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Brinova Fastigheter AB (BRIN-B) Fair Value & Analysis

Real Estate · SE · Market cap 3.1B SEK (≈ $329M) · ISIN SE0008347652

What is Brinova Fastigheter AB really worth?

BF Brinova Fastigheter AB BRIN-B · ST
Pricekr 12.45
Fair Valuekr 8.19
Upside−34.3%
Quality40/100

Below-average quality, and trading another 52% above our fair value of kr 8.19.

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Strengths

Solidly profitable · 16.6% net margin
Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +24.8 %/yr)
!Mixed vs. peers (6/14)
!Moderate moat 51/100
!Weak on future: 16 out of 100
!Weak on past: 10 out of 100
Evidence: High Range kr 3.47 – kr 10.59

Fair value as of: Aug 14, 2026

From 11 valuation models · updated 22 days ago

Share price −2.4% 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 sits above even our optimistic bull case (kr 10.59). The favourable scenario is already priced in.
  • Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (kr 3.47 to kr 10.59). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

kr 55.60 kr 12.40 Fair Value kr 8.19 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range kr 12.40 – kr 55.60 · fair‑value band kr 3.47 – kr 10.59 · the kr 12.45 price screens above the kr 8.19 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 Aug 14, 2026.

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Analysis

Brinova Fastigheter AB (BRIN-B) currently trades at kr 12.45, while our model-based Fair Value estimate is kr 8.19, implying the stock looks roughly 52.1% overvalued today. The Quality Score stands at 40/100 (below-average quality), in the Real Estate sector. Bull case: the Asset-Based group reads highest at a median of kr 21.03 per share, and 2 of the 4 models we run sit above the kr 12.45 price. Bear case: the Multiples group reads lowest at kr 5.44, and 2 of the 4 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Brinova Fastigheter AB generated revenue of 1.1B SEK at a net margin of 16.1%. Revenue grew 88.4% year over year. It earns a return on equity of 3.4%. Net debt stands at 11.4B SEK. Fundamentals as of Aug 14, 2026

Our scenario range runs from kr 3.47 (bear case) to kr 10.59 (bull case); at kr 12.45, 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 28% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −34%, BRIN-B screens richer 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 0.4756 per share, which is 5.8 % 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 22.77 73
Residual Income kr 21.10 kr 19.45 kr 13.91 73
Growth DCF kr 21.38 71
All 11 models by family
DCF Models
FCF DCF kr 22.77 73
5Y Revenue Exit kr 3.84 66
5Y EBITDA Exit kr 14.71 69
10Y Revenue Exit kr 2.37 61
10Y EBITDA Exit kr 35.28 62
Multiples
P/S Multiple kr 4.08 kr 5.44 kr 6.80 56
P/B Multiple kr 4.08 kr 5.44 kr 6.80 53
Asset-Based
NCAV (Graham) kr 15.69 kr 21.03 kr 31.39 52
Growth DCF
Growth DCF kr 21.38 71
Rev-Margin DCF kr 12.04 66
Economic Profit
Residual Income kr 21.10 kr 19.45 kr 13.91 73

Widest divergence: Asset-Based (kr 21.03) versus Multiples (kr 5.44). Highest evidence: FCF DCF (73).

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Key figures & financial health

P/E ratio 15.2 as of Jul 13, 2026
P/S ratio 1.18 P/E × margin
EPS (TTM) kr 0.9000 price ÷ EPS = P/E 15.2
Dividend yield 2.4% payout 33.0%
Net margin 7.8% FY2025
Return on equity 2.5% TTM
More key figures
Profitability
Return on assets (EBIT) 4.2% avg 5y
Operating margin 61.3% TTM
Growth
Revenue (TTM) 1.1B SEK TTM
Revenue growth (YoY) +3.2% 3y avg +26.6%
EPS growth (YoY) +140%
Balance sheet & cash flow
Free cash flow 294M SEK FY2025
Net debt 11.4B SEK FY2025 · ≈ 38.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 40/100

Of which business quality 42 · Market factors (momentum, volatility) 27

Profitability 17
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 0
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

Brinova Fastigheter AB (publ) engages in the real estate business in Sweden. It owns, develops, and manages rental housing and community services properties, including special housing, healthcare, leisure, education, and public administration, as well as complementary commercial premises.

