L E Lundbergföretagen AB (publ) (LUND-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of L E Lundbergföretagen AB (publ) stock SEK 720, price SEK 570, upside +26.4%, quality 54 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 383.91 – kr 609.42 · fair‑value band kr 340.67 – kr 1,279 · the kr 569.50 price screens below the kr 719.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
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L E Lundbergföretagen AB (publ) engages in the manufacture and sale of paperboard, paper, and sawn timber products worldwide. The company operates through Lundberg's Real Estate Operations, Equity Management, Holmen, and Hufvudstaden segments.
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It is involved in the real estate, forest, and power operations; and provision of equity management services, including securities trading. The company also owns and manages office and retail properties. The company was founded in 1944 and is headquartered in Stockholm, Sweden.
Stock analysis
L E Lundbergföretagen AB (publ) (LUND-B) currently trades at kr 569.50, while our model-based Fair Value estimate is kr 719.78, implying the stock looks roughly 20.9% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 1,023 per share, and 6 of the 11 models we run sit above the kr 569.50 price.
Bear case: the Growth DCF group reads lowest at kr 155.22, and 5 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 340.67 (bear) to kr 1,279 (bull), the price of kr 569.50 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 54/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
L E Lundbergföretagen AB (publ) reported revenue of 29.1B SEK in FY2025 versus 26.2B SEK in FY2021, a compound +2.6%/yr. Reported net income was 12.1B SEK in FY2025, compounding +1.5%/yr from FY2021.
Key figures
Market cap 141B SEK (≈ $14.2B) Large · P/E ratio 7.9 · P/S ratio 3.22 · EPS (TTM) kr 74.55 · Dividend yield 0.9% · Net margin 42.1% · Return on equity 11.5% · Return on assets (EBIT) 4.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 16% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −14% fair-value upside, at 26%, LUND-B screens cheaper than that median.
Fair Value models
Bearkr 340.67Fair Value kr 719.78Bullkr 1,279
Price kr 569.50 · Upside +26.4%
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 55.91 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.38/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−7.3%
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.
−2.6%
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.
+6.6%
Start year 2020 (pandemic). Over 10 years: +3.1% 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.
+2.6%
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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. Basis: EBIT basis.
≈ −14.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.1%
Dividend (yield on the price)0.9%
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.1.2% vs 10.7%, 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.22% → 27%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 92% above its own trend.
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).
+35.3%
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 +32.6% a year for the price.
AI conclusion: Long-term active ownership in a concentrated set of industrial and real estate holdings drives substantial net asset value growth, yet the conglomerate structure tends to impose a persistent discount.
Main risk: Concentrated ownership in a narrow group of industrial and real estate holdings exposes the business to correlated performance swings across those specific names.
Lundbergs builds its portfolio through long-term active ownership in subsidiaries like Holmen and Hufvudstaden plus stakes in Industrivärden and others, generating substantial net asset value growth from those holdings. Our models see it as undervalued, yet the conglomerate structure often comes with a persistent discount. Does concentrated ownership in a few industrial and real estate names create lasting outperformance, or does it mainly lock in that discount?
Compare L E Lundbergföretagen 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.Conglomerates · 354 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+26.4% · Above median
Profitability
Return on equity (12 months)11.5% · Above median
Return on assets5.0% · Above median
Net margin (12 months)42.1% · Top 25%
Operating margin (12 months)55.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)60.7% · Top 25%
Dividend yield (12 months)0.9% · Below median
Balance sheet
Debt / equity0.13× · Below median
Valuation Multiplesvs Conglomerates 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). "L E Lundbergföretagen AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/LUND-B
Frequently asked questions
Is L E Lundbergföretagen AB (publ) (LUND-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 719.78 versus a price of kr 569.50, about +26% upside (undervalued).
What is the fair value of LUND-B?
Our model-based fair value for L E Lundbergföretagen AB (publ) is kr 719.78 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 569.50.
What is the quality score of LUND-B?
L E Lundbergföretagen AB (publ) has a Quality Score of 54/100. 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 L E Lundbergföretagen AB (publ) (LUND-B)?
Our model-based price target is the fair value of kr 719.78 (as of Oct 13, 2026) from 11 valuation models. Cautious scenario kr 340.67, optimistic scenario kr 1,279. It is a calculation from audited fundamentals, not an analyst target.
What is the L E Lundbergföretagen AB (publ) stock forecast for 2026?
Our models put fair value at kr 719.78, about +26% upside versus a price of kr 569.50 (undervalued). Cautious scenario kr 340.67, optimistic scenario kr 1,279. The calculation is refreshed regularly with new filings.
What is the revenue of L E Lundbergföretagen AB (publ) (LUND-B)?
L E Lundbergföretagen AB (publ) reported trailing-twelve-month revenue of about 43.9B SEK (latest available figure, as of Oct 13, 2026).
Does L E Lundbergföretagen AB (publ) pay a dividend?
L E Lundbergföretagen AB (publ) currently shows a dividend yield of 0.86% relative to its recent price (as of Oct 13, 2026).
