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Bahnhof AB (BAHN-B) Fair Value & Analysis

Communication Services · SE · Market cap 6.4B SEK (≈ $671M) · ISIN SE0010442418

What is Bahnhof AB really worth?

BA Bahnhof AB BAHN-B · ST
Pricekr 59.30
Fair Valuekr 36.94
Upside−37.7%
Quality75/100

A strong business, but trading 61% above our fair value of kr 36.94.

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Strengths

Healthy Growth (revenue 5y +8.5 %/yr)
Low debt · generates free cash flow
Wide moat 69/100

Risks

!Thin margins · 8.3% net margin
!Mixed vs. peers (8/14)

For context

·3.37% dividend yield
Evidence: High Range kr 27.71 – kr 46.18

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 22 days ago

Share price −0.5% over the past month.

What runs behind every stock

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

What matters now

  • A high-quality business (quality 75/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (kr 46.18). The favourable scenario is already priced in.

Price vs Fair Value (5 years)

kr 61.97 kr 24.54 Fair Value kr 36.94 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 24.54 – kr 61.97 · fair‑value band kr 27.71 – kr 46.18 · the kr 59.30 price screens above the kr 36.94 fair value. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Bahnhof AB (BAHN-B) currently trades at kr 59.30, while our model-based Fair Value estimate is kr 36.94, implying the stock looks roughly 60.5% overvalued today. The Quality Score stands at 75/100 (high quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of kr 47.34 per share, and 0 of the 24 models we run sit above the kr 59.30 price. Bear case: the Earnings-Based group reads lowest at kr 16.10, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Bahnhof AB generated revenue of 2.3B SEK at a net margin of 8.3%. Revenue grew 8.6% year over year. It earns a return on equity of 30.1%. The balance sheet holds a net cash position of 451M SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 27.71 (bear case) to kr 46.18 (bull case); at kr 59.30, 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 8% below its 52-week high and 26% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at −38%, BAHN-B screens richer than that median.

Fair Value models

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 best evidence kr 33.09 kr 51.16 kr 79.71 78
Growth DCF kr 33.10 kr 50.12 kr 76.37 76
Owner Earnings kr 28.76 kr 43.97 kr 68.02 75
All 24 models by family
DCF Models
FCF DCF best evidence kr 33.09 kr 51.16 kr 79.71 78
Owner Earnings kr 28.76 kr 43.97 kr 68.02 75
5Y Revenue Exit kr 27.74 kr 41.55 kr 59.60 71
5Y EBITDA Exit kr 32.24 kr 50.46 kr 72.50 74
5Y P/E Exit kr 31.55 kr 49.09 kr 68.34 70
10Y Revenue Exit kr 28.78 kr 42.06 kr 60.96 66
10Y EBITDA Exit kr 32.27 kr 48.30 kr 71.10 67
10Y P/E Exit kr 31.83 kr 47.34 kr 67.83 63
Earnings-Based
Graham-Dodd kr 11.42 kr 45.45 kr 61.76 61
Lynch FV kr 11.27 kr 16.10 kr 20.94 58
PEG = 1.0 kr 11.27 kr 16.10 kr 20.94 55
EPV kr 19.93 kr 22.18 kr 24.13 72
Multiples
P/E Multiple kr 27.71 kr 36.94 kr 46.18 61
P/S Multiple kr 21.41 kr 28.55 kr 35.69 56
P/B Multiple kr 13.13 kr 17.50 kr 21.88 53
EV/EBIT kr 31.83 kr 40.56 kr 49.29 65
EV/EBITDA kr 34.52 kr 44.15 kr 53.77 66
EV/Revenue kr 25.50 kr 34.01 kr 42.52 53
Asset-Based
NCAV (Graham) kr 2.50 kr 3.35 kr 5.00 52
Growth DCF
Growth DCF kr 33.10 kr 50.12 kr 76.37 76
Rev-Margin DCF kr 27.74 kr 41.49 kr 58.46 72
Economic Profit
Residual Income kr 11.50 kr 16.29 kr 135.32 63
ROIC Compounder kr 19.93 kr 22.18 kr 24.13 71
Growth Earnings
Growth-Adj P/E kr 20.45 kr 29.21 kr 37.97 66

