part should be able to continue delivering low single-digit to mid-single-digit ARR growth, but it will likely not be the main value driver. Data Solutions, however, is something completely different. If one starts from the company's own figures, ARR has grown from approximately 2m to about 16m in two years, i.e., an increase of almost 8x. What is particularly interesting is that the curve appears to accelerate during 2025 and into 2026 rather than grow linearly. This aligns well with management's message that the period until now has primarily been about product development, AI investments, and the establishment of partnerships, while the focus now shifts to commercialization. My interpretation is therefore that H2 2026 will be the first half-year where we truly get to see the effect of the commercial initiative. Partnerships are in place, the organization is now divided with dedicated leadership for Data Solutions, and the cost base has been lowered by approximately 25m per year, which provides greater operational leverage. If Data Solutions continues to grow at the same pace as in recent quarters, an ARR range of approximately 20–25m by the end of 2026 would not feel unreasonable. The most important thing, however, will not be the exact figure, but whether the company can show that Data Solutions continues to grow faster than Design Enablement quarter after quarter. If that happens, the market will likely start valuing BIMobject as two separate businesses: a stable cash flow generator and a fast-growing data platform. It is only then that the full potential of the new strategy can begin to be reflected in the valuation.
- ·31.7.My conclusion after Q2 is that BIM has actually taken a clear step in the right direction. What I find is starting to become interesting is that one can actually discern the first signs of scaling. We see a growing base of recurring revenues, better retention, a larger user base, and a product portfolio that is starting to mature. At the same time, the company is still in a position where the big leverage remains to be proven, i.e., ARR growth needs to accelerate, revenue needs to pick up speed, and EBITDA needs to improve through operating leverage. Therefore, I see Q3 and the coming quarters as an important confirmation of whether BIMobject is now leaving the restructuring phase and entering a true scaling phase. If that happens, I believe the market will start to value the company in a completely different way. And that is precisely Niklas's primary task, I think. At the same time, I think the market is right to still consider the company a proof-phase case rather than a fully scaling SaaS company. There are clear signs that the strategy is working, but it remains to be shown that it can also deliver sustainable profitable growth. Therefore, Q3 will be a key quarter. Either it turns out that Q2 was the last costly quarter before operating leverage truly starts to show, or we get yet another quarter where the strategic development is not fully translated into financial results. For me, that is precisely the transition the market is waiting for. When (or if) it comes, the valuation can change significantly.
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 22.10. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.7. | ||
2026 Q1 -tulosraportti 5.5. | ||
2025 Q4 -tulosraportti 12.2. | ||
2025 Q3 -tulosraportti 23.10.2025 | ||
2025 Q2 -tulosraportti 1.8.2025 |
2026 Q2 -tulosraportti
16 päivää sitten
‧15 min
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 22.10. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.7. | ||
2026 Q1 -tulosraportti 5.5. | ||
2025 Q4 -tulosraportti 12.2. | ||
2025 Q3 -tulosraportti 23.10.2025 | ||
2025 Q2 -tulosraportti 1.8.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·10 t sittenWhat is required on 22/10 for a better stock market rally? Low turnover makes us hope for some activity from the larger players who can increase their holdings now. My belief, a bit over 5 kr, then it will be good if 5.25 kr then it's a buy. Opinions welcome.
- ·3 päivää sittenMy assessment BIMobject is an interesting company but it takes some time. It's a build-up and the larger investors see it long-term. That Håkan Blomdahl entered in autumn 2025 then at a slightly higher level than today and increased is good. Håkan's market value is now approx 82 milj.kr. A clearly long-term and very skilled investor who is now the second largest. Tried to read annual reports and notice that I see no ownership list which I consider an important part. The major owner has also increased. I believe the company is relatively unknown and like e.g. Arbona, Håkan's darling, where he increased significantly and we see a price increase. Many tough years - but all good things take time. A price above 5,42 kr then it's on its way according to my assessment - can it be this year ?
