Hufvudstaden AB (publ) (HUFV-A) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of Hufvudstaden AB (publ) stock SEK 79.41, price SEK 110, upside -27.5%, quality 71 out of 100. Rating: overvalued. 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 2, 2026.
How to read this chart
60‑month range kr 101.17 – kr 153.01 · fair‑value band kr 57.15 – kr 123.28 · the kr 109.50 price screens above the kr 79.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Hufvudstaden AB (publ) engages in the ownership, development, and management of commercial properties in Sweden. The company offers office and retail properties, residential properties, restaurants, department stores, parking facilities, and shopping centers.
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It also owns properties with rentable floor spaces. The company operates primarily under the NK Retail, Bibliotekstan, Cecil Coworking, Fredstan, Femman, Kvarteret Johanna, Nordiska Kompaniet, REDO, Parkaden, and Nordstan brands.
The company was founded in 1915 and is headquartered in Stockholm, Sweden.
Stock analysis
Hufvudstaden AB (publ) (HUFV-A) currently trades at kr 109.50, while our model-based Fair Value estimate is kr 79.41, 27.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of kr 102.45 per share, and 1 of the 14 models we run sit above the kr 109.50 price.
Bear case: the Growth DCF group reads lowest at kr 67.31, and 13 of the 14 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 57.15 (bear) to kr 123.28 (bull), the price of kr 109.50 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 71/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hufvudstaden AB (publ) reported revenue of 3.3B SEK in FY2025 versus 2.6B SEK in FY2021, a compound +5.7%/yr. Reported net income was 837M SEK in FY2025, compounding −27.1%/yr from FY2021.
Key figures
Market cap 21.3B SEK (≈ $2.1B) Mid · P/E ratio 18.8 · P/S ratio 6.43 · EPS (TTM) kr 5.92 · Dividend yield 2.6% · Net margin 35.2% · Return on equity 4.2% · Return on assets (EBIT) 1.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades about 15% 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 −27%, HUFV-A screens richer than that median.
Fair Value models
Bearkr 57.15Fair Value kr 79.41Bullkr 123.28
Price kr 109.50 · Upside -27.5%
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 2.42 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.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.5%
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.
+6.2%
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.
+12.3%
Start year 2020 (pandemic). Over 10 years: +6.9% a year
Revenue growth 23 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.
+4.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−25.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−27.9%
Dividend (yield on the price)2.6%
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.−22.5% vs −13.0%, slowing
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.206% → 43%
2025 sits 56% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
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).
+12.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−2.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +10.5% a year for the price and −4.5% for the forecasts.
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 · 524 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside−27.5% · Below median
Profitability
Return on equity (12 months)4.2% · Below median
Return on assets1.7% · Below median
Net margin (12 months)35.2% · Above median
Operating margin (12 months)50.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)1.6% · Below median
Dividend yield (12 months)2.6% · Below median
Balance sheet
Debt / equity0.30× · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (12 months)18.8× · Pricier than median
P/B0.76× · Pricier than median
P/S (12 months)6.43× · Priciest 25%
Price / free cash flow16.1× · Pricier than median
EV/EBITDA17.6× · Pricier than median
PEG4.44× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 46
FUTURE (revenue growth)8· sector 17
PAST (return on equity)17· sector 17
HEALTH (low debt)85· sector 83
DIVIDEND (yield)53· sector 65
VALUE 0: the price sits above our fair-value range.
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). "Hufvudstaden AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/HUFV-A
Frequently asked questions
Is Hufvudstaden AB (publ) (HUFV-A) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of kr 79.41 versus a price of kr 109.50, about −27% upside (overvalued).
What is the fair value of HUFV-A?
Our model-based fair value for Hufvudstaden AB (publ) is kr 79.41 (as of Oct 2, 2026), built from audited fundamentals. The current price: kr 109.50.
What is the quality score of HUFV-A?
Hufvudstaden AB (publ) has a Quality Score of 71/100. 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 Hufvudstaden AB (publ) (HUFV-A)?
Our model-based price target is the fair value of kr 79.41 (as of Oct 2, 2026) from 14 valuation models. Cautious scenario kr 57.15, optimistic scenario kr 123.28. It is a calculation from audited fundamentals, not an analyst target.
What is the Hufvudstaden AB (publ) stock forecast for 2026?
Our models put fair value at kr 79.41, about −27% upside versus a price of kr 109.50 (overvalued). Cautious scenario kr 57.15, optimistic scenario kr 123.28. The calculation is refreshed regularly with new filings.
What is the revenue of Hufvudstaden AB (publ) (HUFV-A)?
Hufvudstaden AB (publ) reported trailing-twelve-month revenue of about 3.3B SEK (latest available figure, as of Oct 2, 2026).
Does Hufvudstaden AB (publ) pay a dividend?
Hufvudstaden AB (publ) currently shows a dividend yield of 2.65% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Hufvudstaden AB (publ) (HUFV-A)?
For today's price to be fair in a discounted-cash-flow model, Hufvudstaden AB (publ) would have to grow free cash flow by +12.7 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.3 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of HUFV-A use?
Our models discount Hufvudstaden AB (publ) at 9.6 %: a base by market capitalisation (mid), damped by beta 1.02, 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 Hufvudstaden AB (publ) that is +12.7 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Hufvudstaden AB (publ) (HUFV-A) delivered so far?
