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Hufvudstaden AB (0GW3) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Hufvudstaden AB SEK 33.20, price SEK 110, upside -69.8%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Real Estate · GB · Home Sweden · ISIN SE0000170375

HA Thin data Sep 24, 2026

Hufvudstaden AB

0GW3 · LSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value kr 33.20 · Strongly overvalued (−69.8%)
!Quality 52/100
!Weak Growth (revenue 3y +0.0 %/yr)
✓Highly profitable · 31.8% net margin (TTM)
✓Low debt
·2.6% dividend yield · Safety not assessed
!Moderate moat 58/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

kr 151.53 kr 101.87 Fair Value kr 33.20 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range kr 101.87 – kr 151.53 · fair‑value band kr 16.53 – kr 56.24 · the kr 109.80 price screens above the kr 33.20 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Hufvudstaden AB (publ) engages in the ownership, development, and management of commercial properties in Sweden. The company offers office and retail properties, residential properties, restaurants, department stores, parking facilities, and shopping centers. It also owns properties with rentable floor spaces.

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Hufvudstaden AB (publ) engages in the ownership, development, and management of commercial properties in Sweden. The company offers office and retail properties, residential properties, restaurants, department stores, parking facilities, and shopping centers. It also owns properties with rentable floor spaces. The company operates primarily under the NK Retail, Bibliotekstan, Cecil Coworking, Fredstan, Femman, Kvarteret Johanna, Nordiska Kompaniet, REDO, Parkaden, and Nordstan brands. The company was founded in 1915 and is headquartered in Stockholm, Sweden.

Stock analysis

Hufvudstaden AB (0GW3) currently trades at kr 109.80, while our model-based Fair Value estimate is kr 33.20, 69.8% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of kr 80.92 per share, and 0 of the 9 models we run sit above the kr 109.80 price.

Bear case: the Dividend Discount group reads lowest at kr 21.25, and 9 of the 9 models stay below the price. Evidence for this calculation is low.

Scenario range: kr 16.53 (bear) to kr 56.24 (bull), the price of kr 109.80 sits above 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 52/100 (solid quality), in the Real Estate sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Hufvudstaden AB reported revenue of 1.8B SEK in FY2020 versus 1.8B SEK in FY2016, a compound +0.7%/yr. Reported net income was −1.5B SEK in FY2020.

Key figures

Market cap 26.0B SEK (≈ $2.6B) · P/S ratio 7.89 · Dividend yield 2.6% · Net margin −79.5% · Return on equity 3.8% · Return on assets (EBIT) 8.0% · Operating margin 50.1% · Revenue (TTM) 3.3B SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at −70%, 0GW3 screens richer than that median.

Fair Value models

Bear kr 16.53 Fair Value kr 33.20 Bull kr 56.24
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF kr 17.50 kr 31.82 kr 58.10 73
Growth DCF kr 19.15 kr 32.98 kr 56.35 72
Gordon GGM kr 19.50 kr 21.25 kr 23.90 67
All 9 models by family
DCF Models
FCF DCF kr 17.50 kr 31.82 kr 58.10 73
5Y Revenue Exit kr 14.24 kr 30.50 kr 54.35 66
10Y Revenue Exit kr 14.29 kr 26.80 kr 40.35 62
Dividend Discount
Gordon GGM kr 19.50 kr 21.25 kr 23.90 67
DDM Multi-Stage kr 19.50 kr 24.45 kr 30.98 65
Multiples
EV/Revenue kr 15.18 kr 31.49 kr 47.80 51
Asset-Based
NCAV (Graham) kr 60.39 kr 80.92 kr 120.78 54
Growth DCF
Growth DCF kr 19.15 kr 32.98 kr 56.35 72
Rev-Margin DCF kr 14.24 kr 31.25 kr 50.99 67

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Quality Score breakdown

Overall quality 52/100

Of which business quality 52 · Market factors (momentum, volatility) 40

Profitability 3
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)

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Revenue & earnings trend

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. 39/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−7.1%
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.
+0.0%
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.
303.1% (2016) → −92.5% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0GW3 screens overvalued: fair value 70% below the price. Compare with Vingroup Joint Stock Company →

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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.Real Estate Services · 530 stocks

Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 54 · Below median
Profitability
Return on equity (TTM) 3.8% · Below median
Return on assets 2.0% · Above median
Net margin (TTM) 31.8% · Above median
Operating margin (TTM) 50.1% · Above median
Growth and dividend
Revenue growth 0.6% · Below median
Dividend yield (TTM) 2.6% · Below median
Balance sheet
Debt / equity 0.22× · Below median

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/B 0.10× · Cheapest 25%
P/S (TTM) 0.83× · Cheaper than median
EV/EBITDA 5.0× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 232,000 VND 25,731 VND −89%
CBRE Group CBRE $134.55 $91.06 −32%
KE Holdings 2423 HK$42.92 HK$17.16 −60%
Swire Properties Limited 1972 HK$24.32 HK$13.39 −45%
Cellnex Telecom, S.A CLNX €23.99 €23.94 +0%
Vonovia SE VNA €16.82 €36.55 +117%
Jones Lang LaSalle Incorporated JLL $308.07 $540.65 +75%
Wharf Real Estate Investment Company 1997 HK$30.54 HK$27.42 −10%
CoStar Group CSGP $26.95 $6.19 −77%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.00 HK$56.36 +52%

