Terranor Group AB (TERNOR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Terranor Group AB stock SEK 110, price SEK 36.50, upside +200.0%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 14 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 9, 2026.
How to read this chart
16‑month range kr 17.75 – kr 42.70 · fair‑value band kr 63.69 – kr 169.22 · the kr 36.50 price screens below the kr 109.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Terranor Group AB (publ) operates as infrastructure and road maintenance company in Sweden, Denmark, and Finland. The company involved in the operation and maintenance of roads together with light road works; construction and maintenance of green areas; and standalone temporary road safety services.
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It serves government authorities, municipalities, and private operators. Terranor Group AB (publ) was founded in 2018 and is headquartered in Solna, Sweden.
Stock analysis
Terranor Group AB (TERNOR) currently trades at kr 36.50, while our model-based Fair Value estimate is kr 109.50, implying the stock looks roughly 67% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 158.14 per share, and 9 of the 14 models we run sit above the kr 36.50 price.
Bear case: the Growth DCF group reads lowest at kr 120.74, and 5 of the 14 models stay below the price. Data coverage for this calculation is low.
Scenario range: kr 63.69 (bear) to kr 169.22 (bull), the price of kr 36.50 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 48/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Terranor Group AB reported revenue of 3.6B SEK in FY2025 versus 2.2B SEK in FY2022, a compound +18.7%/yr. Reported net income was −23.1M SEK in FY2025.
Key figures
Market cap 730M SEK (≈ $73.9M) Micro · P/E ratio 42.0 · P/S ratio 0.18 · EPS (TTM) kr 0.8700 · Dividend yield 4.1% · Net margin 0.4% · Return on equity 9.3% · Return on assets (EBIT) 6.0% (4-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (medium confidence).
What moves the price
The share trades about 15% below its 52-week high and 78% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 200%, TERNOR screens cheaper than that median.
Fair Value models
Bearkr 63.69Fair Value kr 109.50Bullkr 169.22
Price kr 36.50 · Upside +200.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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.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.76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+14.5%
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.
+18.7%
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
3.6% (2022) → 0.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−17.6%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −19.2% a year for the price.
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.Engineering & Construction · 791 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (12 months)9.3% · Above median
Return on assets−1.8% · Bottom 25%
Net margin (12 months)0.4% · Below median
Operating margin (12 months)2.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)22.7% · Top 25%
Dividend yield (12 months)4.1% · Top 25%
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Terranor Group AB Fair Value". https://www.fairvalue-calculator.com/stock/TERNOR
Frequently asked questions
Is Terranor Group AB (TERNOR) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 109.50 versus a price of kr 36.50, about +200% upside (undervalued).
What is the fair value of TERNOR?
Our model-based fair value for Terranor Group AB is kr 109.50 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 36.50.
What is the quality score of TERNOR?
Terranor Group AB has a Quality Score of 48/100. 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 Terranor Group AB (TERNOR)?
Our model-based price target is the fair value of kr 109.50 (as of Nov 9, 2026) from 14 valuation models. Cautious scenario kr 63.69, optimistic scenario kr 169.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Terranor Group AB stock forecast for 2026?
Our models put fair value at kr 109.50, about +200% upside versus a price of kr 36.50 (undervalued). Cautious scenario kr 63.69, optimistic scenario kr 169.22. The calculation is refreshed regularly with new filings.
What is the revenue of Terranor Group AB (TERNOR)?
Terranor Group AB reported trailing-twelve-month revenue of about 4.0B SEK (latest available figure, as of Nov 9, 2026).
Does Terranor Group AB pay a dividend?
Terranor Group AB currently shows a dividend yield of 4.11% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Terranor Group AB (TERNOR) and when is the ex-dividend date?
Terranor Group AB pays a dividend of kr 1.50 per share a year, a dividend yield of 4.1%. The last ex-dividend date was May 26, 2026. The payout ratio is 172% of earnings. Free cash flow covers the dividend 6.55 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Terranor Group AB (TERNOR)?
For today's price to be fair in a discounted-cash-flow model, Terranor Group AB would have to grow free cash flow by -17.6 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +18.7 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of TERNOR use?