Full company description

Brinova Fastigheter AB (publ) engages in the real estate business in Sweden. It owns, develops, and manages rental housing and community services properties, including special housing, healthcare, leisure, education, and public administration, as well as complementary commercial premises. The company was incorporated in 2011 and is headquartered in Helsingborg, Sweden. Brinova Fastigheter AB (publ) operates as a subsidiary of K-Fast Holding AB (publ).

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Brinova Fastigheter AB reported revenue of 942M SEK in FY2025 versus 399M SEK in FY2021, a compound +24.0%/yr. Reported net income was 73.1M SEK in FY2025, compounding −34.6%/yr from FY2021.

Growth Quality 87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
942M SEK
Latest YoY
+72.7%
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.
+26.6%
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.
+24.8%
Avg. revenue growth/yr (21Y) 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.
+6.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
−6.5% · in SEK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−8.9%
Dividend yield2.4%
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 −33.0% vs 10Y −13.7%, 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.54.6% (2016) → 62.6% (2022) · rising
Worst earnings drop178% (2023) (loss year, drop beyond 100%) · in SEK
Revenue +24.0%/yr
FY21 399M SEK
FY22 464M SEK
FY23 522M SEK
FY24 545M SEK
FY25 942M SEK
Net income −34.6%/yr
FY21 400M SEK
FY22 290M SEK
FY23 −338M SEK
FY24 46.0M SEK
FY25 73.1M SEK
Character of growth · EPS growth decomposed (2015-2025) −13.7 % p.a.
Revenue per share +13.4 %

of which total revenue +29.0 % · buybacks/dilution −12.1 %

EBIT margin +1.5 %
Tax rate −5.9 %
Residual (interest, one-offs) −20.2 %

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).

BRIN-B screens 52% overvalued. Compare with CBRE Group →

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

Peer Group

Real Estate Services · 523 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 40 · Bottom 25%
Fair Value upside −34% · Below median
Return on equity (TTM) 2% · Below median
Return on assets 2% · Above median
Net margin (TTM) 17% · Above median
Operating margin (TTM) 61% · Top 25%
Revenue growth 3% · Above median
Dividend yield (TTM) 2.4% · Below median
Debt / equity 1.39× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 15.2× · Pricier than median
P/B 0.44× · Cheaper than median
P/S (TTM) 2.91× · Pricier than median
P/FCF 1.1× · Cheaper than median
EV/EBITDA 20.1× · Pricier than median

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 30
FUTURE16 · sector 11
PAST10 · sector 17
HEALTH30 · sector 84
DIVIDEND48 · sector 63

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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is Brinova Fastigheter AB (BRIN-B) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of kr 8.19 versus a price of kr 12.45, about −34% upside (overvalued).
What is the fair value of BRIN-B?
Our model-based fair value for Brinova Fastigheter AB is kr 8.19 (as of Aug 14, 2026), built from audited fundamentals. The current price: kr 12.45.
What is the quality score of BRIN-B?
Brinova Fastigheter AB has a Quality Score of 40/100. 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 Brinova Fastigheter AB (BRIN-B)?
Brinova Fastigheter AB reported trailing-twelve-month revenue of about 1.1B SEK (latest available figure, as of Aug 14, 2026).
What is the net profit margin of BRIN-B?
The net profit margin of Brinova Fastigheter AB is about 16.1%, meaning it keeps roughly 16.1% of revenue as net income. Based on the latest reported figures.
Does Brinova Fastigheter AB pay a dividend?
Brinova Fastigheter AB currently shows a dividend yield of about 2.39% relative to its recent price (as of Aug 14, 2026).
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