Samhallsbyggnadsbolaget I Norden AB Class B (SBB.B) AI Stock Analysis

• Market Cap: kr6.93B
• Dividend Yield: N/A
• Average Volume (3M): 10.07M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: -11.38%
• EPS Growth: N/A
• Country: SE
• Employees: 223
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): -2.40
• Shares Outstanding: 1,409,200,100
• 10 Day Avg. Volume: 10,259,007
• 30 Day Avg. Volume: 10,068,234
• PEG Ratio: 0.06
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 5.34
• P/FCF Ratio: -15.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.32
• Revenue Forecast (FY): kr2.94B

• Rating: 44 Neutral
• Price Target: kr4.00 ▼(-15.25% Downside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is held down primarily by weak financial performance (multi-year revenue decline, sustained losses, rising leverage, and recent negative operating/free cash flow). Technicals also weigh on the rating given the clear downtrend and weak momentum. Valuation contributes only modestly because a negative P/E reflects losses and no dividend support is available.

Positive Factors

Social-infrastructure focus

A long-term focus on social infrastructure and public-sector tenants supports durable rental cash flows because these tenants typically sign long leases and have lower default risk. That tenant mix provides stable occupancy and predictable indexing, underpinning recurring revenue over multiple years.

Strong operating margins

Sustained gross margins near 65–70% indicate the core property operations can generate significant spread on rental income versus property costs. This margin buffer supports resilience to cyclical rent pressure and higher financing costs, improving the chance of long-term recovery when revenues stabilize.

Historic cash-generation ability

Prior periods of strong operating and free cash flow demonstrate the business model can produce meaningful cash under healthier market conditions. That operational track record implies management can restore cash generation through asset optimization or market recovery, aiding medium-term refinancing prospects.

Negative Factors

Multi-year revenue decline

A sustained and steep decline in revenue erodes the earnings base and undermines fixed-cost coverage for property upkeep and interest. Over months, shrinking rental income limits reinvestment, weakens operating leverage, and makes profitable scale harder to regain without asset sales or new long-term leases.

Negative operating & free cash flow

Recent consecutive years of negative operating and free cash flow increase structural funding and refinancing risk. Persistent cash burn reduces liquidity, forces reliance on external financing or asset disposals, and constrains capital expenditure and maintenance, risking long-term asset quality and tenant retention.

Elevated leverage & eroded equity

A sharply higher debt-to-equity ratio and materially eroded equity limit financial flexibility and raise covenant and refinancing vulnerability. Over the medium term, elevated leverage increases interest-service pressure and reduces ability to absorb shocks, constraining strategic actions and growth investments.

Samhallsbyggnadsbolaget I Norden AB Class B Business Overview & Revenue Model

Company Description

Samhällsbyggnadsbolaget i Norden AB (publ) owns, develops, and manages residential and community properties in the Nordic region. It operates through three segments: Residential Properties, Community Service Properties, and Other Properties. The Residential Properties segment primarily consists of apartments and townhouses. The Community Service Properties segment includes schools, retirement homes, housing for the disabled, and properties operated by municipal and governmental agencies/authorities. The Other Properties segment operates commercial properties. It serves municipalities, county councils, and government agencies. The company was incorporated in 2014 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Samhallsbyggnadsbolaget I Norden AB generates revenue primarily through rental income from its extensive portfolio of residential and commercial properties. The company leases space to tenants, which provides a steady stream of cash flow. Additionally, SBB engages in property development, where it invests in the construction of new buildings or the renovation of existing properties, selling these assets upon completion for profit. The company also benefits from strategic partnerships and collaborations with municipalities and other stakeholders, which can enhance its project pipeline and expedite development processes. Furthermore, SBB may derive income from property management services and associated fees, contributing to its overall revenue model.

Samhallsbyggnadsbolaget I Norden AB Class B Financial Statement Overview

Summary

Overall financial quality is weak: revenue has contracted sharply over multiple years, net losses have persisted since 2022, leverage has risen materially as equity eroded (debt-to-equity up to ~4.2x in 2025), and operating/free cash flow turned negative in 2024–2025—raising funding and refinancing risk.

Income Statement

Revenue has contracted sharply over the last several years (down ~39% in 2025 and down again in 2024/2023), signaling a shrinking earnings base. While gross margins remain relatively strong (~65–70%), bottom-line performance has deteriorated materially: net losses persisted from 2022–2025 with extremely weak profit margins, after outsized profitability in 2020–2021. The combination of falling revenue and sustained losses points to a challenging operating environment and/or significant non-operating headwinds impacting reported earnings.

Balance Sheet

Leverage is elevated and has worsened recently: debt-to-equity rose from ~1.8x (2023) and ~2.7x (2024) to ~4.2x (2025), reducing financial flexibility. Equity has also declined meaningfully (from ~34.7B in 2023 to ~11.6B in 2025), which amplifies leverage and balance-sheet risk. Total assets have fallen substantially since 2021–2022, and returns on equity have been consistently negative since 2022, reflecting weak value creation for shareholders.

Cash Flow

Cash generation has become less reliable: operating cash flow turned negative in 2024 and deteriorated further in 2025, with free cash flow also negative in both years. That said, the company demonstrated an ability to generate strong positive operating and free cash flow in 2021–2023, indicating the business can produce cash in better conditions. The current downshift to cash burn, alongside sharply negative free cash flow growth in 2025, increases funding and refinancing risk given the leverage profile.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.00B	3.71B	4.58B	7.45B	5.93B
Gross Profit	1.29B	2.57B	3.21B	4.86B	4.06B
EBITDA	4.01B	-5.77B	-19.31B	-14.23B	28.01B
Net Income	-2.33B	-6.03B	-22.05B	-11.10B	24.58B
Balance Sheet
Total Assets	69.41B	86.86B	108.11B	168.37B	194.52B
Cash, Cash Equivalents and Short-Term Investments	4.98B	2.88B	4.23B	3.71B	9.89B
Total Debt	48.77B	56.30B	62.49B	87.91B	88.63B
Total Liabilities	52.19B	60.28B	70.98B	105.04B	111.55B
Stockholders Equity	11.56B	20.81B	34.68B	60.64B	78.90B
Cash Flow
Free Cash Flow	-677.00M	-270.00M	1.27B	1.39B	4.59B
Operating Cash Flow	-674.00M	-226.00M	1.35B	2.12B	4.62B
Investing Cash Flow	11.69B	8.35B	10.13B	-1.09B	-47.96B
Financing Cash Flow	-8.71B	-9.49B	-12.05B	-6.44B	39.55B

Samhallsbyggnadsbolaget I Norden AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SBB.B, the sentiment is Negative. The current price of 4.72 is above the 20-day moving average (MA) of 4.47, above the 50-day MA of 4.62, and below the 200-day MA of 5.01, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 32.99 is Neutral, neither overbought nor oversold. The STOCH value of 20.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SBB.B.

Samhallsbyggnadsbolaget I Norden AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SFAST	70 Neutral	kr4.45B	12.39	6.08%	1.80%	-2.06%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PLAZ.B	60 Neutral	kr9.54B	13.66	5.26%	2.91%	8.42%	―
BRIN.B	51 Neutral	kr3.47B	37.86	2.27%	―	51.80%	―
CORE.D	49 Neutral	kr7.07B	-95.78	―	8.13%	-6.30%	52.27%
CORE.A	45 Neutral	kr7.07B	-1.69	-8.81%	2.28%	-6.30%	52.27%
SBB.B	44 Neutral	kr6.93B	-3.34	1.23%	―	-11.38%	―