Havsfrun Investment AB (publ) (HAV-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Havsfrun Investment AB (publ) stock SEK 26.40, price SEK 13.12, upside +101.2%, quality 86 out of 100. Rating: strongly 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 7.67 – kr 25.29 · fair‑value band kr 16.18 – kr 43.13 · the kr 13.12 price screens below the kr 26.40 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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Havsfrun Investment AB (publ) does not have significant operations. It intends to develop through a merger with a company. Havsfrun Investment AB (publ) was incorporated in 1987 and is based in Stockholm, Sweden.
Stock analysis
Havsfrun Investment AB (publ) (HAV-B) currently trades at kr 13.12, while our model-based Fair Value estimate is kr 26.40, implying the stock looks roughly 50.3% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of kr 43.72 per share, and 8 of the 10 models we run sit above the kr 13.12 price.
Bear case: the Asset-Based group reads lowest at kr 10.39, and 2 of the 10 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 16.18 (bear) to kr 43.13 (bull), the price of kr 13.12 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 86/100 (high quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2003: revenue and profit before it include the divested business. Growth is measured afresh from 2003.
Havsfrun Investment AB (publ) reported revenue of 19.5M SEK in FY2025 versus −5.4M SEK in FY2021. Reported net income was 12.9M SEK in FY2025, compounding +39.7%/yr from FY2021.
Key figures
Market cap 159M SEK (≈ $16.0M) Micro · P/E ratio 18.9 · P/S ratio 11.6 · EPS (TTM) kr 0.7000 · Dividend yield 7.6% · Net margin 61.6% · Return on equity 8.3% · Return on assets (EBIT) 0.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −12% fair-value upside, at 101%, HAV-B screens cheaper than that median.
Fair Value models
Bearkr 16.18Fair Value kr 26.40Bullkr 43.13
Price kr 13.12 · Upside +101.2%
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.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.55/100
Spin-off in 2003: revenue and profit before it include the divested business. Growth is measured afresh from 2003.
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.
+16.4%
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.
−9.8%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 22 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.
−10.0%
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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.
+36.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.6%
Dividend (yield on the price)7.6%
Pace: 5 vs 10 years ⓘ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.28.6% vs 4.2%, picking up
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.−53% → 61%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 4.9%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
−10.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −11.7% a year for the price.
Compare Havsfrun Investment AB (publ) with another stock
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.Capital Markets · 451 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score86 · Top 25%
Fair Value upside+101.2% · Top 25%
Profitability
Return on equity (12 months)8.3% · Above median
Return on assets11.5% · Top 25%
Net margin (12 months)61.6% · Top 25%
Operating margin (12 months)74.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−3.7% · Below median
Dividend yield (12 months)7.6% · Top 25%
Valuation Multiplesvs Capital Markets 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). "Havsfrun Investment AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/HAV-B
Frequently asked questions
Is Havsfrun Investment AB (publ) (HAV-B) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 26.40 versus a price of kr 13.12, about +101% upside (undervalued).
What is the fair value of HAV-B?
Our model-based fair value for Havsfrun Investment AB (publ) is kr 26.40 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 13.12.
What is the quality score of HAV-B?
Havsfrun Investment AB (publ) has a Quality Score of 86/100. 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 Havsfrun Investment AB (publ) (HAV-B)?
Our model-based price target is the fair value of kr 26.40 (as of Oct 3, 2026) from 10 valuation models. Cautious scenario kr 16.18, optimistic scenario kr 43.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Havsfrun Investment AB (publ) stock forecast for 2026?
Our models put fair value at kr 26.40, about +101% upside versus a price of kr 13.12 (undervalued). Cautious scenario kr 16.18, optimistic scenario kr 43.13. The calculation is refreshed regularly with new filings.
What is the revenue of Havsfrun Investment AB (publ) (HAV-B)?
Havsfrun Investment AB (publ) reported trailing-twelve-month revenue of about 13.8M SEK (latest available figure, as of Oct 3, 2026).
Does Havsfrun Investment AB (publ) pay a dividend?
Havsfrun Investment AB (publ) currently shows a dividend yield of 7.62% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Havsfrun Investment AB (publ) (HAV-B)?
For today's price to be fair in a discounted-cash-flow model, Havsfrun Investment AB (publ) would have to grow free cash flow by -10.0 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -9.8 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of HAV-B use?
Our models discount Havsfrun Investment AB (publ) at 9.0 %: a base by market capitalisation (nano), damped by beta 0.80, 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 Havsfrun Investment AB (publ) that is -10.0 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Havsfrun Investment AB (publ) (HAV-B) delivered so far?
Over the past 5 years revenue at Havsfrun Investment AB (publ) grew -9.8 % a year. The price currently implies -10.0 % 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 Havsfrun Investment AB (publ) (HAV-B) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into Havsfrun Investment AB (publ) (-10.0 % 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 Havsfrun Investment AB (publ) (HAV-B)?
