Analyst Comment
Byggmästaren initiates 50 MSEK share buyback program
Summary
- Byggmästaren's Board of Directors has approved a share buyback program of up to 50 MSEK, effective from June 1, 2026, until the 2027 AGM.
- The program permits the repurchase of up to 1,000,000 B-shares, with daily acquisitions limited to 25% of the average daily trading volume.
- The continuation of the buyback program is seen as a logical step due to low liquidity in the shares, and it does not result in any estimate changes.
- Share buybacks are considered a highly accretive capital allocation tool for Byggmästaren, as the stock trades at a discount to its Net Asset Value (NAV), creating immediate value for shareholders.
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Byggmästaren announced that its Board of Directors has resolved to initiate a share buyback program of up to 50 MSEK, running from June 1, 2026, until the 2027 AGM. As we highlighted in our Q1 preview, this move was fully anticipated and effectively renews the company's existing buyback authorization. Given the low liquidity in the shares, which has constrained the pace of repurchases so far, we view the continuation of the program as a logical step to keep buying back shares over time. The announcement does not lead to any estimate changes.
The program allows the repurchase of up to 1,000,000 B-shares, with daily acquisitions capped at 25% of the average daily trading volume. We continue to view share buybacks as a highly accretive capital allocation tool for Byggmästaren, as the stock trades at a clear discount to its Net Asset Value (NAV). By repurchasing shares below NAV, the company effectively creates immediate value for the remaining shareholders.
Byggmästare Anders J Ahlström Holding is an investment company with the goal of creating long-term value for shareholders as well as for society and other stakeholders. The company focuses on small and medium-sized companies, listed as well as unlisted. The operations are primarily concentrated in Sweden and the rest of the Nordic region. The company was founded in 1898 and has its headquarters in Stockholm.
Read more on company pageKey figures30/04
| 2024 | 2025 | Q1/26 | |
|---|---|---|---|
| NAV | 2,237.2 | 1,934.8 | 1,962.3 |
| NAV per share | 76.75 | 66.58 | 67.58 |
| NAV per share growth | 10.4 % | -13.3 % | 1.5 % |
| Management costs-% of NAV | 1.3 % | 1.1 % | |
| P/NAV | 89.3 % | 92.1 % | 77.6 % |
| NAV discount/premium | -10.7 % | -7.9 % | -22.4 % |
| Dividend % | 0.5 % | 13.7 % |
