Hultström Group B (HULT-B) fair value: what the stock is really worth
As of Oct 16, 2026: fair value (intrinsic value) of Hultström Group B stock SEK 4.67, price SEK 3.94, upside +18.5%, quality 67 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Hultstrom Group AB (publ) provides project management and consulting services in Sweden, rest of Europe, Asia, and Africa. It offers advisory services in the real estate and civil engineering industry.
Show moreShow less
Hultstrom Group AB (publ) was formerly known as Hifab Group AB (publ) and changed its name to Hultstrom Group AB (publ) in November 2025. The company was founded in 1947 and is headquartered in Stockholm, Sweden.
Stock analysis
Hultström Group B (HULT-B) currently trades at kr 3.94, while our model-based Fair Value estimate is kr 4.67, implying the stock looks roughly 15.6% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of kr 6.37 per share, and 17 of the 24 models we run sit above the kr 3.94 price.
Bear case: the Asset-Based group reads lowest at kr 0.9200, and 7 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: kr 3.50 (bear) to kr 5.84 (bull), the price of kr 3.94 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 67/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Hultström Group B reported revenue of 310M SEK in FY2025 versus 296M SEK in FY2022, a compound +1.6%/yr. Reported net income was 13.2M SEK in FY2025, compounding +65.1%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 240M SEK (≈ $24.2M) Micro · P/E ratio 16.0 · P/S ratio 0.76 · EPS (TTM) kr 0.2400 · Dividend yield 2.8% · Net margin 4.6% · Return on equity 16.1% · Return on assets (EBIT) 11.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 19%, HULT-B screens cheaper than that median.
Fair Value models
Bearkr 3.50Fair Value kr 4.67Bullkr 5.84
Price kr 3.94 · Upside +18.5%
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 0.1044 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−5.5%
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.
+1.6%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+21.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.9%
Dividend (yield on the price)2.8%
Profit margin 2022 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.1% → 8%
Growth Forecast
Little optimism in the price
The price assumes less 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).
−10.2%
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 −11.9% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Engineering & Construction · 786 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+18.5% · Above median
Profitability
Return on equity (12 months)16.1% · Top 25%
Return on assets9.0% · Top 25%
Net margin (12 months)4.6% · Above median
Operating margin (12 months)8.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.6% · Below median
Dividend yield (12 months)2.8% · Above median
Valuation Multiplesvs Engineering & Construction 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). "Hultström Group B Fair Value". https://www.fairvalue-calculator.com/stock/HULT-B
Frequently asked questions
Is Hultström Group B (HULT-B) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 4.67 versus a price of kr 3.94, about +19% upside (undervalued).
What is the fair value of HULT-B?
Our model-based fair value for Hultström Group B is kr 4.67 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 3.94.
What is the quality score of HULT-B?
Hultström Group B has a Quality Score of 67/100. 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 Hultström Group B (HULT-B)?
Our model-based price target is the fair value of kr 4.67 (as of Oct 3, 2026) from 24 valuation models. Cautious scenario kr 3.50, optimistic scenario kr 5.84. It is a calculation from audited fundamentals, not an analyst target.
What is the Hultström Group B stock forecast for 2026?
Our models put fair value at kr 4.67, about +19% upside versus a price of kr 3.94 (undervalued). Cautious scenario kr 3.50, optimistic scenario kr 5.84. The calculation is refreshed regularly with new filings.
What is the revenue of Hultström Group B (HULT-B)?
Hultström Group B reported trailing-twelve-month revenue of about 316M SEK (latest available figure, as of Oct 3, 2026).
Does Hultström Group B pay a dividend?
Hultström Group B currently shows a dividend yield of 2.79% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Hultström Group B (HULT-B)?
For today's price to be fair in a discounted-cash-flow model, Hultström Group B would have to grow free cash flow by -10.2 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +1.6 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of HULT-B use?
Our models discount Hultström Group B at 8.3 %: a base by market capitalisation (nano), damped by beta 0.23, 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 Hultström Group B that is -10.2 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Hultström Group B (HULT-B) delivered so far?
