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

• Market Cap: kr467.16M
• Dividend Yield: N/A
• Average Volume (3M): 5.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.26
• 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: 43 Neutral
• Price Target: kr2.00 ▼(-78.40% Downside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is weighed down primarily by sharply deteriorating profitability and widening losses in 2025, with additional pressure from a clearly bearish price trend (below all key moving averages and negative MACD). Improving leverage and positive 2025 free cash flow provide some support, but valuation is constrained by negative earnings and no dividend data.

Positive Factors

Improving leverage

Reduced debt levels and a moderate debt-to-equity ratio materially improve solvency and lower interest burden, increasing the company's capacity to bid on new projects and withstand cyclical dips. This deleveraging is a durable structural improvement to financial flexibility over months.

Positive cash generation (2025)

Reported positive operating and free cash flow in 2025 provides internal funding to cover working-capital needs and modest investments without immediate external financing. For a project-driven builder, consistent cash conversion supports project delivery and reduces refinancing risk over the medium term.

Integrated construction & development model

A combined contract-construction and project-development model with specialized units creates diversified revenue streams and cross-project expertise. This structure supports recurring contract work and development upside, helping stabilize revenue sources and maintain competitive positioning over multiple quarters.

Negative Factors

Sharply deteriorating profitability

A multi-year shift into significant losses and a steep revenue decline point to structural issues in pricing, cost control, or project execution. Widening losses erode earnings power and make multi-quarter recovery harder, affecting the company's ability to invest and compete sustainably.

Eroded equity and negative ROE

Material equity erosion and persistently negative ROE weaken the company's capital buffer, limiting capacity to absorb project overruns or fund development activity. Over several quarters this reduces financial headroom and increases reliance on external capital or asset sales for growth or recovery.

Volatile cash flow history

Historic swings in operating and free cash flow indicate inconsistent working-capital conversion and project timing risks. This volatility makes planning, sustaining capex, and meeting contractual obligations more uncertain across the next several quarters, raising execution and financing risk.

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

Income statement is the main drag: 2025 revenue fell ~14% and margins turned deeply negative (net margin ~-14%) with losses widening versus 2024. Balance sheet shows improving debt levels (debt-to-equity ~0.62 and total debt down versus 2022–2023) but equity has eroded and ROE is strongly negative. Cash flow is a partial offset with positive 2025 operating/free cash flow (~73m/~71m), though volatility and a sharp drop versus 2024 reduce confidence.

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: Neutral

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 2.28, above the 50-day MA of 3.03, and above the 200-day MA of 4.43, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 44.53 is Neutral, neither overbought nor oversold. The STOCH value of 28.24 is Neutral, 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	kr704.03M	28.32	1.98%	―	4.24%	29.69%
EOLU.B	49 Neutral	kr878.58M	-3.09	18.63%	5.62%	―	―
ELTEL	48 Neutral	kr1.41B	58.96	0.72%	―	-6.38%	―
FG	46 Neutral	kr1.22B	-14.32	―	―	8.40%	-101.19%
WBGR.B	43 Neutral	kr467.16M	-0.77	-56.98%	―	-0.02%	-50.72%