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Hufvudstaden AB · Fair Value
kr 33.20 −70%Fair Value
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Cite: Fair Value Calculator (2026). "Hufvudstaden AB Fair Value". https://www.fairvalue-calculator.com/stock/0GW3

Frequently asked questions

Is Hufvudstaden AB (0GW3) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 33.20 versus a price of kr 109.80, about −70% upside (overvalued).
What is the fair value of 0GW3?
Our model-based fair value for Hufvudstaden AB is kr 33.20 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 109.80.
What is the quality score of 0GW3?
Hufvudstaden AB has a Quality Score of 52/100. 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 Hufvudstaden AB (0GW3)?
Our model-based price target is the fair value of kr 33.20 (as of Sep 24, 2026) from 9 valuation models. Cautious scenario kr 16.53, optimistic scenario kr 56.24. It is a calculation from audited fundamentals, not an analyst target.
What is the Hufvudstaden AB stock forecast for 2026?
Our models put fair value at kr 33.20, about −70% upside versus a price of kr 109.80 (overvalued). Cautious scenario kr 16.53, optimistic scenario kr 56.24. The calculation is refreshed regularly with new filings.
What is the revenue of Hufvudstaden AB (0GW3)?
Hufvudstaden AB reported trailing-twelve-month revenue of about 3.3B SEK (latest available figure, as of Sep 24, 2026).
Does Hufvudstaden AB pay a dividend?
Hufvudstaden AB currently shows a dividend yield of about 2.64% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Hufvudstaden AB (0GW3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hufvudstaden AB it is kr 33.20 per share (as of Sep 24, 2026), against a price of kr 109.80. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Hufvudstaden AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0GW3 trades above its calculated fair value: price kr 109.80, fair value kr 33.20, a gap of about −70% (overvalued). 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 0GW3?
No. The price is what the market pays today (kr 109.80); the fair value is what the company's own numbers justify (kr 33.20). For Hufvudstaden AB the two are kr 76.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hufvudstaden AB worth?
The market values Hufvudstaden AB at about 26.0B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 109.80; our models calculate a fair value of kr 33.20 per share.
What do the bullish and bearish scenarios say about 0GW3?
Our models span a range for Hufvudstaden AB: cautious scenario kr 16.53, base kr 33.20, optimistic kr 56.24 per share (as of Sep 24, 2026, price kr 109.80). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hufvudstaden AB (0GW3)?
Balance-sheet figures for Hufvudstaden AB (as of Sep 24, 2026): return on equity 3.8%, debt of 0.22 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 0GW3 from its 52-week high?
Hufvudstaden AB trades at kr 109.80, about 15% below its 52-week high of kr 128.73 and at the low of kr 109.80 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 33.20 is for.
Which stocks are comparable to Hufvudstaden AB?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, KE Holdings, Swire Properties Limited, 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 Hufvudstaden AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 109.80, calculated fair value kr 33.20 (−70%), Quality Score 52/100, from 9 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 0GW3 calculated?
We run Hufvudstaden AB through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 33.20, 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 14.5 % above its aggregate fair value. Hufvudstaden AB itself currently trades above fair value. 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 Hufvudstaden AB (0GW3)?
The closing price on Oct 2, 2026 was kr 109.80. Our model-based fair value is kr 33.20, about −70% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hufvudstaden AB right now?
The price sits above even our optimistic bull case (kr 56.24). The favourable scenario is already priced in. The model range is unusually wide (kr 16.53 to kr 56.24). 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. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Hufvudstaden AB

How large is the market capitalisation of Hufvudstaden AB (0GW3)?
The market capitalisation of Hufvudstaden AB is 26.0B SEK (≈ $2.6B). 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 Hufvudstaden AB (0GW3)?
The price-to-sales ratio of Hufvudstaden AB is 7.89 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Hufvudstaden AB (0GW3)?
The dividend yield of Hufvudstaden AB is 2.6%. 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 Hufvudstaden AB (0GW3)?
The net margin of Hufvudstaden AB is −79.5% (fiscal year 2020). 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 Hufvudstaden AB (0GW3)?
The return on equity (ROE) of Hufvudstaden AB is 3.8% (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 Hufvudstaden AB (0GW3)?
On an EBIT basis the return on assets of Hufvudstaden AB is 8.0% (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 Hufvudstaden AB (0GW3)?
The operating margin of Hufvudstaden AB is 50.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hufvudstaden AB (0GW3)?
Revenue at Hufvudstaden AB is growing +0.6% versus a year earlier (3y avg 0.0%). 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 Hufvudstaden AB (0GW3)?
Earnings per share at Hufvudstaden AB are growing +278% versus a year earlier. How much earnings per share grew versus a year earlier.
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