JM AB (publ) (JM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of JM AB (publ) SEK 66.79, price SEK 119, upside -43.9%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 106.91 – kr 348.87 · the kr 119.00 price screens above the kr 66.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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JM AB (publ) constructs, develops, and sells housing and residential areas in the Nordic region. The company operates through JM Residential Stockholm, JM Residential Sweden, JM Norway, JM Finland, and JM Property Development segments.
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JM AB (publ) constructs, develops, and sells housing and residential areas in the Nordic region. The company operates through JM Residential Stockholm, JM Residential Sweden, JM Norway, JM Finland, and JM Property Development segments. It also engages in the acquisition of development properties; planning, pre-construction, production, and sale of residential units; development of rental units, residential care units, and commercial properties; provision of economic and technical management, and housing services to tenant-owners associations; and contract works in the Greater Stockholm area. JM AB (publ) was incorporated in 1945 and is headquartered in Solna, Sweden.
Stock analysis
JM AB (publ) (JM) currently trades at kr 119.00, while our model-based Fair Value estimate is kr 66.79, implying the stock looks roughly 78.2% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 163.58 per share, and 8 of the 21 models we run sit above the kr 119.00 price.
Bear case: the Earnings-Based group reads lowest at kr 7.22, and 13 of the 21 models stay below the price. Evidence for this calculation is medium.
Quality & growth
The Quality Score stands at 44/100 (below-average quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
JM AB (publ) reported revenue of 10.7B SEK in FY2025 versus 15.7B SEK in FY2021, a compound −9.1%/yr. Reported net income was 56.0M SEK in FY2025, compounding −58.0%/yr from FY2021.
Key figures
Market cap 7.7B SEK (≈ $773M) · P/E ratio 140.0 · P/S ratio 0.73 · EPS (TTM) kr −1.73 · Dividend yield 1.7% · Net margin 0.5% · Return on equity −1.4% · Return on assets (EBIT) 5.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 44% fair-value upside, at −44%, JM screens richer than that median.
Fair Value models
Bear kr 66.79Fair Value kr 66.79Bull kr 66.79
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−25.1%
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.
−12.1%
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.
−8.1%
Start year 2020 (pandemic). Over 10 years: −2.6% a year
Revenue growth 25 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.
+1.8%
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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.
−45.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−47.6%
Dividend (yield on the price)1.7%
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.−48% vs −26%, 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.12% → 3%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less 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).
+6.5%
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.
+10.5%
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 +4.4% a year for the price and +8.3% 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.Residential Construction · 65 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside−44% · Bottom 25%
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)−1% · Bottom 25%
Operating margin (TTM)−1% · Bottom 25%
Growth and dividend
Revenue growth−28% · Bottom 25%
Dividend yield (TTM)1.7% · Below median
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Residential Construction median · lower = cheaper
P/E (TTM)140.0× · Priciest 25%
P/B0.10× · Cheapest 25%
P/S (TTM)0.08× · Cheapest 25%
P/FCF0.6× · Cheapest 25%
EV/EBITDA2.1× · Cheapest 25%
PEG1.51× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 80
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 33
HEALTH (low debt)99· sector 88
DIVIDEND (yield)34· sector 71
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). "JM AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/JM
Frequently asked questions
Is JM AB (publ) (JM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 66.79 versus a price of kr 119.00, about −44% upside (overvalued).
What is the fair value of JM?
Our model-based fair value for JM AB (publ) is kr 66.79 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 119.00.
What is the quality score of JM?
JM AB (publ) has a Quality Score of 44/100. 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 JM AB (publ) (JM)?
Our model-based price target is the fair value of kr 66.79 (as of Sep 24, 2026) from 21 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the JM AB (publ) stock forecast for 2026?
Our models put fair value at kr 66.79, about −44% upside versus a price of kr 119.00 (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of JM AB (publ) (JM)?
JM AB (publ) reported trailing-twelve-month revenue of about 9.7B SEK (latest available figure, as of Sep 24, 2026).
Does JM AB (publ) pay a dividend?
JM AB (publ) currently shows a dividend yield of about 1.68% relative to its recent price (as of Sep 24, 2026).
What growth is priced into JM AB (publ) (JM)?
