Better sales, but higher risk on 2027 estimates

Selvaag Bolig ASA: 5 directors

Five Directors at Selvaag Bolig ASA sold 550,888 shares at between 33.590NOK and 34.220NOK. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over ...

Q4 above, lifts FY'26 guidance

Focus on H1'26 sales starts

'26 lined up, '27 still to be proven

'26e completions guidance above

A higher gear ahead

Cutting '27e on weaker-than-expected sales

Sales below 12m trailing average

Signs of momentum picking up

Strong margins, but a small quarter

Sales pace needs to pick up

If H2 doesn’t step up, '27e won’t stack up

Limited changes post Q1

Consolidated in line weak from JV's

Good Q1e sales, but recent slow-down

Mixed upside potential, despite market recovery expectations

Pent-up demand and falling interest rates remain the backbone for newbuild recovery expectations. However, as the recovery has not yet started, property developers screen as the most attractive long-term, but visibility remains mixed. Diversified construction companies are more attractive on near-term P/Es, although many seem to be fully valued on solid share-price performance over the past six months. We maintain a neutral sector view; NCC and Skanska are our top picks.

Selvaag Bolig (Sell, TP: NOK32.00) - Unit sales in line, EPS still tra...

Today’s Q1 trading update showed a unit sales recovery broadly in line with our forecast. However, while starts were above our forecast, our 2025e is unchanged at 700 units. Despite KPIs seemingly recovering as expected, we still see downside risk for the stock given the long lead time to profit and dividends and as the valuation looks high relative to peers. Ahead of the Q1 results (due at 07:00 CET on 21 May), we forecast marginally negative Q1 EPS on few deliveries. We reiterate our SELL and ...

Sales as expected, deliveries above

Price momentum building