Hemnet Group AB (HEM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Hemnet Group AB stock SEK 155, price SEK 74.60, upside +107.3%, quality 89 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range kr 63.50 – kr 413.76 · fair‑value band kr 86.20 – kr 237.28 · the kr 74.60 price screens below the kr 154.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Hemnet Group AB (publ) operates a residential property platform in Sweden. The company connects property buyers, sellers, and real estate agents in one platform. The company was founded in 1998 and is headquartered in Stockholm, Sweden.
Stock analysis
Hemnet Group AB (HEM) currently trades at kr 74.60, while our model-based Fair Value estimate is kr 154.65, implying the stock looks roughly 52% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 182.52 per share, and 18 of the 24 models we run sit above the kr 74.60 price.
Bear case: the Dividend Discount group reads lowest at kr 28.42, and 6 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 86.20 (bear) to kr 237.28 (bull), the price of kr 74.60 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 89/100 (high quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hemnet Group AB reported revenue of 1.5B SEK in FY2025 versus 728M SEK in FY2021, a compound +20.3%/yr. Reported net income was 521M SEK in FY2025, compounding +35.1%/yr from FY2021.
Key figures
Market cap 6.8B SEK (≈ $693M) Small · P/E ratio 19.3 · P/S ratio 5.39 · EPS (TTM) kr 3.81 · Dividend yield 2.5% · Net margin 27.7% · Return on equity 36.4% · Return on assets (EBIT) 22.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 92 out of 100 (low confidence).
What moves the price
The share trades about 63% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 11% fair-value upside, at 107%, HEM screens cheaper than that median.
Fair Value models
Bearkr 86.20Fair Value kr 154.65Bullkr 237.28
Price kr 74.60 · Upside +107.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.64 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.9%
Start year 2020 (pandemic). Over 10 years: +194.5% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+194.5%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+52.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+49.7%
Dividend (yield on the price)2.5%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 44%
2025 sits 58% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −0.2% a year for the price and +1.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (54 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: High margins and ROE stand out as the core strength while thin qualitative signals across categories limit proof of a durable moat.
Main risk: Slower paid conversion from free listings would prolong margin pressure and delay profitability recovery after restructuring.
Hemnet is expanding to full housing inventory coverage through free entry-level listings and product simplification while cutting costs via restructuring. Volumes have fallen and margins have squeezed even as revenue per paid listing rises. Our models see the business as undervalued, but will the push for complete market presence lift paid conversions faster than restructuring restores profitability?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Content & Information · 122 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score89 · Top 25%
Fair Value upside+107.3% · Top 25%
Profitability
Return on equity (12 months)36.4% · Top 25%
Return on assets24.8% · Top 25%
Net margin (12 months)27.7% · Top 25%
Operating margin (12 months)39.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−17.8% · Bottom 25%
Dividend yield (12 months)2.5% · Above median
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Internet Content & Information median · lower = cheaper
P/E (12 months)19.3× · Pricier than median
P/B6.38× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)5.39× · Priciest 25%
Price / free cash flow (fiscal year)11.5× · Cheaper than median
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Cite: Fair Value Calculator (2026). "Hemnet Group AB Fair Value". https://www.fairvalue-calculator.com/stock/HEM
Frequently asked questions
Is Hemnet Group AB (HEM) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 154.65 versus a price of kr 74.60, about +107% upside (undervalued).
What is the fair value of HEM?
Our model-based fair value for Hemnet Group AB is kr 154.65 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 74.60.
What is the quality score of HEM?
Hemnet Group AB has a Quality Score of 89/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hemnet Group AB (HEM)?
Our model-based price target is the fair value of kr 154.65 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario kr 86.20, optimistic scenario kr 237.28. It is a calculation from audited fundamentals, not an analyst target.
What is the Hemnet Group AB stock forecast for 2026?
Our models put fair value at kr 154.65, about +107% upside versus a price of kr 74.60 (undervalued). Cautious scenario kr 86.20, optimistic scenario kr 237.28. The calculation is refreshed regularly with new filings.
What is the revenue of Hemnet Group AB (HEM)?
Hemnet Group AB reported trailing-twelve-month revenue of about 1.3B SEK (latest available figure, as of Nov 8, 2026).
Does Hemnet Group AB pay a dividend?
Hemnet Group AB currently shows a dividend yield of 2.55% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Hemnet Group AB (HEM) and when is the ex-dividend date?