For today's price to be fair in a discounted-cash-flow model, JM AB (publ) would have to grow free cash flow by +6.5 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -8.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of JM use?
Our models discount JM AB (publ) at 12.2 %: a base by market capitalisation (small), damped by beta 1.44, 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 JM AB (publ) that is +6.5 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has JM AB (publ) (JM) delivered so far?
Over the past 5 years revenue at JM AB (publ) grew -8.1 % a year. The price currently implies +6.5 % 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 JM AB (publ) (JM) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into JM AB (publ) (+6.5 % 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 JM AB (publ) (JM)?
The free-cash-flow yield on the price is 18.17 %: that much free cash flow JM AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JM AB (publ) (JM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JM AB (publ) it is kr 66.79 per share (as of Sep 24, 2026), against a price of kr 119.00. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is JM AB (publ) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, JM trades above its calculated fair value: price kr 119.00, fair value kr 66.79, a gap of about −44% (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 JM?
No. The price is what the market pays today (kr 119.00); the fair value is what the company's own numbers justify (kr 66.79). For JM AB (publ) the two are kr 52.21 per share apart. That gap is exactly why we show both numbers side by side.
How much is JM AB (publ) worth?
The market values JM AB (publ) at about 7.7B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 119.00; our models calculate a fair value of kr 66.79 per share.
What is the P/E ratio of JM?
JM AB (publ) trades at a price-to-earnings ratio of 140.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 66.79 is built from several models across several years. Other multiples: PEG 1.5, P/B 0.1, P/S 0.1, EV/EBITDA 2.1.
What is the PEG ratio of JM?
The PEG ratio of JM AB (publ) is 1.51 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of JM AB (publ) (JM)?
Balance-sheet figures for JM AB (publ) (as of Sep 24, 2026): return on equity −1.4%, debt of 0.02 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is JM from its 52-week high?
JM AB (publ) trades at kr 119.00, about 21% below its 52-week high of kr 151.44 and 11% above the low of kr 106.99 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 66.79 is for.
Which stocks are comparable to JM AB (publ)?
From the same area (Consumer Cyclical) we also value D.R. Horton, Inc, PulteGroup, Inc, Lennar Corporation, NVR, Inc, 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 JM AB (publ) stock attractive at the current price?
The data as of Sep 24, 2026: price kr 119.00, calculated fair value kr 66.79 (−44%), Quality Score 44/100, from 21 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 JM calculated?
We run JM AB (publ) through 21 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 66.79, 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 13.0 % above its aggregate fair value. JM 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 JM AB (publ) (JM)?
The closing price on Sep 24, 2026 was kr 119.00. Our model-based fair value is kr 66.79, about −44% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JM AB (publ) right now?
The price sits above even our optimistic bull case (kr 66.79). The favourable scenario is already priced in. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of JM AB (publ) (JM) come from?
Earnings per share at JM AB (publ) grew −8.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.0 %, EBIT margin −7.1 %, tax rate −1.0 %, residual (interest, one-offs) −1.9 %. 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 JM AB (publ)
How large is the market capitalisation of JM AB (publ) (JM)?
The market capitalisation of JM AB (publ) is 7.7B SEK (≈ $773M). 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 JM AB (publ) (JM)?
The price-to-sales ratio of JM AB (publ) is 0.73 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of JM AB (publ) (JM)?
Earnings per share at JM AB (publ) are kr −1.73 (price ÷ EPS = P/E 140.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JM AB (publ) (JM)?
The dividend yield of JM AB (publ) is 1.7%. 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 JM AB (publ) (JM)?
The net margin of JM AB (publ) is 0.5% (fiscal year 2025). 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 JM AB (publ) (JM)?
The return on equity (ROE) of JM AB (publ) is −1.4% (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 JM AB (publ) (JM)?
On an EBIT basis the return on assets of JM AB (publ) is 5.3% (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 JM AB (publ) (JM)?
The operating margin of JM AB (publ) is −1.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JM AB (publ) (JM)?
Revenue at JM AB (publ) is growing −27.8% versus a year earlier (3y avg −12.1%). 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 JM AB (publ) (JM)?
Earnings per share at JM AB (publ) are growing −8.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does JM AB (publ) (JM) carry?
The net debt of JM AB (publ) is 10.2B SEK (fiscal year 2025, ≈ 7.3 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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