Fortinova Fastigheter AB Series B (FNOVA-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Fortinova Fastigheter AB Series B stock SEK 24.32, price SEK 20.80, upside +16.9%, quality 65 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range kr 18.13 – kr 61.25 · fair‑value band kr 24.32 – kr 52.14 · the kr 20.80 price screens below the kr 24.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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Fortinova Fastigheter AB (Publ) acquires, develops, and manages residential properties in Sweden. The company was incorporated in 2010 and is headquartered in Varberg, Sweden.
Stock analysis
Fortinova Fastigheter AB Series B (FNOVA-B) currently trades at kr 20.80, while our model-based Fair Value estimate is kr 24.32, implying the stock looks roughly 14.5% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 39.69 per share, and 9 of the 14 models we run sit above the kr 20.80 price.
Bear case: the Growth DCF group reads lowest at kr 18.63, and 5 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 24.32 (bear) to kr 52.14 (bull), the price of kr 20.80 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 65/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Fortinova Fastigheter AB Series B reported revenue of 383M SEK in FY2025 versus 197M SEK in FY2021, a compound +18.1%/yr. Reported net income was 170M SEK in FY2025, compounding −14.1%/yr from FY2021.
Key figures
Market cap 1.0B SEK (≈ $106M) Micro · P/E ratio 9.5 · P/S ratio 2.54 · EPS (TTM) kr 2.30 · Net margin 29.1% · Return on equity 5.1% · Return on assets (EBIT) 4.6% · Operating margin 52.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at 17%, FNOVA-B screens cheaper than that median.
Fair Value models
Bearkr 24.32Fair Value kr 24.32Bullkr 52.14
Price kr 20.80 · Upside +16.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (kr 2.30 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.3%
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.
+10.2%
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.
+23.1%
Start year 2020 (pandemic)
Revenue growth 6 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.
+20.5%
’19
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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.
−3.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.7%
Dividend (yield on the price)0.0%
Profit margin 2019 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.109% → 52%
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).
+27.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +24.8% a year for the price.
Compare Fortinova Fastigheter AB Series B with another stock
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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 · 519 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+16.9% · Above median
Profitability
Return on equity (12 months)5.1% · Above median
Return on assets3.1% · Above median
Net margin (12 months)29.1% · Above median
Operating margin (12 months)52.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)7.9% · Above median
Balance sheet
Debt / equity1.03× · 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). "Fortinova Fastigheter AB Series B Fair Value". https://www.fairvalue-calculator.com/stock/FNOVA-B
Frequently asked questions
Is Fortinova Fastigheter AB Series B (FNOVA-B) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 24.32 versus a price of kr 20.80, about +17% upside (undervalued).
What is the fair value of FNOVA-B?
Our model-based fair value for Fortinova Fastigheter AB Series B is kr 24.32 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 20.80.
What is the quality score of FNOVA-B?
Fortinova Fastigheter AB Series B has a Quality Score of 65/100. 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 Fortinova Fastigheter AB Series B (FNOVA-B)?
Our model-based price target is the fair value of kr 24.32 (as of Oct 3, 2026) from 14 valuation models. Cautious scenario kr 24.32, optimistic scenario kr 52.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Fortinova Fastigheter AB Series B stock forecast for 2026?
Our models put fair value at kr 24.32, about +17% upside versus a price of kr 20.80 (undervalued). Cautious scenario kr 24.32, optimistic scenario kr 52.14. The calculation is refreshed regularly with new filings.
What is the revenue of Fortinova Fastigheter AB Series B (FNOVA-B)?
Fortinova Fastigheter AB Series B reported trailing-twelve-month revenue of about 413M SEK (latest available figure, as of Oct 3, 2026).
What growth is priced into Fortinova Fastigheter AB Series B (FNOVA-B)?
For today's price to be fair in a discounted-cash-flow model, Fortinova Fastigheter AB Series B would have to grow free cash flow by +27.3 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.1 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of FNOVA-B use?
Our models discount Fortinova Fastigheter AB Series B at 12.2 %: a base by market capitalisation (micro), damped by beta 0.89, 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 Fortinova Fastigheter AB Series B that is +27.3 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Fortinova Fastigheter AB Series B (FNOVA-B) delivered so far?
Over the past 5 years revenue at Fortinova Fastigheter AB Series B grew +23.1 % a year. The price currently implies +27.3 % 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 Fortinova Fastigheter AB Series B (FNOVA-B) growing?
The median revenue growth in the sector is +2.3 % a year. That is the yardstick for the growth priced into Fortinova Fastigheter AB Series B (+27.3 % 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 Fortinova Fastigheter AB Series B (FNOVA-B)?
