ALM Equity AB (publ)

ALM.ST

Real Estate - Diversified · Real Estate

Price

kr 44.20

-1.20 (-2.64%)

Market Cap

kr 1.36B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+66.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 10.4M (2021) → 17.4M (2025)

Winston Score History

The full picture

ALM Equity AB is a Swedish real estate company that develops and manages residential and commercial properties. It focuses mainly on building apartments and housing in Sweden, selling or renting them to individuals and businesses. The company also has interests in property management through affiliated funds and partnerships.

ALM Equity earns money through property sales, rental income, and fees from managing real estate funds. It operates almost entirely in Sweden, making it sensitive to the Swedish housing market and local interest rates. The company is relatively small, with a market cap under $1 billion, and its negative margins reflect the challenges many smaller property developers face when construction costs are high and housing demand softens. The biggest risk the company faces is Sweden's ongoing housing market slowdown, where rising interest rates have reduced buyer demand and put pressure on property valuations and new development activity.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-18.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+174.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

49.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 3.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

ALM Equity AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

1.4%

Thin — 1.4% gross margin

Profit after running costs

Operating Margin

-10.9%

Losing money on operations — -10.9%

Return on the money invested

ROCE

-3.8%

Weak — -3.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-67.2%

Shrinking sales (-67.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

2082%

Turns 2082% of profit into real cash

Spare cash per sale

FCF Margin

27.3%

Converts sales into free cash efficiently (27.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.59

Conservative — low debt load (0.59)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

19.00%

Healthy income — 19.00% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+1.0%

Dividend flat

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