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Fleming Properties AB (FLMNG) Fair Value & Analysis

Real Estate · SE · Market cap 353M SEK

FP Fleming Properties AB FLMNG · ST
Pricekr 5.35
Fair Valuekr 7.61
Upside+42.2%
Quality60/100
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Healthy Growth
Highly profitable · 35.0% net margin
Moderate debt · generates free cash flow
0.57% dividend yield
Mixed vs. peers (7/13)
Moderate moat 62/100
Evidence: High Range kr 5.71 – kr 7.61 Share as image

Fair value as of: Jul 18, 2026

From 11 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from kr 0.6900 to kr 7.61 (+1,002.9%) since Jun 26, 2026. Share price −3.6% over the past month.

A solid business, screening 42% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (kr 5.71). The market is more pessimistic than our downside scenario.
  • Solid quality (60/100) 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.
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Price vs Fair Value (5 years)

kr 99.48 kr 4.28 Fair Value kr 7.61 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range kr 4.28 – kr 99.48 · fair‑value band kr 5.71 – kr 7.61 · the kr 5.35 price screens below the kr 7.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Fleming Properties AB (FLMNG) currently trades at kr 5.35, while our model-based Fair Value estimate is kr 7.61, implying the stock looks roughly 42.2% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Fleming Properties AB generated revenue of 7.9M SEK at a net margin of 33.6%. Revenue declined 1.5% year over year. It earns a return on equity of 4.4%. Net debt stands at 41.5M SEK. Fundamentals as of Jul 18, 2026

Our scenario range runs from kr 5.71 (bear case) to kr 7.61 (bull case); at kr 5.35, 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 10% 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 -2% fair-value upside, at 42%, FLMNG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (kr 0.0700 to kr 1.15). Read the values as a conservative anchor, not as a price target.
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
Residual Income kr 0.6700 kr 0.6600 kr 0.5800 76
Rev-Margin DCF kr 0.0700 kr 0.3300 74
Gordon GGM kr 0.2300 kr 0.3200 kr 0.4100 70
All 11 models by family
DCF Models
5Y Revenue Exit kr 0.0700 kr 0.3700 39
10Y Revenue Exit kr 0.1800 36
Dividend Discount
Gordon GGM kr 0.2300 kr 0.3200 kr 0.4100 70
DDM Multi-Stage kr 0.2300 kr 0.3100 kr 0.3900 61
Multiples
P/S Multiple kr 0.5200 kr 0.6900 kr 0.8600 58
P/B Multiple kr 0.5200 kr 0.6900 kr 0.8600 55
EV/EBIT kr 0.7000 kr 1.15 kr 1.60 53
EV/Revenue kr 0.2100 kr 0.4600 43
Asset-Based
NCAV (Graham) kr 0.4700 kr 0.6300 kr 0.9400 50
Growth DCF
Rev-Margin DCF kr 0.0700 kr 0.3300 74
Economic Profit
Residual Income kr 0.6700 kr 0.6600 kr 0.5800 76

Widest divergence: Multiples (kr 0.6900) versus DCF Models (kr 0.0700). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 7.8M SEK
Revenue growth (YoY) -5.4%
Net margin 35.0%
Return on equity 4.5%
Free cash flow 2.4M SEK FY2025
P/E ratio 12.3
More key figures
Operating margin 58.7%
EPS (TTM) kr 0.4400
Dividend yield 0.6%
EPS growth (YoY) +102%
Net debt 41.5M SEK FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 57 · Market factors (momentum, volatility) 52

Profitability 34
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 30
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.

About the company

Fleming Properties AB (publ) owns, manages, and develops real estate properties in Finland. The company owns and manages office properties. Fleming Properties AB (publ) was incorporated in 2019 and is headquartered in Stockholm, Sweden. Fleming Properties AB (publ) operates as a subsidiary of Pareto Business Management AB.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fleming Properties AB reported revenue of kr 7.9M in FY2025 versus kr 7.0M in FY2021, a compound +3.1%/yr. Reported net income was kr 2.7M in FY2025, compounding −23.5%/yr from FY2021.

Growth Quality 67/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
7.9M SEK
Latest YoY
+2.8%
Avg. 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.
+4.4%
Avg. 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.
+2.1%
Revenue +3.1%/yr
FY21 kr 7.0M
FY22 kr 6.9M
FY23 kr 7.4M
FY24 kr 7.7M
FY25 kr 7.9M
Net income −23.5%/yr
FY21 kr 7.7M
FY22 −kr 2.8M
FY23 −kr 14.8M
FY24 −kr 4.2M
FY25 kr 2.7M

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Cite: Fair Value Calculator (2026). "Fleming Properties AB Fair Value". https://www.fairvalue-calculator.com/stock/FLMNG

Peer Group

Real Estate Services · 520 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 · Above median
Fair Value upside +42% · Above median
Return on equity (TTM) 4% · Above median
Return on assets 3% · Above median
Net margin (TTM) 35% · Above median
Operating margin (TTM) 59% · Top 25%
Revenue growth -5% · Below median
Dividend yield (TTM) 0.6% · Below median
Debt / equity 0.85× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 12.3× · Pricier than median
P/B 0.61× · Cheaper than median
P/S (TTM) 4.78× · Pricier than median
P/FCF 15.3× · Pricier than 75% of peers

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.

VALUE 90 · sector 37
FUTURE 0 · sector 10
PAST 18 · sector 16
HEALTH 58 · sector 85
DIVIDEND 11 · sector 49

Insider activity: 30/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Fleming Properties AB (FLMNG) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of kr 7.61 versus a price of kr 5.35, about +42% (undervalued).
What is the fair value of FLMNG?
Our model-based fair value for Fleming Properties AB is kr 7.61 (as of Jul 18, 2026), built from audited fundamentals. The current price is kr 5.35.
What is the quality score of FLMNG?
Fleming Properties AB has a Quality Score of 60/100. 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 Fleming Properties AB (FLMNG)?
Fleming Properties AB reported trailing-twelve-month revenue of about 7.9M SEK (latest available figure, as of Jul 18, 2026).
What is the net profit margin of FLMNG?
The net profit margin of Fleming Properties AB is about 33.6%, meaning it keeps roughly 33.6% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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