JM Stock Analysis: JM (publ) | ST
Residential Construction | ST, Sweden | Market Cap: 7.076m SEK | 12M Return: -24.6% | SE0000806994 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 31.8M
EPS Trend: -73.8%
Qual. Beats: -1
Rev. Trend: -96.3%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
JM AB (publ) is a Nordic residential developer founded in 1945 and headquartered in Solna, Sweden. The company constructs, develops, and sells housing and residential areas across Sweden, Norway, and Finland, operating through segments covering Residential Stockholm, the rest of Sweden, Norway, Finland, and Property Development. Its activities span the full value chain, from acquiring development land through planning, pre-construction, production, and sale of residential units, alongside rental housing, residential care units, and select commercial properties. JM also provides economic and technical management and housing services to tenant-owners associations, a Swedish form of cooperative apartment ownership.
As a homebuilder listed in the Consumer Discretionary sector, JMs business is tied to the cyclical Nordic housing market, where demand for new residential units is closely linked to mortgage rates, household formation, and broader macroeconomic conditions in the region. Its exposure to the Greater Stockholm area, the Nordic regions largest housing market, makes geographic concentration in the capital a defining feature of its operations.
- Stockholm housing demand softens amid rising Swedish mortgage rates
- Norway residential segment expansion accelerates Nordic revenue growth
- Construction cost inflation pressures gross margins across projects
| Net Income: -112.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -15.80 > 1.0 |
| NWC/Revenue: 105.7% < 20% (prev 80.67%; Δ 25.03% < -1%) |
| CFO/TA -0.04 > 3% & CFO -1.05b > Net Income -112.0m |
| Net Debt (13.7b) to EBITDA (198.0m): 69.32 < 3 |
| Current Ratio: 1.61 > 1.5 & < 3 |
| Outstanding Shares: last quarter (64.5m) vs 12m ago 0.0% < -2% |
| Gross Margin: 9.78% > 18% (prev 12.36%; Δ -2.58% > 0.5%) |
| Asset Turnover: 37.38% > 50% (prev 51.60%; Δ -14.22% > 0%) |
| Interest Coverage Ratio: -0.05 > 6 (EBIT TTM -11.0m / Interest Expense TTM 223.0m) |
| A: 0.37 (Total Current Assets 26.7b - Total Current Liabilities 16.6b) / Total Assets 27.4b |
| B: 0.26 (Retained Earnings 7.14b / Total Assets 27.4b) |
| C: -0.00 (EBIT TTM -11.0m / Avg Total Assets 25.7b) |
| D: 0.40 (Book Value of Equity 7.85b / Total Liabilities 19.6b) |
| Altman-Z'' = 3.69 = AA |
| DSRI: 2.06 (Receivables 2.30b/1.43b, Revenue 9.61b/12.4b) |
| GMI: 1.26 (GM 12.36% / 9.78%) |
| AQI: 0.97 (AQ_t 0.02 / AQ_t-1 0.02) |
| SGI: 0.78 (Revenue 9.61b / 12.4b) |
| TATA: 0.03 (NI -112.0m - CFO -1.05b) / TA 27.4b) |
| Beneish M = -2.09 (Cap -4..+1) = BB |
As of October 15, 2026, the stock is trading at SEK 110.90 with a total of 343,131 shares traded. Over the past week, the price has changed by -3.98%, over one month by -9.47%, over three months by -5.54% and over the past year by -24.61%.
Current recommended Stop Loss: 107.00 (which is 3.5% or 1.3 ATR below the current price).
JM (publ) has no consensus analysts rating.
P/E Forward = 15.1515
P/S = 0.7294
P/B = 0.9842
P/EG = 1.5138
Revenue TTM = 9.61b SEK
EBIT TTM = -11.0m SEK
EBITDA TTM = 198.0m SEK
Long Term Debt = 128.0m SEK (from longTermDebt, last fiscal year)
Short Term Debt = 13.2b SEK (from shortTermDebt, last quarter)
Debt = 14.7b SEK (from shortLongTermDebtTotal, last quarter) + Leases 556.0m
Net Debt = 13.7b SEK (calculated: Debt 14.7b - CCE 996.0m)
Enterprise Value = 20.8b SEK (7.08b + Debt 14.7b - CCE 996.0m)
Interest Coverage Ratio = -0.05 (Ebit TTM -11.0m / Interest Expense TTM 223.0m)
EV/FCF = 15.05x (Enterprise Value 20.8b / FCF TTM 1.38b)
FCF Yield = 6.64% (FCF TTM 1.38b / Enterprise Value 20.8b)
FCF Margin = 14.39% (FCF TTM 1.38b / Revenue TTM 9.61b)
Net Margin = -1.17% (Net Income TTM -112.0m / Revenue TTM 9.61b)
Gross Margin = 9.78% ((Revenue TTM 9.61b - Cost of Revenue TTM 8.67b) / Revenue TTM)
Gross Margin QoQ = 9.80% (prev 9.84%)
Tobins Q-Ratio = 0.76 (Enterprise Value 20.8b / Total Assets 27.4b)
Interest Expense / Debt = 1.51% (Interest Expense 223.0m / Debt 14.7b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = -8.25m (EBIT -11.0m * (1 - 25.00%)) [loss with tax shield]
Current Ratio = 1.61 (Total Current Assets 26.7b / Total Current Liabilities 16.6b)
Debt / Equity = 1.87 (Debt 14.7b / totalStockholderEquity, last quarter 7.85b)
Debt / EBITDA = 69.32 (Net Debt 13.7b / EBITDA 198.0m)
Debt / FCF = 9.93 (Net Debt 13.7b / FCF TTM 1.38b)
Total Stockholder Equity = 7.95b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.44% (Net Income -112.0m / Total Assets 27.4b)
RoE = -1.41% (Net Income TTM -112.0m / Total Stockholder Equity 7.95b)
RoCE = -0.14% (EBIT -11.0m / Capital Employed (Equity 7.95b + L.T.Debt 128.0m))
RoIC = -0.03% (negative operating profit) (NOPAT -8.25m / Invested Capital 23.6b)
WACC = 3.04% (E(7.08b)/V(21.8b) * Re(6.99%) + D(14.7b)/V(21.8b) * Rd(1.51%) * (1-Tc(0.25)))
Discount Rate = 6.99% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 0.0 | Cagr: 0.0%
[DCF] Terminal Value 73.10% ; FCFF base≈2.83b ; Y1≈2.48b ; Y5≈2.00b
[DCF] Fair Price = 285.6 (EV 32.1b - Net Debt 13.7b = Equity 18.4b / Shares 64.5m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -73.81 | EPS CAGR: -53.53% | SUE: -4.0 | # QB: -1
Revenue Correlation: -96.32 | Revenue CAGR: -17.87% | SUE: -0.59 | # QB: 0
EPS current Quarter (2026-09-30): EPS=6.44 | Chg30d=+315.48% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=3.41 | Chg30d=-19.21% | Revisions=-17% | GrowthEPS=+251.9% | GrowthRev=+16.0%
EPS next Year (2027-12-31): EPS=9.14 | Chg30d=+4.51% | Revisions=-57% | GrowthEPS=+167.7% | GrowthRev=+10.1%
[Analyst] Revisions Ratio: -36% (up=2, down=6)