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Atrium Ljungberg AB (ATRLJ-B) Fair Value & Analysis

Real Estate · SE · Market cap 17.1B SEK (≈ $1.8B) · ISIN SE0000191827

What is Atrium Ljungberg AB really worth?

AL Atrium Ljungberg AB ATRLJ-B · ST
Pricekr 25.85
Fair Valuekr 22.92
Upside−11.3%
Quality57/100

A solid business, but trading 13% above our fair value of kr 22.92.

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Strengths

Solidly profitable · 15.3% net margin
Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +4.2 %/yr)
!Mixed vs. peers (6/15)
!Moderate moat 52/100
!Weak on valuation: 18 out of 100
!Weak on past: 8 out of 100

For context

·2.79% dividend yield
Evidence: High Range kr 16.11 – kr 25.53

Fair value as of: Aug 13, 2026

From 14 valuation models · updated 22 days ago

Share price −2.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
  • The price sits above our optimistic bull case: the favourable scenario is already priced in.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

kr 47.74 kr 22.20 Fair Value kr 22.92 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 22.20 – kr 47.74 · fair‑value band kr 16.11 – kr 25.53 · the kr 25.85 price screens above the kr 22.92 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Atrium Ljungberg AB (ATRLJ-B) currently trades at kr 25.85, while our model-based Fair Value estimate is kr 22.92, implying the stock looks roughly 12.8% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of kr 32.38 per share, and 3 of the 12 models we run sit above the kr 25.85 price. Bear case: the DCF Models group reads lowest at kr 5.55, and 9 of the 12 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Atrium Ljungberg AB generated revenue of 3.7B SEK at a net margin of 15.3%. Revenue grew 7.5% year over year. It earns a return on equity of 2.0%. Net debt stands at 29.2B SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 16.11 (bear case) to kr 25.53 (bull case); at kr 25.85, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at −11%, ATRLJ-B screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.1291 per share, which is 0.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

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. Evidence
Highest evidence
FCF DCF kr 12.90 77
Residual Income kr 33.47 kr 32.38 kr 27.15 76
Growth DCF kr 10.56 75
All 14 models by family
DCF Models
FCF DCF kr 12.90 77
5Y Revenue Exit kr 5.55 kr 23.54 69
5Y EBITDA Exit kr 18.80 kr 41.94 72
10Y Revenue Exit kr 1.64 kr 17.94 64
10Y EBITDA Exit kr 10.69 kr 31.59 65
Multiples
P/S Multiple kr 17.19 kr 22.92 kr 28.65 58
P/B Multiple kr 17.19 kr 22.92 kr 28.65 55
EV/EBIT kr 21.66 kr 39.90 kr 58.15 63
EV/EBITDA kr 9.49 kr 23.68 kr 37.87 63
EV/Revenue kr 6.44 kr 18.30 50
Asset-Based
NCAV (Graham) kr 23.17 kr 31.05 kr 46.35 54
Growth DCF
Growth DCF kr 10.56 75
Rev-Margin DCF kr 5.61 kr 21.42 69
Economic Profit
Residual Income kr 33.47 kr 32.38 kr 27.15 76

Widest divergence: Economic Profit (kr 32.38) versus DCF Models (kr 5.55). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 29.8 as of Jul 11, 2026
P/S ratio 7.13 P/E × margin
EPS (TTM) kr 0.9100 price ÷ EPS = P/E 29.8
Dividend yield 2.8% payout 79.1%
Net margin 23.9% FY2025
Return on equity 2.0% TTM
More key figures
Profitability
Return on assets (EBIT) 4.9% avg 5y
Operating margin 57.8% TTM
Growth
Revenue (TTM) 3.7B SEK TTM
Revenue growth (YoY) +7.5% 3y avg +3.2%
EPS growth (YoY) −55.4%
Balance sheet & cash flow
Free cash flow 1.2B SEK FY2025
Net debt 29.2B SEK FY2025 · ≈ 24.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 56 · Market factors (momentum, volatility) 30

Profitability 30
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 91
Earnings quality: real cash, not paper profit
Fin. Strength 35
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Atrium Ljungberg AB (publ) owns, develops, and manages real estate properties in Sweden. It focuses on developing urban environments for offices and retail, residential units, culture, healthcare, house restaurants, service, and education facilities, as well as tenant-owned dwellings.

