Wastbygg Gruppen AB Class B (WBGR.B) AI Stock Analysis

• Market Cap: kr432.48M
• Dividend Yield: N/A
• Average Volume (3M): 5.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.44
• Revenue Growth: -0.02%
• EPS Growth: -50.72%
• Country: SE
• Employees: 468
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): -1.33
• Shares Outstanding: 203,009,050
• 10 Day Avg. Volume: 5,170
• 30 Day Avg. Volume: 5,954
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 0.11
• P/FCF Ratio: 6.03
• 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): 0.7
• Revenue Forecast (FY): kr4.48B

• Rating: 42 Neutral
• Price Target: kr2.00 ▼(-78.40% Downside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is mainly weighed down by weak financial performance (deepening losses and negative margins) and a bearish technical setup (price below key moving averages with negative MACD). Reduced debt and recently positive operating/free cash flow provide some support, but volatility in cash generation and the lack of earnings-based valuation support keep the overall score low.

Positive Factors

Improving cash generation

In 2025 the company produced positive operating cash flow (~73m) and free cash flow (~71m) after several years of weakness. Sustained positive cash generation would reduce liquidity risk, help fund working capital and project starts, and support supplier payments and contract execution over the coming months.

Reduced leverage

Debt reduction and moderate leverage materially lower refinancing pressure and interest burden, improving financial flexibility. Structurally lower indebtedness supports the group's ability to bid for projects and absorb timing swings in receipts over a multi-month horizon without immediate recapitalization needs.

Diversified construction & development model

The combination of contract construction (fixed-price and cost-plus) and project development provides diversified, recurring revenue channels and potential upside from development profits. Specialized operating units and mixed revenue streams create durable operational flexibility and multiple levers to restore margins over time.

Negative Factors

Deepening losses

The large and worsening net losses signal structural execution or pricing issues that erode retained equity and restrict reinvestment. Persistent negative margins undermine capacity to win profitable contracts, increase reliance on external funding, and raise the risk of restructuring if uncorrected over a multi-quarter horizon.

Sustained revenue decline

Multi-year revenue contraction reduces scale benefits and weakens backlog visibility, pressuring margins and fixed-cost absorption. Continued declines would limit ability to recover profitability from operational improvements and impair long-run competitiveness in tendering and development pipelines.

Volatile cash conversion

Intermittent cash conversion and pronounced working-capital swings complicate project financing and make cash planning uncertain. Even with a 2025 improvement, volatility raises the probability of short-term liquidity stress during project peaks and increases the premium on maintaining conservative balance-sheet buffers.

Wastbygg Gruppen AB Class B Business Overview & Revenue Model

Company Description

Wästbygg Gruppen AB (publ) operates as a construction and project development company in Sweden. It operates through three segments: Residential, Commercial, and Logistics and Industry. The Residential segment develops multi-dwelling buildings, such as condominiums and rental apartments; and student housings. The Commercial segment constructs and develops commercial properties, including retail, offices, community service properties, and hotels. The Logistics and Industry segment constructs and develops logistics and industrial buildings under the Logistic Contractor brand. The company was founded in 1981 and is based in Gothenburg, Sweden. Wästbygg Gruppen AB (publ) is a subsidiary of M2 Holding AB.

How the Company Makes Money

Wastbygg Gruppen AB generates revenue primarily through its waste management services, which include collection, transportation, and processing of waste materials. Additionally, the company earns income from its recycling operations by selling processed materials back into the market. The development and sale of sustainable construction materials also represent a significant revenue stream, as there is a growing demand for eco-friendly solutions in the construction industry. Strategic partnerships with local governments and businesses enhance its service offerings and expand its customer base, contributing to its overall earnings. Furthermore, Wastbygg Gruppen may benefit from government incentives and subsidies aimed at promoting sustainability and waste reduction initiatives.

