Byggmästare Anders J Ahlström Holding AB (publ) (AJA-B.ST) fair value

ACCE thesis

Byggmästare Anders J Ahlström Holding is a Swedish holding company, classified here under publishing, whose listed shares trade on Nasdaq Stockholm with a market capitalisation of about 1.3 billion SEK. The data we were given does not describe its products, so any view of its competitive position needs confirming from the annual report before we spend more time on it. The headline figures are hard to read: revenue growth of 107,114% and an operating margin of minus 10,210% point to a very small revenue base against a sizeable cost or write-down line, not a business scaling up, and ROE is negative at minus 9.2%. The forward P/E of 11.8 is the one metric that looks clean, but it rests on earnings forecasts that may not reflect the underlying operations. I would not spend more time on this name until we know what the revenue line actually consists of and whether the forward estimates are based on any real operating base.