Over the past 3 years revenue at Hultström Group B grew +1.6 % a year. The price currently implies -10.2 % 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 Hultström Group B (HULT-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Hultström Group B (-10.2 % 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 Hultström Group B (HULT-B)?
The free-cash-flow yield on the price is 11.89 %: that much free cash flow Hultström Group B produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hultström Group B (HULT-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hultström Group B it is kr 4.67 per share (as of Oct 3, 2026), against a price of kr 3.94. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Hultström Group B stock overvalued or undervalued in 2026?
As of Oct 3, 2026, HULT-B trades below its calculated fair value: price kr 3.94, fair value kr 4.67, a gap of about +19% (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 HULT-B?
No. The price is what the market pays today (kr 3.94); the fair value is what the company's own numbers justify (kr 4.67). For Hultström Group B the two are kr 0.7300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hultström Group B worth?
The market values Hultström Group B at about 240M SEK (market capitalisation, as of Oct 3, 2026). Per share that is kr 3.94; our models calculate a fair value of kr 4.67 per share.
What do the bullish and bearish scenarios say about HULT-B?
Our models span a range for Hultström Group B: cautious scenario kr 3.50, base kr 4.67, optimistic kr 5.84 per share (as of Oct 3, 2026, price kr 3.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HULT-B?
Hultström Group B trades at a price-to-earnings ratio of 16.0 (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 4.67 is built from several models across several years. Other multiples: PEG 2.6, P/B 2.7, P/S 0.8, EV/EBITDA 7.9.
What is the PEG ratio of HULT-B?
The PEG ratio of Hultström Group B is 2.61 (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 Hultström Group B (HULT-B)?
Balance-sheet figures for Hultström Group B (as of Oct 3, 2026): return on equity 16.1%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is HULT-B from its 52-week high?
Hultström Group B trades at kr 3.94, about 2% below its 52-week high of kr 4.02 and 48% above the low of kr 2.66 (as of Oct 16, 2026). Distance from the high says nothing about value: that is what the fair value of kr 4.67 is for.
Which stocks are comparable to Hultström Group B?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Hultström Group B stock attractive at the current price?
The data as of Oct 3, 2026: price kr 3.94, calculated fair value kr 4.67 (+19%), Quality Score 67/100, from 24 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 HULT-B calculated?
We run Hultström Group B through 24 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 4.67, 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. Hultström Group B 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 Hultström Group B (HULT-B)?
The closing price on Oct 16, 2026 was kr 3.94. Our model-based fair value is kr 4.67, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hultström Group B right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Hultström Group B
How large is the market capitalisation of Hultström Group B (HULT-B)?
The market capitalisation of Hultström Group B is 240M SEK (≈ $24.2M). 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 Hultström Group B (HULT-B)?
The price-to-sales ratio of Hultström Group B is 0.76 (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 Hultström Group B (HULT-B)?
Earnings per share at Hultström Group B are kr 0.2400 (price ÷ EPS = P/E 16.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hultström Group B (HULT-B)?
The dividend yield of Hultström Group B is 2.8% (payout 45.8%). 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 Hultström Group B (HULT-B)?
The net margin of Hultström Group B is 4.6% (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 Hultström Group B (HULT-B)?
The return on equity (ROE) of Hultström Group B is 16.1% (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 Hultström Group B (HULT-B)?
On an EBIT basis the return on assets of Hultström Group B is 11.9% (avg 4y). 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 Hultström Group B (HULT-B)?
The operating margin of Hultström Group B is 8.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hultström Group B (HULT-B)?
Revenue at Hultström Group B is growing +0.6% versus a year earlier (3y avg +1.6%). 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 Hultström Group B (HULT-B)?
Earnings per share at Hultström Group B are growing −2.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hultström Group B (HULT-B) carry?
The net debt of Hultström Group B is 11.9M SEK (fiscal year 2023, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Hultström Group B in the live analysis
One click puts Hultström Group B on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 28,000+ stock screener.
Thin data
Oct 3, 2026