Fastighets AB (BALD-B) Fair Value & Analysis
Real Estate · SE · Market cap 59.9B SEK (≈ $6.3B) · ISIN SE0017832488
What is Fastighets AB really worth?
A solid business, trading 24% below our fair value of kr 70.70.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 13 valuation models · updated 22 days ago
Share price −1.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (kr 60.65). The market is more pessimistic than our downside scenario.
- Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
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 36.44 – kr 119.63 · fair‑value band kr 60.65 – kr 75.17 · the kr 53.72 price screens below the kr 70.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Fastighets AB (BALD-B) currently trades at kr 53.72, while our model-based Fair Value estimate is kr 70.70, implying the stock looks roughly 24.0% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of kr 76.43 per share, and 6 of the 11 models we run sit above the kr 53.72 price. Bear case: the DCF Models group reads lowest at kr 7.27, and 5 of the 11 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Fastighets AB generated revenue of 13.8B SEK at a net margin of 51.1%. Revenue grew 1.3% year over year. It earns a return on equity of 7.0%. Net debt stands at 137B SEK. Fundamentals as of Aug 13, 2026
Our scenario range runs from kr 60.65 (bear case) to kr 75.17 (bull case); at kr 53.72, the current price sits below 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 29% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −47% fair-value upside, at 32%, BALD-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 3.52 per share, which is 5.0 % 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.
All 13 models by family
Widest divergence: Economic Profit (kr 76.43) versus DCF Models (kr 7.27). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 26
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
Fastighets AB Balder (publ) owns, manages, and develops properties in Sweden, Denmark, Finland, Norway, Germany, and the United Kingdom. Its property portfolio comprises offices, shops, warehouses, restaurants, schools, and others, as well as hotel properties. The company was incorporated in 1995 and is headquartered in Gothenburg, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Fastighets AB reported revenue of 13.7B SEK in FY2025 versus 9.0B SEK in FY2021, a compound +11.3%/yr. Reported net income was 7.6B SEK in FY2025, compounding −19.9%/yr from FY2021.
of which total revenue +15.0 % · buybacks/dilution −2.1 %
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).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Fastighets AB Balder (STU:28F0) Q2 2026 Earnings Call Highlights: Navigating Growth Amidst ...
- Fastighets AB Balder (BALDF) Q1 2026 Earnings Call Highlights: Navigating Growth Amidst Market ...
- Fastighets AB Balder (BALDF) Q4 2025 Earnings Call Highlights: Navigating Growth Amidst Market ...
- How Investors May Respond To Fastighets AB Balder (OM:BALD B) Rebounding Strongly to Profitability in Q3 2025
Peer Group
Real Estate - Diversified · 129 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.
Valuation Multiples vs Real Estate - Diversified median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Corem Property Group CORED | kr 229.00 | kr 121.82 | −47% |
| Swiss Prime Site AG SPSN | CHF 124.60 | CHF 44.83 | −64% |
| Central Pattana Public Company CPN | 66.00 THB | 71.37 THB | +8% |
| Prestige Estates Projects Limited PRESTIGE | ₹1,586 | ₹645.21 | −59% |
| The Phoenix Mills Limited PHOENIXLTD | ₹1,905 | ₹701.74 | −63% |
| Umm Al Qura for Development and Construction Company 4325 | 17.19 SAR | 11.60 SAR | −33% |
| Hainan Airport Infrastructure Co 600515 | ¥2.79 | ¥0.3300 | −88% |
| Parque Arauco S.A PARAUCO | 3,954 CLP | 2,740 CLP | −31% |
| Singapore Land Group U06 | 3.41 SGD | 3.23 SGD | −5% |
| The St. Joe Company JOE | $67.90 | $34.24 | −50% |
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