Our models discount Terranor Group AB at 12.5 %: a base by market capitalisation (micro), 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 Terranor Group AB that is -17.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Terranor Group AB (TERNOR) delivered so far?
Over the past 3 years revenue at Terranor Group AB grew +18.7 % a year. The price currently implies free-cash-flow growth of -17.6 % 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 Terranor Group AB (TERNOR) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Terranor Group AB (-17.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Terranor Group AB (TERNOR)?
The free-cash-flow yield on the price is 26.92 %: that much free cash flow Terranor Group AB produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Terranor Group AB (TERNOR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Terranor Group AB it is kr 109.50 per share (as of Nov 9, 2026), against a price of kr 36.50. It is the blended result of 14 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Terranor Group AB stock overvalued or undervalued in 2026?
As of Nov 9, 2026, TERNOR trades below its calculated fair value: price kr 36.50, fair value kr 109.50, a gap of about +200% (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 TERNOR?
No. The price is what the market pays today (kr 36.50); the fair value is what the company's own numbers justify (kr 109.50). For Terranor Group AB the two are kr 73.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Terranor Group AB worth?
The market values Terranor Group AB at about 730M SEK (market capitalisation, as of Nov 9, 2026). Per share that is kr 36.50; our models calculate a fair value of kr 109.50 per share.
What do the bullish and bearish scenarios say about TERNOR?
Our models span a range for Terranor Group AB: cautious scenario kr 63.69, base kr 109.50, optimistic kr 169.22 per share (as of Nov 9, 2026, price kr 36.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TERNOR?
Terranor Group AB trades at a price-to-earnings ratio of 42.0 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 109.50 is built from several models across several years. Other multiples: P/B 3.9, P/S 0.2, EV/EBITDA 6.3.
How solid is the balance sheet of Terranor Group AB (TERNOR)?
Balance-sheet figures for Terranor Group AB (as of Nov 9, 2026): return on equity 9.3%, debt of 0.08 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is TERNOR from its 52-week high?
Terranor Group AB trades at kr 36.50, about 15% below its 52-week high of kr 42.70 and 78% above the low of kr 20.51 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 109.50 is for.
Which stocks are comparable to Terranor Group AB?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Terranor Group AB stock attractive at the current price?
The data as of Nov 9, 2026: price kr 36.50, calculated fair value kr 109.50 (+200%), Quality Score 48/100, from 14 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 TERNOR calculated?
We run Terranor Group AB through 14 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 109.50 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. Terranor Group AB currently trades 67% 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 Terranor Group AB (TERNOR)?
The closing price on Nov 6, 2026 was kr 36.50. Our model-based fair value is kr 109.50, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Terranor Group AB right now?
The large discount to fair value meets weak quality (48/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 63.69). The market is more pessimistic than our downside scenario. The model range is unusually wide (kr 63.69 to kr 169.22). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Terranor Group AB
How large is the market capitalisation of Terranor Group AB (TERNOR)?
The market capitalisation of Terranor Group AB is 730M SEK (≈ $73.9M). 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 Terranor Group AB (TERNOR)?
The price-to-sales ratio of Terranor Group AB is 0.18 (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 Terranor Group AB (TERNOR)?
Earnings per share at Terranor Group AB are kr 0.8700 (price ÷ EPS = P/E 42.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Terranor Group AB (TERNOR)?
The dividend yield of Terranor Group AB is 4.1% (payout 172%). 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 Terranor Group AB (TERNOR)?
The net margin of Terranor Group AB is 0.4% (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 Terranor Group AB (TERNOR)?
The return on equity (ROE) of Terranor Group AB is 9.3% (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 Terranor Group AB (TERNOR)?
On an EBIT basis the return on assets of Terranor Group AB is 6.0% (avg 4y). 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 Terranor Group AB (TERNOR)?
The operating margin of Terranor Group AB is 2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Terranor Group AB (TERNOR)?
Revenue at Terranor Group AB is growing +22.7% versus a year earlier (3y avg +18.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Terranor Group AB (TERNOR) carry?
The net debt of Terranor Group AB is 37.2M SEK (fiscal year 2024, ≈ 0.2 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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Thin data
Nov 9, 2026