HEBA Fastighets AB (publ) (HEBA-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of HEBA Fastighets AB (publ) stock SEK 28.31, price SEK 23.65, upside +19.7%, quality 57 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 13, 2026.
How to read this chart
60‑month range kr 21.19 – kr 75.20 · fair‑value band kr 21.24 – kr 30.81 · the kr 23.65 price screens below the kr 28.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 13, 2026.
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Heba Fastighets AB (publ), together with its subsidiaries, engages in the real estate business in Sweden. It also develops, owns, manages, and leases youth housing, rental housing, nursing homes, and community properties in the Stockholm region and Mälardalen Valley.
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The company was incorporated in 1952 and is headquartered in Stockholm, Sweden.
Stock analysis
HEBA Fastighets AB (publ) (HEBA-B) currently trades at kr 23.65, while our model-based Fair Value estimate is kr 28.31, implying the stock looks roughly 16.5% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of kr 30.54 per share, and 4 of the 8 models we run sit above the kr 23.65 price.
Bear case: the DCF Models group reads lowest at kr 3.51, and 4 of the 8 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 21.24 (bear) to kr 30.81 (bull), the price of kr 23.65 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 57/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
HEBA Fastighets AB (publ) reported revenue of 605M SEK in FY2025 versus 450M SEK in FY2021, a compound +7.7%/yr. Reported net income was 289M SEK in FY2025, compounding −33.5%/yr from FY2021.
Key figures
Market cap 3.7B SEK (≈ $370M) Small · P/E ratio 10.0 · P/S ratio 5.95 · EPS (TTM) kr 2.34 · Dividend yield 2.3% · Net margin 59.5% · Return on equity 5.8% · Return on assets (EBIT) 2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (medium confidence).
What moves the price
The share trades about 27% below its 52-week high and 3% 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 20%, HEBA-B screens cheaper than that median.
Fair Value models
Bearkr 21.24Fair Value kr 28.31Bullkr 30.81
Price kr 23.65 · Upside +19.7%
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 10 months old). Earnings retained since then (kr 1.44 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.8%
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.
+5.9%
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.
+9.0%
Start year 2020 (pandemic). Over 10 years: +7.9% a year
Revenue growth 17 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.
+6.8%
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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.
−13.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.8%
Dividend (yield on the price)2.3%
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.−15.8% vs −1.9%, slowing
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.251% → 66%
Pace: the 5-year rate starts in 2020 (pandemic)
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).
+32.4%
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 +29.8% a year for the price.
Compare HEBA Fastighets AB (publ) 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 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+19.7% · Above median
Profitability
Return on equity (12 months)5.8% · Above median
Return on assets2.0% · Below median
Net margin (12 months)59.5% · Top 25%
Operating margin (12 months)69.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)3.8% · Above median
Dividend yield (12 months)2.3% · Below median
Balance sheet
Debt / equity0.79× · 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). "HEBA Fastighets AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/HEBA-B
Frequently asked questions
Is HEBA Fastighets AB (publ) (HEBA-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 28.31 versus a price of kr 23.65, about +20% upside (undervalued).
What is the fair value of HEBA-B?
Our model-based fair value for HEBA Fastighets AB (publ) is kr 28.31 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 23.65.
What is the quality score of HEBA-B?
HEBA Fastighets AB (publ) has a Quality Score of 57/100. 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 HEBA Fastighets AB (publ) (HEBA-B)?
Our model-based price target is the fair value of kr 28.31 (as of Oct 13, 2026) from 13 valuation models. Cautious scenario kr 21.24, optimistic scenario kr 30.81. It is a calculation from audited fundamentals, not an analyst target.
What is the HEBA Fastighets AB (publ) stock forecast for 2026?
Our models put fair value at kr 28.31, about +20% upside versus a price of kr 23.65 (undervalued). Cautious scenario kr 21.24, optimistic scenario kr 30.81. The calculation is refreshed regularly with new filings.
What is the revenue of HEBA Fastighets AB (publ) (HEBA-B)?
HEBA Fastighets AB (publ) reported trailing-twelve-month revenue of about 617M SEK (latest available figure, as of Oct 13, 2026).
Does HEBA Fastighets AB (publ) pay a dividend?
HEBA Fastighets AB (publ) currently shows a dividend yield of 2.33% relative to its recent price (as of Oct 13, 2026).
What growth is priced into HEBA Fastighets AB (publ) (HEBA-B)?
For today's price to be fair in a discounted-cash-flow model, HEBA Fastighets AB (publ) would have to grow free cash flow by +32.4 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.0 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of HEBA-B use?
Our models discount HEBA Fastighets AB (publ) at 12.1 %: a base by market capitalisation (small), damped by beta 1.41, 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 HEBA Fastighets AB (publ) that is +32.4 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has HEBA Fastighets AB (publ) (HEBA-B) delivered so far?
Over the past 5 years revenue at HEBA Fastighets AB (publ) grew +9.0 % a year. The price currently implies +32.4 % 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 HEBA Fastighets AB (publ) (HEBA-B) growing?
