Fortinova Fastigheter AB (FNOVA-B) Fair Value & Analysis
Real Estate · SE · Market cap 1.2B SEK (≈ $126M) · ISIN SE0014608915
What is Fortinova Fastigheter AB really worth?
A solid business, trading 40% below our fair value of kr 39.27.
Strengths
Risks
Fair value as of: Aug 31, 2026
From 16 valuation models · updated 5 days ago
Share price −3.3% 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 is below even our cautious bear case (kr 39.14). The market is more pessimistic than our downside scenario.
- Solid quality (64/100) 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
60‑month range kr 18.13 – kr 61.25 · fair‑value band kr 39.14 – kr 62.76 · the kr 23.40 price screens below the kr 39.27 fair value. Dashed = 300-day average. As of Aug 31, 2026.
Analysis
Fortinova Fastigheter AB (FNOVA-B) currently trades at kr 23.40, while our model-based Fair Value estimate is kr 39.27, implying the stock looks roughly 40.4% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of kr 47.65 per share, and 7 of the 14 models we run sit above the kr 23.40 price. Bear case: the Dividend Discount group reads lowest at kr 9.92, and 7 of the 14 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Fortinova Fastigheter AB generated revenue of 405M SEK at a net margin of 36.8%. Revenue grew 12.7% year over year. It earns a return on equity of 6.4%. Net debt stands at 2.5B SEK. Fundamentals as of Aug 31, 2026
Our scenario range runs from kr 39.14 (bear case) to kr 62.76 (bull case); at kr 23.40, 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 20% 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 68%, FNOVA-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly kr 2.30 per share, which is 5.9 % 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.
All 16 models by family
Widest divergence: Multiples (kr 47.65) versus Dividend Discount (kr 9.92). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 39
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
Fortinova Fastigheter AB (Publ) acquires, develops, and manages residential properties in Sweden. The company was incorporated in 2010 and is headquartered in Varberg, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Fortinova Fastigheter AB 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.
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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.
Valuation Multiples vs Real Estate Services median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 31, 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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