Hemnet Group AB pays a dividend of kr 1.90 per share a year, a dividend yield of 2.5%. The next ex-dividend date is Nov 12, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 49.9% of earnings. Free cash flow covers the dividend 3.72 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Hemnet Group AB (HEM)?
For today's price to be fair in a discounted-cash-flow model, Hemnet Group AB would have to grow free cash flow by +1.8 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +22.9 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of HEM use?
Our models discount Hemnet Group AB at 10.2 %: a base by market capitalisation (small), damped by beta 0.70, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hemnet Group AB that is +1.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Hemnet Group AB (HEM) delivered so far?
Over the past 5 years revenue at Hemnet Group AB grew +22.9 % a year. The price currently implies free-cash-flow growth of +1.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hemnet Group AB (HEM) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into Hemnet Group AB (+1.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hemnet Group AB (HEM)?
The free-cash-flow yield on the price is 8.71 %: that much free cash flow Hemnet Group AB produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hemnet Group AB (HEM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hemnet Group AB it is kr 154.65 per share (as of Nov 8, 2026), against a price of kr 74.60. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Hemnet Group AB stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HEM trades below its calculated fair value: price kr 74.60, fair value kr 154.65, a gap of about +107% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HEM?
No. The price is what the market pays today (kr 74.60); the fair value is what the company's own numbers justify (kr 154.65). For Hemnet Group AB the two are kr 80.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hemnet Group AB worth?
The market values Hemnet Group AB at about 6.8B SEK (market capitalisation, as of Nov 8, 2026). Per share that is kr 74.60; our models calculate a fair value of kr 154.65 per share.
What do the bullish and bearish scenarios say about HEM?
Our models span a range for Hemnet Group AB: cautious scenario kr 86.20, base kr 154.65, optimistic kr 237.28 per share (as of Nov 8, 2026, price kr 74.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HEM?
Hemnet Group AB trades at a price-to-earnings ratio of 19.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 154.65 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, FY2025 ex one-offs: 69.7. Other multiples: P/B 6.4, P/S 5.4, EV/EBITDA 14.0.
How solid is the balance sheet of Hemnet Group AB (HEM)?
Balance-sheet figures for Hemnet Group AB (as of Nov 8, 2026): return on equity 36.4%, debt of 0.56 per unit of equity. They feed the Quality Score of 89/100, which measures business quality independently of the share price.
How far is HEM from its 52-week high?
Hemnet Group AB trades at kr 74.60, about 63% below its 52-week high of kr 202.49 and 17% above the low of kr 63.50 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 154.65 is for.
Which stocks are comparable to Hemnet Group AB?
From the same area (Communication Services) we also value Alphabet Inc, Meta Platforms, Inc, Tencent Holdings, Spotify Technology S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hemnet Group AB stock attractive at the current price?
The data as of Nov 8, 2026: price kr 74.60, calculated fair value kr 154.65 (+107%), Quality Score 89/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HEM calculated?
We run Hemnet Group AB through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 154.65 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Hemnet Group AB currently trades 52% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hemnet Group AB (HEM)?
The closing price on Nov 6, 2026 was kr 74.60. Our model-based fair value is kr 154.65, about +107% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hemnet Group AB right now?
The rarer combination: high quality (89/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (kr 86.20). The market is more pessimistic than our downside scenario. The model range is unusually wide (kr 86.20 to kr 237.28). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Hemnet Group AB
How large is the market capitalisation of Hemnet Group AB (HEM)?
The market capitalisation of Hemnet Group AB is 6.8B SEK (≈ $693M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hemnet Group AB (HEM)?
The price-to-sales ratio of Hemnet Group AB is 5.39 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hemnet Group AB (HEM)?
Earnings per share at Hemnet Group AB are kr 3.81 (price ÷ EPS = P/E 19.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hemnet Group AB (HEM)?
The dividend yield of Hemnet Group AB is 2.5% (payout 49.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hemnet Group AB (HEM)?
The net margin of Hemnet Group AB is 27.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hemnet Group AB (HEM)?
The return on equity (ROE) of Hemnet Group AB is 36.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hemnet Group AB (HEM)?
On an EBIT basis the return on assets of Hemnet Group AB is 22.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hemnet Group AB (HEM)?
The operating margin of Hemnet Group AB is 39.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hemnet Group AB (HEM)?
Revenue at Hemnet Group AB is growing −17.8% versus a year earlier (3y avg +19.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hemnet Group AB (HEM)?
Earnings per share at Hemnet Group AB are growing −29.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hemnet Group AB (HEM) carry?
The net debt of Hemnet Group AB is 516M SEK (fiscal year 2025, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026