Equity Brief · Real Estate2026-10-27
SBO.OL·Real Estate

Next reporting 5 Nov 2026In 8 days

Selvaag Bolig ASA

I · AI Analysis

The brief

Selvaag Bolig develops, constructs, and sells residential properties in Norway, focusing on the Greater Oslo area and other regions [Yahoo Finance]. The company also provides project management services and operates rental properties [Yahoo Finance]. Founded in 2008 with 77 employees, it operates as a subsidiary of Selvaag AS [Yahoo Finance].

Selvaag Bolig ASA is a Norwegian housing development company that builds and sells residential properties, primarily in the Greater Oslo region [Yahoo Finance]. The company has sold 680 homes for NOK 5 billion through the first three quarters of 2026 [Finansavisen], showing strong sales momentum. However, financials through 30 June 2026 reveal significant structural weaknesses: deeply negative free cash flow, extremely high debt levels, and profitability questions [Yahoo Finance].

Financial position carries significant stress: massive negative free cash flow, debt at 20.8 times EBITDA, and one-off gains inflating reported profit.

The brief AI analysisConfidence 6/10

Sentinellis health

Significant risks

3.7/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

16% of score0.0/10
Net margin+6.9%· need ≥ 8.8%, the lower third of real estate in our libraryGross margin+13.8%· need ≥ 25%, the lower third of real estate in our library

Returns on capital

16% of score0.0/10
ROIC+2.8%· need > 10%Return on equity+9.4%· need > 12%

Growth & momentum

21% of score10.0/10
Revenue growth+455.2%Operating margin trend+12.0pp YoY

Balance sheet

32% of score5.0/10
Current ratio1.9xNet debt / EBITDA20.8x· need < 7.5xInterest coverage24.7xDebt / equity1.71· need < 1.5

Cash generation

16% of score0.0/10
Free cash flowNOK -792.2M· need positiveCash vs reported profitNOK -787.4M vs NOK 222.6M· need OCF > net income

Value creation

no data
ROIC vs cost of capital—· no data

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

NOK 2.9B

Revenue (TTM)

NOK 3.2B

Explainers

How we read these numbers

Plain-English guides · no account needed

II · Recent news

What moved

5 stories · ranked by relevance

  • Company2026-10-01

    (+) Selvaag Bolig har solgt for 5 milliarder kroner hittil i år - Bygg.no

    bygg.no

  • Company2026-10-01

    Selvaag Bolig ASA: Q3 2026: Sold 680 homes for NOK 5 billion year to date - Finansavisen

    Finansavisen

  • Company2026-09-30

    Selvaag Bolig ASA (SBO) YTD Sales NOK 4.99B; Q3 NOK 774M - TradingView

    TradingView

  • Company2026-09-30

    Selvaag Bolig: solgt boliger for 5 mrd. hittil i år - E24

    E24

  • Company2026-10-01

    DNB Carnegies anbefaling på Selvaag Bolig og Stolt-Nielsen - DNB

    DNB

Premium · Free with any account

Debt burden is extreme: net debt stands at 20.8 times trailing EBITDA [Sentinellis calculation], creating severe refinancing risk and leaving almost no margin for error if sales weaken or interest rates rise.

1 of 5 risks in this report

Risks

5

Opportunities

4

Red flags

3

Leadership

4

11 more findings in the full report — free with any account.

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III · Related

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Produced 27 Oct 2026, 11:00 UTC

Figures come from company filings and market data. The Sentinellis health score and the wording attached to it are our interpretation of those figures, not numbers the company reported.

Not investment advice and not a recommendation to buy or sell. Sentinellis holds no positions in the companies it covers, takes no payment from issuers, and has no broker referral arrangements.

How every figure and score is calculated