The median revenue growth in the sector is +2.3 % a year. That is the yardstick for the growth priced into HEBA Fastighets AB (publ) (+32.4 % 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 HEBA Fastighets AB (publ) (HEBA-B)?
The free-cash-flow yield on the price is 5.90 %: that much free cash flow HEBA Fastighets AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HEBA Fastighets AB (publ) (HEBA-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HEBA Fastighets AB (publ) it is kr 28.31 per share (as of Oct 13, 2026), against a price of kr 23.65. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is HEBA Fastighets AB (publ) stock overvalued or undervalued in 2026?
As of Oct 13, 2026, HEBA-B trades below its calculated fair value: price kr 23.65, fair value kr 28.31, a gap of about +20% (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 HEBA-B?
No. The price is what the market pays today (kr 23.65); the fair value is what the company's own numbers justify (kr 28.31). For HEBA Fastighets AB (publ) the two are kr 4.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is HEBA Fastighets AB (publ) worth?
The market values HEBA Fastighets AB (publ) at about 3.7B SEK (market capitalisation, as of Oct 13, 2026). Per share that is kr 23.65; our models calculate a fair value of kr 28.31 per share.
What do the bullish and bearish scenarios say about HEBA-B?
Our models span a range for HEBA Fastighets AB (publ): cautious scenario kr 21.24, base kr 28.31, optimistic kr 30.81 per share (as of Oct 13, 2026, price kr 23.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HEBA-B?
HEBA Fastighets AB (publ) trades at a price-to-earnings ratio of 10.0 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 28.31 is built from several models across several years. Other multiples: PEG 3.4, P/B 0.6, P/S 5.9, EV/EBITDA 21.1.
What is the PEG ratio of HEBA-B?
The PEG ratio of HEBA Fastighets AB (publ) is 3.35 (P/E divided by earnings growth, as of Oct 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of HEBA Fastighets AB (publ) (HEBA-B)?
Balance-sheet figures for HEBA Fastighets AB (publ) (as of Oct 13, 2026): return on equity 5.8%, debt of 0.79 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is HEBA-B from its 52-week high?
HEBA Fastighets AB (publ) trades at kr 23.65, about 27% below its 52-week high of kr 32.31 and 3% above the low of kr 23.05 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 28.31 is for.
Which stocks are comparable to HEBA Fastighets AB (publ)?
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 HEBA Fastighets AB (publ) stock attractive at the current price?
The data as of Oct 13, 2026: price kr 23.65, calculated fair value kr 28.31 (+20%), Quality Score 57/100, 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 HEBA-B calculated?
We run HEBA Fastighets AB (publ) 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 28.31, 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. HEBA Fastighets AB (publ) currently trades 16 % 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 HEBA Fastighets AB (publ) (HEBA-B)?
The closing price on Oct 19, 2026 was kr 23.65. Our model-based fair value is kr 28.31, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HEBA Fastighets AB (publ) right now?
As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of HEBA Fastighets AB (publ) (HEBA-B) come from?
Earnings per share at HEBA Fastighets AB (publ) grew −8.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.3 %, EBIT margin +0.6 %, tax rate −0.7 %, residual (interest, one-offs) −15.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of HEBA Fastighets AB (publ)
How large is the market capitalisation of HEBA Fastighets AB (publ) (HEBA-B)?
The market capitalisation of HEBA Fastighets AB (publ) is 3.7B SEK (≈ $370M). 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 HEBA Fastighets AB (publ) (HEBA-B)?
The price-to-sales ratio of HEBA Fastighets AB (publ) is 5.95 (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 HEBA Fastighets AB (publ) (HEBA-B)?
Earnings per share at HEBA Fastighets AB (publ) are kr 2.34 (price ÷ EPS = P/E 10.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HEBA Fastighets AB (publ) (HEBA-B)?
The dividend yield of HEBA Fastighets AB (publ) is 2.3% (payout 23.5%). 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 HEBA Fastighets AB (publ) (HEBA-B)?
The net margin of HEBA Fastighets AB (publ) is 59.5% (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 HEBA Fastighets AB (publ) (HEBA-B)?
The return on equity (ROE) of HEBA Fastighets AB (publ) is 5.8% (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 HEBA Fastighets AB (publ) (HEBA-B)?
On an EBIT basis the return on assets of HEBA Fastighets AB (publ) is 2.5% (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 HEBA Fastighets AB (publ) (HEBA-B)?
The operating margin of HEBA Fastighets AB (publ) is 69.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HEBA Fastighets AB (publ) (HEBA-B)?
Revenue at HEBA Fastighets AB (publ) is growing +3.8% versus a year earlier (3y avg +5.9%). 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 HEBA Fastighets AB (publ) (HEBA-B)?
Earnings per share at HEBA Fastighets AB (publ) are growing +44.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HEBA Fastighets AB (publ) (HEBA-B) carry?
The net debt of HEBA Fastighets AB (publ) is 6.6B SEK (fiscal year 2025, ≈ 30.5 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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Broad data
Oct 13, 2026