Wastbygg Gruppen AB Class B Financial Statement Overview

Summary

Financials are currently pressured: the income statement is weak with sharply deteriorating profitability (margins deeply negative and losses widening in 2025). The balance sheet is a partial offset with reduced debt and moderate leverage, but equity erosion and strongly negative ROE reflect ongoing losses. Cash flow has turned positive in 2025, supporting near-term liquidity, though it remains historically volatile.

Income Statement

Profitability has deteriorated sharply, with 2025 annual revenue down about 14% and margins turning deeply negative (gross margin below zero and net margin around -14%). Losses have widened versus 2024 (net loss ~-559m vs ~-213m), indicating weaker project execution/pricing and elevated cost pressure. The main positive is that the company was meaningfully profitable in 2020–2021, but the multi-year shift into losses (2022–2025) and the 2025 step-down in revenue weigh heavily on earnings quality and visibility.

Balance Sheet

Leverage looks moderate on the latest annual snapshot (debt-to-equity ~0.62 in 2025), and total debt has come down substantially versus 2022–2023 levels, which is a clear balance-sheet positive. However, equity has also declined materially over time, and returns on equity are strongly negative in 2024–2025 (reflecting ongoing losses), which reduces financial flexibility if weakness persists. Overall: improving debt position, but profitability-driven erosion of equity is a key risk.

Cash Flow

Cash generation improved recently: 2025 shows positive operating cash flow (~73m) and positive free cash flow (~71m), following very weak cash flow in 2022–2023. That said, cash flow remains volatile (large negative operating/free cash flow in 2021–2023), and the year-over-year free cash flow trend in 2025 is sharply down versus 2024, signaling uneven conversion and potential working-capital swings typical in construction. Positive cash flow is a near-term support, but consistency is not yet proven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.02B	4.99B	4.99B	5.18B	3.95B
Gross Profit	-65.00M	88.00M	88.00M	303.00M	519.00M
EBITDA	-455.00M	-160.00M	-183.00M	-2.00M	270.00M
Net Income	-559.00M	-213.00M	-213.00M	-17.00M	241.00M
Balance Sheet
Total Assets	1.98B	3.19B	4.04B	4.47B	4.10B
Cash, Cash Equivalents and Short-Term Investments	180.00M	178.00M	194.00M	534.00M	897.00M
Total Debt	338.00M	581.00M	1.51B	1.46B	827.00M
Total Liabilities	1.43B	2.23B	2.86B	2.87B	2.35B
Stockholders Equity	541.00M	964.00M	1.18B	1.59B	1.75B
Cash Flow
Free Cash Flow	71.00M	23.00M	-741.00M	-899.00M	-346.00M
Operating Cash Flow	73.00M	88.00M	-717.00M	-891.00M	-319.00M
Investing Cash Flow	-15.00M	-69.00M	-36.00M	6.00M	-166.00M
Financing Cash Flow	-55.00M	-35.00M	412.00M	524.00M	520.00M

Wastbygg Gruppen AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:WBGR.B, the sentiment is Negative. The current price of 9.26 is above the 20-day moving average (MA) of 2.29, above the 50-day MA of 2.94, and above the 200-day MA of 4.41, indicating a bearish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 42.23 is Neutral, neither overbought nor oversold. The STOCH value of 14.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:WBGR.B.

Wastbygg Gruppen AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYGGP	72 Outperform	kr2.04B	14.95	―	1.24%	4.25%	127.31%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NORB.B	50 Neutral	kr692.58M	28.32	1.98%	―	4.24%	29.69%
EOLU.B	49 Neutral	kr872.36M	-3.09	18.63%	5.62%	―	―
ELTEL	48 Neutral	kr1.39B	58.96	0.72%	―	-6.38%	―
FG	46 Neutral	kr1.21B	-2.51	―	―	8.40%	-101.19%
WBGR.B	42 Neutral	kr432.48M	-0.77	-56.98%	―	-0.02%	-50.72%