Skanska SKA-B
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Full analysis: 6 Apr 2026
Latest news check: 18 Jul 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Maintain the position; consider adding only if the US commercial property portfolio shows signs of stabilisation and Construction margins remain around target in coming quarters.
HOLD: Construction offers strong visibility via record orders and stable margins, but impairments in US commercial property development raise uncertainty around further valuation hits, making near-term risk/reward more balanced.
Market sentiment
7/10
↓
Trend: Declining
Sentiment has turned more mixed: strong for Construction on record orders and cash flow, but clearly weaker for project and property development after US impairments.
Risk assessment
7/10
Dilution:
Low
Strong cash and buyback; no equity raise signal
Jurisdiction:
Low
Mainly Sweden/Europe/US; stable legal regimes
Execution:
Medium
Large projects can face delays and cost overruns
Recent changes
- Q2 2026 (July 17): revenue flat but operating profit higher and operating cash flow strong; record order intake and record order backlog, while Project Development was weighed down by write-downs in US commercial…
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Show all changes (4) — follow the company freeAbout the company
Skanska is a global construction and project development company focused on infrastructure, commercial properties, and residential development, mainly in Europe and North America. It is profitable and mature, with a strong balance sheet and large order backlog, but exposed to cyclical construction and real estate markets.
Sector:
Construction & civil engineering and project development
Type:
Industrial
Next report
5 Nov 2026
Q3
Catalysts
5 Nov 2026
Q3 2026 interim report
High
Unknown
US commercial property portfolio developments
High
Unknown
Conversion of record backlog into revenues
Medium
Horizon:
Bull case
An all-time-high order backlog and strong cash generation can support high revenue visibility and resilient profitability as major US and Nordic projects move into execution.
Bear case
Further impairments or a weaker transaction market in US commercial property development could keep weighing on earnings and valuation despite strong Construction performance.
Signal rationale (informational)
HOLD: Construction offers strong visibility via record orders and stable margins, but impairments in US commercial property development raise uncertainty around further valuation hits, making near-term risk/reward more balanced.
Recent news
- Since 2026-06-19, Skanska released its Q2 2026 report (17 July) with flat revenues but higher operating profit and a strong operating cash flow; Construction posted record order intake and an all-time-high order backlog, while Project Development was hit by impairments in US commercial property development. The period also included several large contract awards (e.g., a high-tech manufacturing facility in the US ~SEK 3.6bn, a university campus in Kristianstad ~SEK 1.0bn, and Forsmark ~SEK 1.0bn) and portfolio actions including a residential divestment in Sollentuna and a major order cancellation in the UK (A46 Newark).
Price & valuation
Last close
SEK 267
1 week
-2.4 %
3 months
+7.2 %
12 months
+12.1 %
From 52w high
-4.6 %
From 52w low
+16.4 %
Exchange
Stockholm
Type
Industrials
Sector
Construction & civil engineering and project development
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.