Baltic Sea Properties AS (BALT) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Baltic Sea Properties AS NOK 79.47, price NOK 49.80, upside +59.6%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 36.37 – kr 56.71 · fair‑value band kr 59.60 – kr 106.56 · the kr 49.80 price screens below the kr 79.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Baltic Sea Properties AS engages in the acquisition, development, letting, and rental of investment properties in Lithuania. The company develops and invests in real estate in the logistics, industrial, and commercial segments. The company was founded in 2005 and is headquartered in Oslo, Norway.
Stock analysis
Baltic Sea Properties AS (BALT) currently trades at kr 49.80, while our model-based Fair Value estimate is kr 79.47, implying the stock looks roughly 37.3% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 150.45 per share, and 12 of the 15 models we run sit above the kr 49.80 price.
Bear case: the Dividend Discount group reads lowest at kr 30.44, and 3 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 59.60 (bear) to kr 106.56 (bull), the price of kr 49.80 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 53/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Baltic Sea Properties AS reported revenue of 106M NOK in FY2025 versus 63.8M NOK in FY2021, a compound +13.4%/yr. Reported net income was 45.8M NOK in FY2025, compounding +12.2%/yr from FY2021.
Key figures
Market cap 433M NOK (≈ $45.6M) · P/E ratio 9.4 · P/S ratio 4.08 · EPS (TTM) kr 5.30 · Dividend yield 4.3% · Net margin 43.4% · Return on equity 7.5% · Return on assets (EBIT) 5.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at 60%, BALT screens cheaper than that median.
Fair Value models
Bear kr 59.60Fair Value kr 79.47Bull kr 106.56
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 3.89 per share) are deliberately not added.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 ⓘ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.
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.89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.5%
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.
+15.0%
Revenue growth 5 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.
+11.3%
Start year 2020 (pandemic). Over 10 years: +5.7% a year
Revenue growth 11 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.
+5.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+14.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.0%
Dividend (yield on the price)4.3%
Pace: 5 vs 10 years ⓘ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.10% vs 9%, steady
Profit margin 2020 to 2025 ⓘ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.27% → 70%
Start year 2020 (pandemic)
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).
+2.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about −0.1% a year for the price.
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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 · 546 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+62% · Above median
Profitability
Return on equity (TTM)8% · Above median
Return on assets3% · Top 25%
Net margin (TTM)44% · Top 25%
Operating margin (TTM)75% · Top 25%
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)4.3% · Above median
Balance sheet
Debt / equity1.11× · Highest 25%
Valuation Multiplesvs Real Estate Services 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). "Baltic Sea Properties AS Fair Value". https://www.fairvalue-calculator.com/stock/BALT
Frequently asked questions
Is Baltic Sea Properties AS (BALT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 79.47 versus a price of kr 49.80, about +60% upside (undervalued).
What is the fair value of BALT?
Our model-based fair value for Baltic Sea Properties AS is kr 79.47 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 49.80.
What is the quality score of BALT?
Baltic Sea Properties AS has a Quality Score of 53/100. 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 Baltic Sea Properties AS (BALT)?
Our model-based price target is the fair value of kr 79.47 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario kr 59.60, optimistic scenario kr 106.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Baltic Sea Properties AS stock forecast for 2026?
Our models put fair value at kr 79.47, about +60% upside versus a price of kr 49.80 (undervalued). Cautious scenario kr 59.60, optimistic scenario kr 106.56. The calculation is refreshed regularly with new filings.
What is the revenue of Baltic Sea Properties AS (BALT)?
Baltic Sea Properties AS reported trailing-twelve-month revenue of about 105M NOK (latest available figure, as of Sep 24, 2026).
Does Baltic Sea Properties AS pay a dividend?
Baltic Sea Properties AS currently shows a dividend yield of about 4.34% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Baltic Sea Properties AS (BALT)?
For today's price to be fair in a discounted-cash-flow model, Baltic Sea Properties AS would have to grow free cash flow by +2.4 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BALT use?
Our models discount Baltic Sea Properties AS at 9.5 %: a base by market capitalisation (nano), country premium for Norway. 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 Baltic Sea Properties AS that is +2.4 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Baltic Sea Properties AS (BALT) delivered so far?