- ·5.8.H2 could be the most important period for BIMobject in many years! I believe the most important question for BIM during H2 is not whether the company grows, but where the growth comes from. If Data Solutions shows that AI, product data, and sustainability data drive faster growth, higher contract values, and better profitability, then there are prerequisites for a higher valuation. If, on the other hand, the development is primarily based on cost savings without clear signs that the new business model scales, it is harder to justify a larger revaluation. That is why I see H2 2026 as a period where the market will primarily look for evidence of scalability, not just better quarterly figures. I truly hope that the company starts reporting more operational KPIs around Data Solutions, for example, growth per business area, average contract value (ACV), AI-related sales, and expansion with existing customers. These are the key figures that enable the market to start modeling long-term growth. I also don't believe that the main share price driver will be a single press release (PM). However, a chain of positive data points can make a big difference: a strong Q2, new AI and Data Solutions customers, larger partnerships, a strong Q3, and continued improved profitability. When several such signals come one after another, the market's view of a company often changes. For me, the most important question during H2 is therefore not whether BIM grows, but where the growth comes from. If Data Solutions shows that AI, product data, and sustainability data drive faster growth, higher contract values, and better margins, then in my opinion there are good reasons for a higher valuation. Then BIM will start to be valued less as a traditional construction tech company and more as a scalable AI and data platform. That is the revaluation I believe the market is waiting for evidence of.
- ·2.8. · MuokattuMy take from the Q2 call is that management did not try to impress with the quarter's results, but rather to make the market understand that BIM is building a new business model. Q2 shows clearer conditions for scaling, but not yet actual financial scaling. ARR continues to rise, retention improves, average contract value develops positively, and recurring revenue now constitutes 87 percent of revenue, while service revenues decrease and the cost base is lowered. This makes the revenue mix more platform-oriented, predictable, and potentially scalable. Organizationally, the company has implemented much of what was communicated in Q1 through the division into Design Enablement and Data Solutions, the elimination of 24 positions, and a repeated savings target of approximately 25m per year. Design Enablement accounts for approximately 136m in ARR and is intended to be the stable and profitable base, while Data Solutions, with approximately 16m in ARR, is intended to create higher growth, larger contract values, and deeper customer lock-in. Data Solutions includes Prodikt, Connect, and EandoX, which are now being consolidated into a common platform and commercial operation. If the entire communicated cost saving of approximately 25m per year had fully impacted already in Q2, the adjusted EBITDA loss would mechanically have decreased from −10.0m to approximately −3.8m. At the same time, 22 out of 149 employees were still covered by the restructuring program at the end of the quarter, which means that the full effect will likely only become visible when the workforce reaches the pro forma level of approximately 127 employees that the company has communicated. I expect that the cost saving will improve EBITDA in the coming quarters. The new AI-driven Prodikt version is intended to automate data collection, improve data quality, and simplify the creation of complete EPD documentation, but is still facing tests with real partners and manufacturers. The GreenMetrica acquisition has simultaneously added agent-based AI and expertise to transform unstructured data into useful workflows. Therefore, I primarily see BIM today as an emerging Data-as-a-Service company, with the possibility to later build Agent-as-a-Service on top of its own data platform. The long-term leverage lies in two-sided network effects where more data consumers attract more manufacturers, and more manufacturers, in turn, make the platform more valuable for wholesalers, contractors, and other users. However, the company still states that the network effects are early and cannot yet show that the partnership with Byggmaterialhandlarna has led to measurably higher demand or more customers. The biggest uncertainty is therefore commercialization: building the platform is one thing, but increasing ACV (Annual Contract Value), converting pilot customers, and accelerating ARR is another. Q3 may show a clear EBITDA improvement when cost savings start to take effect, even if cash flow may still be burdened by already reserved restructuring costs. My conclusion is that Q2 primarily proves execution, while Q3, Q4, and likely 2027 must show that the new model also works financially and actually scales. If Q3 and Q4 truly show that Data Solutions starts contributing with faster