Fleming Properties AB (FLMNG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Fleming Properties AB SEK 6.33, price SEK 5.30, upside +19.4%, quality 60 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 4.28 – kr 99.48 · fair‑value band kr 3.31 – kr 7.94 · the kr 5.30 price screens below the kr 6.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
Stock analysis
Fleming Properties AB (FLMNG) currently trades at kr 5.30, while our model-based Fair Value estimate is kr 6.33, implying the stock looks roughly 16.3% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of kr 0.7000 per share, and 0 of the 13 models we run sit above the kr 5.30 price.
Bear case: the Multiples group reads lowest at kr 0.6900, and 13 of the 13 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 3.31 (bear) to kr 7.94 (bull), the price of kr 5.30 sits inside 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 60/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Fleming Properties AB reported revenue of €7.9M in FY2025 versus €7.0M in FY2021, a compound +3.1%/yr. Reported net income was €2.7M in FY2025, compounding −23.5%/yr from FY2021.
Key figures
Market cap 347M SEK (≈ $34.9M) · P/E ratio 12.0 · P/S ratio 4.05 · EPS (TTM) kr 0.4400 · Dividend yield 0.6% · Net margin 33.6% · Return on equity 4.5% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at 19%, FLMNG screens cheaper than that median.
Fair Value models
Bear kr 3.31Fair Value kr 6.33Bull kr 7.94
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 0.3010 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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.8%
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.
+4.4%
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.
+2.1%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
−46.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−46.8%
Dividend (yield on the price)0.6%
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.78% → 67%
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+12.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +10.4% a year for the price.
Price, fair value, quality and upside side by side.
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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 · 547 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+19% · Above median
Profitability
Return on equity (TTM)4% · Above median
Return on assets3% · Above median
Net margin (TTM)35% · Above median
Operating margin (TTM)59% · Top 25%
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)0.6% · Bottom 25%
Balance sheet
Debt / equity0.85× · Above median
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). "Fleming Properties AB Fair Value". https://www.fairvalue-calculator.com/stock/FLMNG
Frequently asked questions
Is Fleming Properties AB (FLMNG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 6.33 versus a price of kr 5.30, about +19% upside (undervalued).
What is the fair value of FLMNG?
Our model-based fair value for Fleming Properties AB is kr 6.33 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 5.30.
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 price target for Fleming Properties AB (FLMNG)?
Our model-based price target is the fair value of kr 6.33 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario kr 3.31, optimistic scenario kr 7.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Fleming Properties AB stock forecast for 2026?
Our models put fair value at kr 6.33, about +19% upside versus a price of kr 5.30 (undervalued). Cautious scenario kr 3.31, optimistic scenario kr 7.94. The calculation is refreshed regularly with new filings.
What is the revenue of Fleming Properties AB (FLMNG)?
Fleming Properties AB reported trailing-twelve-month revenue of about €7.8M (latest available figure, as of Sep 24, 2026).
Does Fleming Properties AB pay a dividend?
Fleming Properties AB currently shows a dividend yield of about 0.57% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Fleming Properties AB (FLMNG)?
For today's price to be fair in a discounted-cash-flow model, Fleming Properties AB would have to grow free cash flow by +12.8 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FLMNG use?
Our models discount Fleming Properties AB at 8.3 %: a base by market capitalisation (nano), damped by beta 0.15, country premium for Sweden. 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 Fleming Properties AB that is +12.8 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Fleming Properties AB (FLMNG) delivered so far?
Over the past 5 years revenue at Fleming Properties AB grew +2.1 % a year. The price currently implies +12.8 % 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 Fleming Properties AB (FLMNG) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Fleming Properties AB (+12.8 % 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 Fleming Properties AB (FLMNG)?
The free-cash-flow yield on the price is 7.94 %: that much free cash flow Fleming Properties AB produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fleming Properties AB (FLMNG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fleming Properties AB it is kr 6.33 per share (as of Sep 24, 2026), against a price of kr 5.30. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Fleming Properties AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FLMNG trades below its calculated fair value: price kr 5.30, fair value kr 6.33, a gap of about +19% (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 FLMNG?
No. The price is what the market pays today (kr 5.30); the fair value is what the company's own numbers justify (kr 6.33). For Fleming Properties AB the two are kr 1.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fleming Properties AB worth?
The market values Fleming Properties AB at about 347M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 5.30; our models calculate a fair value of kr 6.33 per share.
What do the bullish and bearish scenarios say about FLMNG?
Our models span a range for Fleming Properties AB: cautious scenario kr 3.31, base kr 6.33, optimistic kr 7.94 per share (as of Sep 24, 2026, price kr 5.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FLMNG?
Fleming Properties AB trades at a price-to-earnings ratio of 12.0 (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 6.33 is built from several models across several years. Other multiples: P/B 0.6, P/S 4.5.
How solid is the balance sheet of Fleming Properties AB (FLMNG)?
Balance-sheet figures for Fleming Properties AB (as of Sep 24, 2026): return on equity 4.5%, debt of 0.85 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is FLMNG from its 52-week high?
Fleming Properties AB trades at kr 5.30, about 7% below its 52-week high of kr 5.67 and 2% above the low of kr 5.19 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 6.33 is for.
Which stocks are comparable to Fleming Properties AB?
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 Fleming Properties AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 5.30, calculated fair value kr 6.33 (+19%), Quality Score 60/100, from 13 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 FLMNG calculated?
We run Fleming Properties AB through 13 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 6.33, 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 13.0 % above its aggregate fair value. Fleming Properties AB currently trades 19 % 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 Fleming Properties AB (FLMNG)?
The closing price on Sep 24, 2026 was kr 5.30. Our model-based fair value is kr 6.33, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fleming Properties AB right now?
A fairly wide model range (kr 3.31 to kr 7.94) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Fleming Properties AB
How large is the market capitalisation of Fleming Properties AB (FLMNG)?
The market capitalisation of Fleming Properties AB is 347M SEK (≈ $34.9M). 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 Fleming Properties AB (FLMNG)?
The price-to-sales ratio of Fleming Properties AB is 4.05 (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 Fleming Properties AB (FLMNG)?
Earnings per share at Fleming Properties AB are kr 0.4400 (price ÷ EPS = P/E 12.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fleming Properties AB (FLMNG)?
The dividend yield of Fleming Properties AB is 0.6% (payout 6.8%). 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 Fleming Properties AB (FLMNG)?
The net margin of Fleming Properties AB is 33.6% (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 Fleming Properties AB (FLMNG)?
The return on equity (ROE) of Fleming Properties AB is 4.5% (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 Fleming Properties AB (FLMNG)?
On an EBIT basis the return on assets of Fleming Properties AB is 4.0% (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 Fleming Properties AB (FLMNG)?
The operating margin of Fleming Properties AB is 58.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fleming Properties AB (FLMNG)?
Revenue at Fleming Properties AB is growing −5.4% versus a year earlier (3y avg +4.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fleming Properties AB (FLMNG)?
Earnings per share at Fleming Properties AB are growing +102% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fleming Properties AB (FLMNG) carry?
The net debt of Fleming Properties AB is €41.5M (fiscal year 2025, ≈ 17.1 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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