The free-cash-flow yield on the price is 4.19 %: that much free cash flow Havsfrun Investment AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Havsfrun Investment AB (publ) (HAV-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Havsfrun Investment AB (publ) it is kr 26.40 per share (as of Oct 3, 2026), against a price of kr 13.12. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Havsfrun Investment AB (publ) stock overvalued or undervalued in 2026?
As of Oct 3, 2026, HAV-B trades below its calculated fair value: price kr 13.12, fair value kr 26.40, a gap of about +101% (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 HAV-B?
No. The price is what the market pays today (kr 13.12); the fair value is what the company's own numbers justify (kr 26.40). For Havsfrun Investment AB (publ) the two are kr 13.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Havsfrun Investment AB (publ) worth?
The market values Havsfrun Investment AB (publ) at about 159M SEK (market capitalisation, as of Oct 3, 2026). Per share that is kr 13.12; our models calculate a fair value of kr 26.40 per share.
What do the bullish and bearish scenarios say about HAV-B?
Our models span a range for Havsfrun Investment AB (publ): cautious scenario kr 16.18, base kr 26.40, optimistic kr 43.13 per share (as of Oct 3, 2026, price kr 13.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAV-B?
Havsfrun Investment AB (publ) trades at a price-to-earnings ratio of 18.9 (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 26.40 is built from several models across several years. Other multiples: PEG 1.3, P/B 1.4, P/S 11.6, EV/EBITDA 7.2.
What is the PEG ratio of HAV-B?
The PEG ratio of Havsfrun Investment AB (publ) is 1.33 (P/E divided by earnings growth, as of Oct 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Havsfrun Investment AB (publ) (HAV-B)?
Balance-sheet figures for Havsfrun Investment AB (publ) (as of Oct 3, 2026): return on equity 8.3%. They feed the Quality Score of 86/100, which measures business quality independently of the share price.
How far is HAV-B from its 52-week high?
Havsfrun Investment AB (publ) trades at kr 13.12, about 20% below its 52-week high of kr 16.50 and 3% above the low of kr 12.74 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 26.40 is for.
Which stocks are comparable to Havsfrun Investment AB (publ)?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Havsfrun Investment AB (publ) stock attractive at the current price?
The data as of Oct 3, 2026: price kr 13.12, calculated fair value kr 26.40 (+101%), Quality Score 86/100, from 10 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 HAV-B calculated?
We run Havsfrun Investment AB (publ) through 10 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 26.40, 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. Havsfrun Investment AB (publ) currently trades 50 % 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 Havsfrun Investment AB (publ) (HAV-B)?
The closing price on Oct 19, 2026 was kr 13.12. Our model-based fair value is kr 26.40, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Havsfrun Investment AB (publ) right now?
The rarer combination: high quality (86/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (kr 16.18). The market is more pessimistic than our downside scenario. The model range is unusually wide (kr 16.18 to kr 43.13). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Havsfrun Investment AB (publ)
How large is the market capitalisation of Havsfrun Investment AB (publ) (HAV-B)?
The market capitalisation of Havsfrun Investment AB (publ) is 159M SEK (≈ $16.0M). 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 Havsfrun Investment AB (publ) (HAV-B)?
The price-to-sales ratio of Havsfrun Investment AB (publ) is 11.6 (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 Havsfrun Investment AB (publ) (HAV-B)?
Earnings per share at Havsfrun Investment AB (publ) are kr 0.7000 (price ÷ EPS = P/E 18.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Havsfrun Investment AB (publ) (HAV-B)?
The dividend yield of Havsfrun Investment AB (publ) is 7.6% (payout 143%). 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 Havsfrun Investment AB (publ) (HAV-B)?
The net margin of Havsfrun Investment AB (publ) is 61.6% (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 Havsfrun Investment AB (publ) (HAV-B)?
The return on equity (ROE) of Havsfrun Investment AB (publ) is 8.3% (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 Havsfrun Investment AB (publ) (HAV-B)?
On an EBIT basis the return on assets of Havsfrun Investment AB (publ) is 0.6% (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 Havsfrun Investment AB (publ) (HAV-B)?
The operating margin of Havsfrun Investment AB (publ) is 74.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Havsfrun Investment AB (publ) (HAV-B)?
Revenue at Havsfrun Investment AB (publ) is growing −3.7% versus a year earlier (3y avg +16.4%). 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 Havsfrun Investment AB (publ) (HAV-B)?
Earnings per share at Havsfrun Investment AB (publ) are growing +2.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Havsfrun Investment AB (publ) (HAV-B) hold?
Havsfrun Investment AB (publ) holds more cash than debt, 60.5M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 3, 2026