ARR growth while EBITDA improves, then I would see that as the first real evidence of commercial scaling. This does not mean that Data Solutions will scale explosively during H2 2026. But if pilot customers become reference customers and the commercial rollout proceeds as planned, then I think 2027 appears to have greater potential for real scaling than H2 2026. I interpret it more as them currently being precisely between development and commercialization. If I weigh together Q2, management's message, and the probability of development over the next 12–18 months, I think a reasonable base case scenario is around 1.5–2.0 billion SEK in market capitalization (3-5x EV/Sales), provided that Q3 and Q4 confirm the direction described by management. This is however not a forecast or a target price, but a scenario based on the company succeeding in proving scalability and approaching profitability (ARR 12–18 % and EBITDA near break-even). What makes BIM unusually interesting today is that the market still seems to value the company based on the old business model. If Data Solutions truly becomes the growth engine that management describes, the valuation could be significantly higher in a few years' time. If, however, commercialization proceeds slower than expected, there is a risk that the company continues to be valued as a restructuring case. There is a BIM Discord group to follow. Invitation link : https://discord.gg/TD9X8UxwvbThe most interesting thing in Q2 was actually not the total ARR growth, but that the company clearly separately reports the development for its two business areas. This gives investors the opportunity to start analyzing the business as two different growth engines instead of a single ARR figure. Design Enablement appears to be the mature business. ARR development is stable, with high retention and successive improvements through price increases, better customer care, and a growing installed base. This part should be able to continue delivering low single-digit to mid-single-digit ARR growth, but it will likely not be the main value driver. Data Solutions, however, is something completely different. If one starts from the company's own figures, ARR has grown from approximately 2m to about 16m in two years, i.e., an increase of almost 8x. What is particularly interesting is that the curve appears to accelerate during 2025 and into 2026 rather than grow linearly. This aligns well with management's message that the period until now has primarily been about product development, AI investments, and the establishment of partnerships, while the focus now shifts to commercialization. My interpretation is therefore that H2 2026 will be the first half-year where we truly get to see the effect of the commercial initiative. Partnerships are in place, the organization is now divided with dedicated leadership for Data Solutions, and the cost base has been lowered by approximately 25m per year, which provides greater operational leverage. If Data Solutions continues to grow at the same pace as in recent quarters, an ARR range of approximately 20–25m by the end of 2026 would not feel unreasonable. The most important thing, however, will not be the exact figure, but whether the company can show that Data Solutions continues to grow faster than Design Enablement quarter after quarter. If that happens, the market will likely start valuing BIMobject as two separate businesses: a stable cash flow generator and a fast-growing data platform. It is only then that the full potential of the new strategy can begin to be reflected in the valuation.
- ·31.7.My conclusion after Q2 is that BIM has actually taken a clear step in the right direction. What I find is starting to become interesting is that one can actually discern the first signs of scaling. We see a growing base of recurring revenues, better retention, a larger user base, and a product portfolio that is starting to mature. At the same time, the company is still in a position where the big leverage remains to be proven, i.e., ARR growth needs to accelerate, revenue needs to pick up speed, and EBITDA needs to improve through operating leverage. Therefore, I see Q3 and the coming quarters as an important confirmation of whether BIMobject is now leaving the restructuring phase and entering a true scaling phase. If that happens, I believe the market will start to value the company in a completely different way. And that is precisely Niklas's primary task, I think. At the same time, I think the market is right to still consider the company a proof-phase case rather than a fully scaling SaaS company. There are clear signs that the strategy is working, but it remains to be shown that it can also deliver sustainable profitable growth. Therefore, Q3 will be a key quarter. Either it turns out that Q2 was the last costly quarter before operating leverage truly starts to show, or we get yet another quarter where the strategic development is not fully translated into financial results. For me, that is precisely the transition the market is waiting for. When (or if) it comes, the valuation can change significantly.
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