Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Aros Bostad

Aros Bostad

Aros is one of the larger residential developers in the greater Stockholm region. It mainly develops apartments for the mid+ segment but also for the affordable housing segment. Aros operates a relatively slim organisation with e.g. outsourced construction. Aros’ projects are increasingly being developed on its own balance sheet, compared to in fund structures and joint ventures as it has mainly been historically. The company intends to develop a portfolio of investment properties to secure steady income streams. Aros ordinary shares were listed on First North in 2021: the main shareholders are Vencom and ALM (since H2’22).

As a residential developer, Aros is exposed to several key external macro factors such as interest rates, inflation and employment growth. There is a risk that lower and/or declining residential prices lead to lower/reduced profits. Additionally, Aros has a capital structure with interest bearing debt and preference shares, both of which require annual payments. Should interest rates quickly increase, it might put pressure on refinancing opportunities.

SEKm 2022 2023e 2024e
Sales 954 1409 1630
Sales growth (%) 75,6 47,6 15,7
EBITDA 144 182 202
EBITDA margin (%) 15,1 12,9 12,4
EBIT adj. 141 182 202
EBIT adj. margin (%) 14,8 12,9 12,4
Pretax profit 136 145 160
EPS 3,16 2,48 2,75
EPS growth (%) 89,5 -21,3 10,8
EPS adj. 2,19 1,39 1,66
DPS 0 0 0
EV/EBITDA (x) 19,2 16,1 15,6
EV/EBIT adj. (x) 19,5 16,1 15,6
P/E (x) 9 11,5 10,4
P/E adj. (x) 13 20,5 17,2
EV/sales (x) 2,89 2,08 1,94
FCF yield (%) -124 -14 -20,7
Le. adj. FCF yld. (%) -124 -14 -20,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 5,2 3,7 3,7
Le. adj. ND/EBITDA (x) 5,2 3,3 3,4
SEKm 2022 2023e 2024e
Sales 954 1409 1630
COGS -716 -1116 -1304
Gross profit 238 293 326
Other operating items -95 -111 -124
EBITDA 144 182 202
Depreciation and amortisation -3 0 0
of which leasing depreciation 0 0 0
EBITA 141 182 202
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 141 182 202
Net financial items -5 -37 -42
Pretax profit 136 145 160
Tax 0 0 0
Net profit 136 145 160
Minority interest -42 -64 -64
Net profit discontinued 0 0 0
Net profit to shareholders 94 81 96
EPS 3,16 2,48 2,75
EPS adj. 2,19 1,39 1,66
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 25 20,8 20
EBITDA margin (%) 15,1 12,9 12,4
EBITA margin (%) 14,8 12,9 12,4
EBIT margin (%) 14,8 12,9 12,4
Pre-tax margin (%) 14,3 10,3 9,8
Net margin (%) 14,3 10,3 9,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 75,6 47,6 15,7
EBITDA growth (%) 120,8 26,5 10,9
EBITA growth (%) 127,9 28,6 11
EBIT growth (%) N/A 28,6 11
Net profit growth (%) 130,7 6,2 10,8
EPS growth (%) 89,5 -21,3 10,8
Profitability N/A N/A N/A
ROE (%) 19,5 8,8 7,3
ROE adj. (%) 19,5 8,8 7,3
ROCE (%) 8,3 6,8 6,4
ROCE adj. (%) 8,3 6,8 6,4
ROIC (%) 9,3 7,3 7
ROIC adj. (%) 9,3 7,3 7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 144 182 202
EBITDA adj. margin (%) 15,1 12,9 12,4
EBITDA lease adj. 144 182 202
EBITDA lease adj. margin (%) 15,1 12,9 12,4
EBITA adj. 141 182 202
EBITA adj. margin (%) 14,8 12,9 12,4
EBIT adj. 141 182 202
EBIT adj. margin (%) 14,8 12,9 12,4
Pretax profit Adj. 136 145 160
Net profit Adj. 136 145 160
Net profit to shareholders adj. 94 81 96
Net adj. margin (%) 14,3 10,3 9,8
SEKm 2022 2023e 2024e
EBITDA 144 182 202
Goodwill 0 0 0
Net financial items -5 -37 -42