Over the past 5 years revenue at Baltic Sea Properties AS grew +11.3 % a year. The price currently implies +2.4 % per year free-cash-flow growth a 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 Baltic Sea Properties AS (BALT) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Baltic Sea Properties AS (+2.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Baltic Sea Properties AS (BALT)?
The free-cash-flow yield on the price is 18.33 %: that much free cash flow Baltic Sea Properties AS produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Baltic Sea Properties AS (BALT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Baltic Sea Properties AS it is kr 79.47 per share (as of Sep 24, 2026), against a price of kr 49.80. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Baltic Sea Properties AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BALT trades below its calculated fair value: price kr 49.80, fair value kr 79.47, a gap of about +60% (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 BALT?
No. The price is what the market pays today (kr 49.80); the fair value is what the company's own numbers justify (kr 79.47). For Baltic Sea Properties AS the two are kr 29.67 per share apart. That gap is exactly why we show both numbers side by side.
How much is Baltic Sea Properties AS worth?
The market values Baltic Sea Properties AS at about 433M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 49.80; our models calculate a fair value of kr 79.47 per share.
What do the bullish and bearish scenarios say about BALT?
Our models span a range for Baltic Sea Properties AS: cautious scenario kr 59.60, base kr 79.47, optimistic kr 106.56 per share (as of Sep 24, 2026, price kr 49.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BALT?
Baltic Sea Properties AS trades at a price-to-earnings ratio of 9.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 79.47 is built from several models across several years. Other multiples: P/B 0.7, P/S 4.0, EV/EBITDA 14.2.
How solid is the balance sheet of Baltic Sea Properties AS (BALT)?
Balance-sheet figures for Baltic Sea Properties AS (as of Sep 24, 2026): return on equity 7.5%, debt of 1.11 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is BALT from its 52-week high?
Baltic Sea Properties AS trades at kr 49.80, about 11% below its 52-week high of kr 56.23 and 19% above the low of kr 41.91 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 79.47 is for.
Which stocks are comparable to Baltic Sea Properties AS?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Baltic Sea Properties AS stock attractive at the current price?
The data as of Sep 24, 2026: price kr 49.80, calculated fair value kr 79.47 (+60%), Quality Score 53/100, from 15 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 BALT calculated?
We run Baltic Sea Properties AS through 15 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 79.47, 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 13.2 % above its aggregate fair value. Baltic Sea Properties AS currently trades 60 % 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 Baltic Sea Properties AS (BALT)?
The closing price on Sep 24, 2026 was kr 49.80. Our model-based fair value is kr 79.47, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Baltic Sea Properties AS right now?
The price is below even our cautious bear case (kr 59.60). 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.
Where does the earnings growth of Baltic Sea Properties AS (BALT) come from?
Earnings per share at Baltic Sea Properties AS grew +9.4 % a year from 2014 to 2024. Broken into its drivers: revenue per share +0.4 %, EBIT margin +9.4 %, tax rate +0.0 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Baltic Sea Properties AS
How large is the market capitalisation of Baltic Sea Properties AS (BALT)?
The market capitalisation of Baltic Sea Properties AS is 433M NOK (≈ $45.6M). 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 Baltic Sea Properties AS (BALT)?
The price-to-sales ratio of Baltic Sea Properties AS is 4.08 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Baltic Sea Properties AS (BALT)?
Earnings per share at Baltic Sea Properties AS are kr 5.30 (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Baltic Sea Properties AS (BALT)?
The dividend yield of Baltic Sea Properties AS is 4.3% (payout 40.8%). 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 Baltic Sea Properties AS (BALT)?
The net margin of Baltic Sea Properties AS is 43.4% (fiscal year 2025). 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 Baltic Sea Properties AS (BALT)?
The return on equity (ROE) of Baltic Sea Properties AS is 7.5% (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 Baltic Sea Properties AS (BALT)?
On an EBIT basis the return on assets of Baltic Sea Properties AS is 5.5% (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 Baltic Sea Properties AS (BALT)?
The operating margin of Baltic Sea Properties AS is 75.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Baltic Sea Properties AS (BALT)?
Revenue at Baltic Sea Properties AS is growing −0.9% versus a year earlier (3y avg +15.0%). 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 Baltic Sea Properties AS (BALT) carry?
The net debt of Baltic Sea Properties AS is 661M NOK (fiscal year 2025, ≈ 8.3 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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