BuildData’s market has low digital penetration but high end-customer cyclicality. We think structural trends will triumph but lower our estimates in anticipation of a general slowdown. Break-even and positive cash flow look to be within reach, in our view, while the balance sheet is healthy. Our new fair value range of SEK 9-11 per share implies a (mid-point) 2022/23E EV/S of 6x, which is lower than construction and property software peers.

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.