Full company description

Atrium Ljungberg AB (publ) owns, develops, and manages real estate properties in Sweden. It focuses on developing urban environments for offices and retail, residential units, culture, healthcare, house restaurants, service, and education facilities, as well as tenant-owned dwellings. The company's property portfolio and project portfolio are located in the regions of Stockholm, Uppsala, Gothenburg, and Malmö. Atrium Ljungberg AB (publ) was founded in 1946 and is based in Nacka, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Atrium Ljungberg AB reported revenue of 3.4B SEK in FY2025 versus 3.1B SEK in FY2021, a compound +2.9%/yr. Reported net income was 823M SEK in FY2025, compounding −31.6%/yr from FY2021.

Growth Quality 66/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.4B SEK
Latest YoY
−2.0%
Avg. revenue growth/yr (3Y) 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.
+3.2%
Avg. revenue growth/yr (5Y) 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.
+4.2%
Avg. revenue growth/yr (23Y) 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.
+7.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
−33.4% · in SEK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−36.2%
Dividend yield2.8%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −42.9% vs 10Y −12.6%, flattening
Operating margin (EBIT) 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.43.9% (2020) → 58.8% (2025) · rising
Worst earnings drop112% (2008) (loss year, drop beyond 100%) · in SEK
Revenue +2.9%/yr
FY21 3.1B SEK
FY22 3.1B SEK
FY23 3.2B SEK
FY24 3.5B SEK
FY25 3.4B SEK
Net income −31.6%/yr
FY21 3.8B SEK
FY22 4.3B SEK
FY23 −954M SEK
FY24 850M SEK
FY25 823M SEK
Character of growth · EPS growth decomposed (2014-2025) −10.6 % p.a.
Revenue per share +2.3 %

of which total revenue +4.2 % · buybacks/dilution −1.8 %

EBIT margin +0.4 %
Tax rate −0.2 %
Residual (interest, one-offs) −12.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

ATRLJ-B screens 13% overvalued. Compare with Sun Hung Kai Properties Limited →

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Cite: Fair Value Calculator (2026). "Atrium Ljungberg AB Fair Value". https://www.fairvalue-calculator.com/stock/ATRLJ-B

Peer Group

Real Estate - Development · 566 stocks

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.

Quality Score 58 · Top 25%
Fair Value upside −11% · Below median
Return on equity (TTM) 2% · Below median
Return on assets 2% · Above median
Net margin (TTM) 15% · Above median
Operating margin (TTM) 58% · Top 25%
Revenue growth 8% · Above median
Dividend yield (TTM) 2.8% · Above median
Debt / equity 0.72× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 29.8× · Pricier than 75% of peers
P/B 0.60× · Pricier than median
P/S (TTM) 4.58× · Pricier than 75% of peers
P/FCF 1.5× · Pricier than median
EV/EBITDA 18.3× · Pricier than median
PEG 11.41× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE18 · sector 45
FUTURE38 · sector 0
PAST8 · sector 11
HEALTH64 · sector 85
DIVIDEND56 · sector 54

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 - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 80016 HK$109.70 HK$88.93 −19%
China Resources Land Limited 1109 HK$35.24 HK$72.16 +105%
Vinhomes Joint Stock Company VHM 71,700 VND 109,431 VND +53%
CK Asset Holdings 1113 HK$47.34 HK$68.85 +45%
Hongkong Land Holdings H78 $8.20 $1.52 −81%
DLF Limited DLF ₹667.10 ₹170.24 −74%
China Overseas Land & Investment Limited 0688 HK$13.76 HK$22.92 +67%
Macrotech Developers Limited LODHA ₹1,244 ₹583.42 −53%
Sino Land Company 0083 HK$10.33 HK$6.99 −32%
PT Pantai Indah Kapuk Dua Tbk, PANI 5,925 IDR 1,325 IDR −78%

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Frequently asked questions

Is Atrium Ljungberg AB (ATRLJ-B) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 22.92 versus a price of kr 25.85, about −11% upside (overvalued).
What is the fair value of ATRLJ-B?
Our model-based fair value for Atrium Ljungberg AB is kr 22.92 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 25.85.
What is the quality score of ATRLJ-B?
Atrium Ljungberg AB has a Quality Score of 57/100. 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 revenue of Atrium Ljungberg AB (ATRLJ-B)?
Atrium Ljungberg AB reported trailing-twelve-month revenue of about 3.7B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ATRLJ-B?
The net profit margin of Atrium Ljungberg AB is about 15.3%, meaning it keeps roughly 15.3% of revenue as net income. Based on the latest reported figures.
Does Atrium Ljungberg AB pay a dividend?
Atrium Ljungberg AB currently shows a dividend yield of about 2.79% relative to its recent price (as of Aug 13, 2026).
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