Byggmax Group AB (publ)

BMAX.ST

Home Improvement · Consumer Cyclical

Price

kr 52.00

+0.80 (+1.56%)

Market Cap

kr 3.05B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Mixed

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Share count falling — buybacks

−3.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 61.0M (2021) → 58.6M (2025)

Winston Score History

The full picture

Byggmax Group is a Swedish retail chain that sells building materials and home improvement products at low prices. Its customers are everyday people doing DIY projects — things like building a deck, fixing a fence, or renovating a room. The company operates large warehouse-style stores across the Nordic countries, mainly Sweden, Norway, and Finland.

Byggmax makes money by selling physical products in its stores and online, keeping costs low to offer competitive prices. It has around 200 stores across the Nordics and competes on price rather than service or premium brands, which is its main competitive angle. The business faces a real risk from the housing market — when people stop buying or renovating homes, demand for building materials drops quickly, and with thin margins around 13%, even small sales declines can hurt profits significantly.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

11.5%

Thin — 11.5% gross margin

Profit after running costs

Operating Margin

11.5%

Modest — 11.5% operating margin

Return on the money invested

ROCE

9.3%

Below par — 9.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-0.3%

Shrinking sales (-0.3% YoY)

Profit growth

EPS YoY

+51.3%

Earnings growing fast (+51.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

351%

Turns 351% of profit into real cash

Spare cash per sale

FCF Margin

12.3%

Converts sales into free cash efficiently (12.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

4.92x

Adequate interest coverage (4.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.1x

Attractive valuation — P/E 13.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.5

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.17%

Moderate income — 3.17% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-29.5%

Dividend cut (-29.5% YoY) — warning sign

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