The free-cash-flow yield on the price is 9.77 %: that much free cash flow Fortinova Fastigheter AB Series B produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fortinova Fastigheter AB Series B (FNOVA-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fortinova Fastigheter AB Series B it is kr 24.32 per share (as of Oct 3, 2026), against a price of kr 20.80. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Fortinova Fastigheter AB Series B stock overvalued or undervalued in 2026?
As of Oct 3, 2026, FNOVA-B trades below its calculated fair value: price kr 20.80, fair value kr 24.32, a gap of about +17% (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 FNOVA-B?
No. The price is what the market pays today (kr 20.80); the fair value is what the company's own numbers justify (kr 24.32). For Fortinova Fastigheter AB Series B the two are kr 3.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fortinova Fastigheter AB Series B worth?
The market values Fortinova Fastigheter AB Series B at about 1.0B SEK (market capitalisation, as of Oct 3, 2026). Per share that is kr 20.80; our models calculate a fair value of kr 24.32 per share.
What do the bullish and bearish scenarios say about FNOVA-B?
Our models span a range for Fortinova Fastigheter AB Series B: cautious scenario kr 24.32, base kr 24.32, optimistic kr 52.14 per share (as of Oct 3, 2026, price kr 20.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FNOVA-B?
Fortinova Fastigheter AB Series B trades at a price-to-earnings ratio of 9.5 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 24.32 is built from several models across several years. Other multiples: P/B 0.5, P/S 2.5, EV/EBITDA 14.7.
How solid is the balance sheet of Fortinova Fastigheter AB Series B (FNOVA-B)?
Balance-sheet figures for Fortinova Fastigheter AB Series B (as of Oct 3, 2026): return on equity 5.1%, debt of 1.03 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is FNOVA-B from its 52-week high?
Fortinova Fastigheter AB Series B trades at kr 20.80, about 28% below its 52-week high of kr 29.00 and 1% above the low of kr 20.60 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 24.32 is for.
Which stocks are comparable to Fortinova Fastigheter AB Series B?
From the same area (Real Estate) we also value CBRE Group, KE Holdings, Swire Properties Limited, 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 Fortinova Fastigheter AB Series B stock attractive at the current price?
The data as of Oct 3, 2026: price kr 20.80, calculated fair value kr 24.32 (+17%), Quality Score 65/100, from 14 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 FNOVA-B calculated?
We run Fortinova Fastigheter AB Series B through 14 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 24.32, 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 13.9 % above its aggregate fair value. Fortinova Fastigheter AB Series B currently trades 14 % 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 Fortinova Fastigheter AB Series B (FNOVA-B)?
The closing price on Oct 19, 2026 was kr 20.80. Our model-based fair value is kr 24.32, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fortinova Fastigheter AB Series B right now?
The price is below even our cautious bear case (kr 24.32). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 24.32 to kr 52.14) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Fortinova Fastigheter AB Series B
How large is the market capitalisation of Fortinova Fastigheter AB Series B (FNOVA-B)?
The market capitalisation of Fortinova Fastigheter AB Series B is 1.0B SEK (≈ $106M). 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 Fortinova Fastigheter AB Series B (FNOVA-B)?
The price-to-sales ratio of Fortinova Fastigheter AB Series B is 2.54 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fortinova Fastigheter AB Series B (FNOVA-B)?
Earnings per share at Fortinova Fastigheter AB Series B are kr 2.30 (price ÷ EPS = P/E 9.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fortinova Fastigheter AB Series B (FNOVA-B)?
The net margin of Fortinova Fastigheter AB Series B is 29.1% (last twelve months). 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 Fortinova Fastigheter AB Series B (FNOVA-B)?
The return on equity (ROE) of Fortinova Fastigheter AB Series B is 5.1% (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 Fortinova Fastigheter AB Series B (FNOVA-B)?
On an EBIT basis the return on assets of Fortinova Fastigheter AB Series B is 4.6% (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 Fortinova Fastigheter AB Series B (FNOVA-B)?
The operating margin of Fortinova Fastigheter AB Series B is 52.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fortinova Fastigheter AB Series B (FNOVA-B)?
Revenue at Fortinova Fastigheter AB Series B is growing +7.9% versus a year earlier (3y avg +10.2%). 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 Fortinova Fastigheter AB Series B (FNOVA-B)?
Earnings per share at Fortinova Fastigheter AB Series B are growing −80.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fortinova Fastigheter AB Series B (FNOVA-B) carry?
The net debt of Fortinova Fastigheter AB Series B is 2.5B SEK (fiscal year 2025, ≈ 24.5 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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Oct 3, 2026