Over the past 5 years revenue at Hufvudstaden AB (publ) grew +12.3 % a year. The price currently implies +12.7 % 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 Hufvudstaden AB (publ) (HUFV-A) growing?
The median revenue growth in the sector is +2.3 % a year. That is the yardstick for the growth priced into Hufvudstaden AB (publ) (+12.7 % 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 Hufvudstaden AB (publ) (HUFV-A)?
The free-cash-flow yield on the price is 6.21 %: that much free cash flow Hufvudstaden AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hufvudstaden AB (publ) (HUFV-A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hufvudstaden AB (publ) it is kr 79.41 per share (as of Oct 2, 2026), against a price of kr 109.50. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Hufvudstaden AB (publ) stock overvalued or undervalued in 2026?
As of Oct 2, 2026, HUFV-A trades above its calculated fair value: price kr 109.50, fair value kr 79.41, a gap of about −27% (overvalued). 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 HUFV-A?
No. The price is what the market pays today (kr 109.50); the fair value is what the company's own numbers justify (kr 79.41). For Hufvudstaden AB (publ) the two are kr 30.09 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hufvudstaden AB (publ) worth?
The market values Hufvudstaden AB (publ) at about 21.3B SEK (market capitalisation, as of Oct 2, 2026). Per share that is kr 109.50; our models calculate a fair value of kr 79.41 per share.
What do the bullish and bearish scenarios say about HUFV-A?
Our models span a range for Hufvudstaden AB (publ): cautious scenario kr 57.15, base kr 79.41, optimistic kr 123.28 per share (as of Oct 2, 2026, price kr 109.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HUFV-A?
Hufvudstaden AB (publ) trades at a price-to-earnings ratio of 18.8 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 79.41 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 22.5 (reported for FY2025: 25.5). Other multiples: PEG 4.4, P/B 0.8, P/S 6.4, EV/EBITDA 17.6.
What is the PEG ratio of HUFV-A?
The PEG ratio of Hufvudstaden AB (publ) is 4.44 (P/E divided by earnings growth, as of Oct 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Hufvudstaden AB (publ) (HUFV-A)?
Balance-sheet figures for Hufvudstaden AB (publ) (as of Oct 2, 2026): return on equity 4.2%, debt of 0.30 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is HUFV-A from its 52-week high?
Hufvudstaden AB (publ) trades at kr 109.50, about 15% below its 52-week high of kr 128.70 and 3% above the low of kr 106.00 (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of kr 79.41 is for.
Which stocks are comparable to Hufvudstaden 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 Hufvudstaden AB (publ) stock attractive at the current price?
The data as of Oct 2, 2026: price kr 109.50, calculated fair value kr 79.41 (−27%), Quality Score 71/100, 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 HUFV-A calculated?
We run Hufvudstaden AB (publ) 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 79.41, 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. Hufvudstaden AB (publ) itself currently trades above fair value. 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 Hufvudstaden AB (publ) (HUFV-A)?
The closing price on Oct 20, 2026 was kr 109.50. Our model-based fair value is kr 79.41, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hufvudstaden AB (publ) right now?
A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range (kr 57.15 to kr 123.28) 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.
Where does the earnings growth of Hufvudstaden AB (publ) (HUFV-A) come from?
Earnings per share at Hufvudstaden AB (publ) grew −15.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.2 %, EBIT margin −18.5 %, tax rate −0.6 %, residual (interest, one-offs) −3.2 %. 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 Hufvudstaden AB (publ)
How large is the market capitalisation of Hufvudstaden AB (publ) (HUFV-A)?
The market capitalisation of Hufvudstaden AB (publ) is 21.3B SEK (≈ $2.1B). 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 Hufvudstaden AB (publ) (HUFV-A)?
The price-to-sales ratio of Hufvudstaden AB (publ) is 6.43 (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 Hufvudstaden AB (publ) (HUFV-A)?
Earnings per share at Hufvudstaden AB (publ) are kr 5.92 (price ÷ EPS = P/E 18.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hufvudstaden AB (publ) (HUFV-A)?
The dividend yield of Hufvudstaden AB (publ) is 2.6% (payout 43.2%, on adjusted earnings, reported 49.0%). 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 Hufvudstaden AB (publ) (HUFV-A)?
The net margin of Hufvudstaden AB (publ) is 35.2% (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 Hufvudstaden AB (publ) (HUFV-A)?
The return on equity (ROE) of Hufvudstaden AB (publ) is 4.2% (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 Hufvudstaden AB (publ) (HUFV-A)?
On an EBIT basis the return on assets of Hufvudstaden AB (publ) is 1.9% (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 Hufvudstaden AB (publ) (HUFV-A)?
The operating margin of Hufvudstaden AB (publ) is 50.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hufvudstaden AB (publ) (HUFV-A)?
Revenue at Hufvudstaden AB (publ) is growing +1.6% versus a year earlier (3y avg +6.2%). 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 Hufvudstaden AB (publ) (HUFV-A)?
Earnings per share at Hufvudstaden AB (publ) are growing +70.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hufvudstaden AB (publ) (HUFV-A) carry?
The net debt of Hufvudstaden AB (publ) is 12.4B SEK (fiscal year 2025, ≈ 9.4 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 2, 2026