Other intangible assets 0 0 0
Paid tax 0 0 0
Tangible fixed assets 0 0 0
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 139 145 160
Total other fixed assets 199 197 197
Change in working capital -1566 -341 -480
Fixed assets 199 197 197
Operating cash flow -1428 -196 -320
Inventories 2193 2145 2596
Capex tangible fixed assets 0 0 0
Receivables 89 323 370
Capex intangible fixed assets 0 0 0
Other current assets 37 159 159
Acquisitions and Disposals 0 0 0
Cash and liquid assets 175 223 267
Free cash flow -1428 -196 -320
Total assets 2693 3046 3588
Dividend paid 0 -16 -64
Shareholders equity 710 1124 1528
Share issues and buybacks 0 0 0
Minority 854 854 854
Leasing liability amortisation 0 0 0
Total equity 1564 1978 2382
Other non-cash items 561 288 308
Long-term debt 169 341 394
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 75 75
Total other long-term liabilities 0 0 0
Short-term debt 759 485 552
Accounts payable 62 21 24
Other current liabilities 140 146 161
Total liabilities and equity 2693 3046 3588
Net IB debt 753 678 754
Net IB debt excl. pension debt 753 678 754
Net IB debt excl. leasing 753 603 679
Capital employed 2492 2879 3403
Capital invested 2317 2656 3136
Working capital 2118 2459 2939
Market cap. diluted (m) 1152 1401 1547
Net IB debt adj. 753 678 754
Market value of minority 854 854 854
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2758 2932 3154
Total assets turnover (%) 52 49,1 49,1
Working capital/sales (%) 139,9 162,4 165,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 48,2 34,3 31,6
Net debt / market cap (%) 65,4 48,4 48,7
Equity ratio (%) 58,1 64,9 66,4
Net IB debt adj. / equity (%) 48,2 34,3 31,6
Current ratio 2,6 4,37 4,6
EBITDA/net interest 27,5 4,9 4,9
Net IB debt/EBITDA (x) 5,2 3,7 3,7
Net IB debt/EBITDA lease adj. (x) 5,2 3,3 3,4
Interest coverage 27 4,9 4,9
SEKm 2022 2023e 2024e
Shares outstanding adj. 40 49 54
Diluted shares adj. 40 49 54
EPS 3,16 2,48 2,75
Dividend per share 0 0 0
EPS adj. 2,19 1,39 1,66
BVPS 17,57 22,88 28,16
BVPS adj. 51,32 52,09 54,44
Net IB debt/share 18,64 13,79 13,89
Share price 28,5 28,5 28,5
Market cap. (m) 1152 1401 1547
P/E (x) 9 11,5 10,4
EV/sales (x) 2,89 2,08 1,94
EV/EBITDA (x) 19,2 16,1 15,6
EV/EBITA (x) 19,5 16,1 15,6
EV/EBIT (x) 19,5 16,1 15,6
Dividend yield (%) 0 0 0
FCF yield (%) -124 -14 -20,7
Le. adj. FCF yld. (%) -124 -14 -20,7
P/BVPS (x) 1,62 1,25 1,01
P/BVPS adj. (x) 1,62 1,25 1,01
P/E adj. (x) 13 20,5 17,2
EV/EBITDA adj. (x) 19,2 16,1 15,6
EV/EBITA adj. (x) 19,5 16,1 15,6
EV/EBIT adj. (x) 19,5 16,1 15,6
EV/CE (x) 1,1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0 0 0
Capex/depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 N/A N/A
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 20983,33 N/A N/A

Equity research

Read earlier research

Media

Aros Bostad - Company presentation with CEO Magnus Andersson
Aros Bostad - Company presentation with CEO Magnus Andersson & CFO Ken Wendelin

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Alm Equity AB 27.2 % 27.0 % 31 Oct 2023
Vencom Residential AB 13.0 % 15.0 % 27 Oct 2023
Samir Taha 11.1 % 12.7 % 25 Sep 2023
Rutger Arnhult 12.2 % 11.1 % 27 Oct 2023
Första AP-fonden 9.5 % 11.0 % 27 Oct 2023
Per Rutegård 8.5 % 9.7 % 1 Sep 2023
Livförsäkringsbolaget Skandia 3.2 % 3.7 % 27 Oct 2023
Ken Wendelin 1.8 % 2.0 % 27 Oct 2023
Thomas Hollaus 1.6 % 1.8 % 27 Oct 2023
Ejderholmen AB 1.5 % 0.9 % 27 Oct 2023
Source: Holdings by Modular Finance AB