Widest divergence: DCF Models (kr 47.34) versus Asset-Based (kr 3.35). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 34.3 as of Jul 15, 2026
P/S ratio 2.79 P/E × margin
EPS (TTM) kr 1.74 price ÷ EPS = P/E 34.3
Dividend yield 3.4% payout 115%
Net margin 8.2% FY2025
Return on equity 30.1% TTM
More key figures
Profitability
Return on assets (EBIT) 18.6% avg 5y
Operating margin 13.5% TTM
Growth
Revenue (TTM) 2.3B SEK TTM
Revenue growth (YoY) +8.6% 3y avg +8.6%
EPS growth (YoY) +7.8%
Balance sheet & cash flow
Free cash flow 255M SEK FY2025
Net cash 451M SEK FY2025

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

Quality Score breakdown

Overall quality 75/100

Of which business quality 73 · Market factors (momentum, volatility) 61

Profitability 70
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 51
Distance to the 52-week high (market factor)
Net Issuance 82
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

Bahnhof AB (publ) provides internet services to individuals and businesses in Sweden and internationally. It offers broadband, telephony, VPN and antivirus, TV and streaming, wireless office WiFi, WAN and WAN Lite, backbone and carrier, cloud, and colocation services; and data security services, including backup and recovery, and DDoS protection, as well as …

Full company description

Bahnhof AB (publ) provides internet services to individuals and businesses in Sweden and internationally. It offers broadband, telephony, VPN and antivirus, TV and streaming, wireless office WiFi, WAN and WAN Lite, backbone and carrier, cloud, and colocation services; and data security services, including backup and recovery, and DDoS protection, as well as data center solutions. The company was founded in 1994 and is headquartered in Stockholm, Sweden. Bahnhof AB (publ) is a subsidiary of KN Telecom AB.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bahnhof AB reported revenue of 2.2B SEK in FY2025 versus 1.6B SEK in FY2021, a compound +8.4%/yr. Reported net income was 181M SEK in FY2025, compounding +4.7%/yr from FY2021.

Growth Quality 82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.2B SEK
Latest YoY
+9.7%
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.
+8.6%
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.
+8.5%
Avg. revenue growth/yr (9Y) 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.
+11.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+8.9% (5.5 + 3.4)
Revenue +8.4%/yr
FY21 1.6B SEK
FY22 1.7B SEK
FY23 1.9B SEK
FY24 2.0B SEK
FY25 2.2B SEK
Net income +4.7%/yr
FY21 150M SEK
FY22 180M SEK
FY23 215M SEK
FY24 220M SEK
FY25 181M SEK

BAHN-B screens 61% overvalued. Compare with China Mobile Limited →

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

Peer Group

Telecom Services · 249 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 75 · Top 25%
Fair Value upside −38% · Below median
Return on equity (TTM) 30% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth 9% · Above median
Dividend yield (TTM) 3.4% · Below median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 34.3× · Pricier than 75% of peers
P/B 11.92× · Pricier than 75% of peers
P/S (TTM) 2.84× · Pricier than 75% of peers
P/FCF 2.6× · Cheaper than median
EV/EBITDA 19.6× · 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
VALUE0 · sector 28
FUTURE43 · sector 16
PAST100 · sector 28
HEALTH100 · sector 89
DIVIDEND67 · sector 74

VALUE 0: the price sits above our fair-value range.

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

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.41 $95.42 +261%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.50 $39.45 +68%
Singapore Telecommunications Limited Z77 4.29 SGD 3.03 SGD −29%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Bahnhof AB (BAHN-B) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 36.94 versus a price of kr 59.30, about −38% upside (overvalued).
What is the fair value of BAHN-B?
Our model-based fair value for Bahnhof AB is kr 36.94 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 59.30.
What is the quality score of BAHN-B?
Bahnhof AB has a Quality Score of 75/100. 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 Bahnhof AB (BAHN-B)?
Bahnhof AB reported trailing-twelve-month revenue of about 2.3B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BAHN-B?
The net profit margin of Bahnhof AB is about 8.3%, meaning it keeps roughly 8.3% of revenue as net income. Based on the latest reported figures.
Does Bahnhof AB pay a dividend?
Bahnhof AB currently shows a dividend yield of about 3.37% relative to its recent price (as of Aug 13, 2026).
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