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Besqab

Besqab

Besqab 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. Besqab operates a relatively slim organisation with e.g. outsourced construction. Besqab’s 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. Besqab's ordinary shares were listed on First North in 2021: the main shareholders are Vencom and ALM (since H2’22).

As a residential developer, Besqab 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, Besqab 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 2023 2024e 2025e
Sales 1433 1561 2345
Sales growth (%) 50,1 8,9 50,2
EBITDA 174 186 306
EBITDA margin (%) 12,1 11,9 13
EBIT adj. 173 186 306
EBIT adj. margin (%) 12,1 11,9 13
Pretax profit 130 153 257
EPS 2,23 2,63 4,41
EPS growth (%) -29,2 17,8 67,4
EPS adj. 1,17 1,54 3,31
DPS 0 0 0
EV/EBITDA (x) 14,2 14,8 10,7
EV/EBIT adj. (x) 14,2 14,8 10,7
P/E (x) 12 10,1 6,1
P/E adj. (x) 22,9 17,4 8,1
EV/sales (x) 1,72 1,76 1,4
FCF yield (%) 27,1 -29,8 -40,1
Le. adj. FCF yld. (%) 27,1 -29,8 -40,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,7 2,6 2,8
Le. adj. ND/EBITDA (x) 1,6 2,5 2,7
SEKm 2023 2024e 2025e
Sales 1433 1561 2345
COGS -1148 -1250 -1902
Gross profit 284 311 443
Other operating items -111 -124 -137
EBITDA 174 186 306
Depreciation and amortisation 0 0 0
of which leasing depreciation 0 0 0
EBITA 173 186 306
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 173 186 306
Net financial items -43 -33 -49
Pretax profit 130 153 257
Tax 0 0 0
Net profit 130 153 257
Minority interest -62 -64 -64
Net profit discontinued 0 0 0
Net profit to shareholders 68 90 193
EPS 2,23 2,63 4,41
EPS adj. 1,17 1,54 3,31
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 19,9 19,9 18,9
EBITDA margin (%) 12,1 11,9 13
EBITA margin (%) 12,1 11,9 13
EBIT margin (%) 12,1 11,9 13
Pre-tax margin (%) 9,1 9,8 10,9
Net margin (%) 9,1 9,8 10,9
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 50,1 8,9 50,2
EBITDA growth (%) 20,7 7,4 64,1
EBITA growth (%) 22,7 7,5 64,1
EBIT growth (%) 22,7 7,5 64,1
Net profit growth (%) -4,4 17,8 67,4
EPS growth (%) -29,2 17,8 67,4
Profitability N/A N/A N/A
ROE (%) 8,3 7,9 12,2
ROE adj. (%) 8,3 7,9 12,2
ROCE (%) 7,2 7,2 9,4
ROCE adj. (%) 7,2 7,2 9,4
ROIC (%) 7,9 7,8 9,9
ROIC adj. (%) 7,9 7,8 9,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 174 186 306
EBITDA adj. margin (%) 12,1 11,9 13
EBITDA lease adj. 174 186 306
EBITDA lease adj. margin (%) 12,1 11,9 13
EBITA adj. 173 186 306
EBITA adj. margin (%) 12,1 11,9 13
EBIT adj. 173 186 306
EBIT adj. margin (%) 12,1 11,9 13
Pretax profit Adj. 130 153 257
Net profit Adj. 130 153 257
Net profit to shareholders adj. 68 90 193
Net adj. margin (%) 9,1 9,8 10,9
SEKm 2023 2024e 2025e
EBITDA 174 186 306
Goodwill 0 0 0
Net financial items -43 -33 -49
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 130 153 257
Total other fixed assets 193 193 193
Change in working capital 224 -577 -881
Fixed assets 193 193 193
Operating cash flow 354 -424 -625
Inventories 1877 2434 3198
Capex tangible fixed assets 0 0 0
Receivables 215 235 353
Capex intangible fixed assets 0 0 0
Other current assets 17 17 17
Acquisitions and Disposals 0 0 0
Cash and liquid assets 239 181 109
Free cash flow 354 -424 -625
Total assets 2541 3060 3869
Dividend paid 0 -64 -64
Shareholders equity 934 1331 1832
Share issues and buybacks 0 0 0
Minority 854 854 854
Leasing liability amortisation 0 0 0
Total equity 1788 2185 2686
Other non-cash items 100 308 308
Long-term debt 329 436 656
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 19 19 19
Total other long-term liabilities 0 0 0
Short-term debt 191 205 294
Accounts payable 0 0 0
Other current liabilities 214 214 214
Total liabilities and equity 2541 3060 3869
Net IB debt 299 479 860
Net IB debt excl. pension debt 299 479 860
Net IB debt excl. leasing 280 460 841
Capital employed 2326 2845 3654
Capital invested 2087 2664 3545
Working capital 1894 2472 3353
Market cap. diluted (m) 1305 1422 1559
Net IB debt adj. 299 479 860
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 2458 2755 3272
Total assets turnover (%) 54,7 55,7 67,7
Working capital/sales (%) 140 139,9 124,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 16,7 21,9 32
Net debt / market cap (%) 22,9 33,7 55,1
Equity ratio (%) 70,4 71,4 69,4
Net IB debt adj. / equity (%) 16,7 21,9 32
Current ratio 5,8 6,83 7,23
EBITDA/net interest 4 5,6 6,2
Net IB debt/EBITDA (x) 1,7 2,6 2,8
Net IB debt/EBITDA lease adj. (x) 1,6 2,5 2,7
Interest coverage 4 5,6 6,2
SEKm 2023 2024e 2025e
Shares outstanding adj. 49 53 58
Diluted shares adj. 49 53 58
EPS 2,23 2,63 4,41
Dividend per share 0 0 0
EPS adj. 1,17 1,54 3,31
BVPS 19,11 25 31,37
BVPS adj. 23,05 27,78 33,36
Net IB debt/share 6,11 8,99 14,72
Share price 26,7 26,7 26,7
Market cap. (m) 1305 1422 1559
P/E (x) 12 10,1 6,1
EV/sales (x) 1,72 1,76 1,4
EV/EBITDA (x) 14,2 14,8 10,7
EV/EBITA (x) 14,2 14,8 10,7
EV/EBIT (x) 14,2 14,8 10,7
Dividend yield (%) 0 0 0
FCF yield (%) 27,1 -29,8 -40,1
Le. adj. FCF yld. (%) 27,1 -29,8 -40,1
P/BVPS (x) 1,4 1,07 0,85
P/BVPS adj. (x) 1,4 1,07 0,85
P/E adj. (x) 22,9 17,4 8,1
EV/EBITDA adj. (x) 14,2 14,8 10,7
EV/EBITA adj. (x) 14,2 14,8 10,7
EV/EBIT adj. (x) 14,2 14,8 10,7
EV/CE (x) 1,1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0 0 0
Capex/depreciation 0 N/A N/A
Capex tangibles / tangible fixed assets N/A 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 N/A N/A N/A

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