What growth is priced into L E Lundbergföretagen AB (publ) (LUND-B)?
For today's price to be fair in a discounted-cash-flow model, L E Lundbergföretagen AB (publ) would have to grow free cash flow by +35.3 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.6 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of LUND-B use?
Our models discount L E Lundbergföretagen AB (publ) at 8.9 %: a base by market capitalisation (large), damped by beta 0.95, 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 L E Lundbergföretagen AB (publ) that is +35.3 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has L E Lundbergföretagen AB (publ) (LUND-B) delivered so far?
Over the past 5 years revenue at L E Lundbergföretagen AB (publ) grew +6.6 % a year. The price currently implies +35.3 % 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 L E Lundbergföretagen AB (publ) (LUND-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into L E Lundbergföretagen AB (publ) (+35.3 % 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 L E Lundbergföretagen AB (publ) (LUND-B)?
The free-cash-flow yield on the price is 1.33 %: that much free cash flow L E Lundbergföretagen AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of L E Lundbergföretagen AB (publ) (LUND-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For L E Lundbergföretagen AB (publ) it is kr 719.78 per share (as of Oct 13, 2026), against a price of kr 569.50. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is L E Lundbergföretagen AB (publ) stock overvalued or undervalued in 2026?
As of Oct 13, 2026, LUND-B trades below its calculated fair value: price kr 569.50, fair value kr 719.78, a gap of about +26% (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 LUND-B?
No. The price is what the market pays today (kr 569.50); the fair value is what the company's own numbers justify (kr 719.78). For L E Lundbergföretagen AB (publ) the two are kr 150.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is L E Lundbergföretagen AB (publ) worth?
The market values L E Lundbergföretagen AB (publ) at about 141B SEK (market capitalisation, as of Oct 13, 2026). Per share that is kr 569.50; our models calculate a fair value of kr 719.78 per share.
What do the bullish and bearish scenarios say about LUND-B?
Our models span a range for L E Lundbergföretagen AB (publ): cautious scenario kr 340.67, base kr 719.78, optimistic kr 1,279 per share (as of Oct 13, 2026, price kr 569.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LUND-B?
L E Lundbergföretagen AB (publ) trades at a price-to-earnings ratio of 7.9 (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 719.78 is built from several models across several years. Other multiples: PEG 1.2, P/B 1.1, P/S 3.2, EV/EBITDA 7.4.
What is the PEG ratio of LUND-B?
The PEG ratio of L E Lundbergföretagen AB (publ) is 1.16 (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 L E Lundbergföretagen AB (publ) (LUND-B)?
Balance-sheet figures for L E Lundbergföretagen AB (publ) (as of Oct 13, 2026): return on equity 11.5%, debt of 0.13 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is LUND-B from its 52-week high?
L E Lundbergföretagen AB (publ) trades at kr 569.50, about 4% below its 52-week high of kr 595.50 and 16% above the low of kr 490.15 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 719.78 is for.
Which stocks are comparable to L E Lundbergföretagen AB (publ)?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, CK Hutchison Holdings, 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 L E Lundbergföretagen AB (publ) stock attractive at the current price?
The data as of Oct 13, 2026: price kr 569.50, calculated fair value kr 719.78 (+26%), Quality Score 54/100, from 11 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 LUND-B calculated?
We run L E Lundbergföretagen AB (publ) through 11 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 719.78, 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. L E Lundbergföretagen AB (publ) currently trades 21 % 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 L E Lundbergföretagen AB (publ) (LUND-B)?
The closing price on Oct 19, 2026 was kr 569.50. Our model-based fair value is kr 719.78, about +26% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with L E Lundbergföretagen AB (publ) right now?
The model range is unusually wide (kr 340.67 to kr 1,279). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of L E Lundbergföretagen AB (publ) (LUND-B) come from?
Earnings per share at L E Lundbergföretagen AB (publ) grew +2.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.1 %, EBIT margin −5.7 %, tax rate +1.1 %, residual (interest, one-offs) +3.7 %. 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 L E Lundbergföretagen AB (publ)
How large is the market capitalisation of L E Lundbergföretagen AB (publ) (LUND-B)?
The market capitalisation of L E Lundbergföretagen AB (publ) is 141B SEK (≈ $14.2B). 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 L E Lundbergföretagen AB (publ) (LUND-B)?
The price-to-sales ratio of L E Lundbergföretagen AB (publ) is 3.22 (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 L E Lundbergföretagen AB (publ) (LUND-B)?
Earnings per share at L E Lundbergföretagen AB (publ) are kr 74.55 (price ÷ EPS = P/E 7.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of L E Lundbergföretagen AB (publ) (LUND-B)?
The dividend yield of L E Lundbergföretagen AB (publ) is 0.9% (payout 6.6%). 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 L E Lundbergföretagen AB (publ) (LUND-B)?
The net margin of L E Lundbergföretagen AB (publ) is 42.1% (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 L E Lundbergföretagen AB (publ) (LUND-B)?
The return on equity (ROE) of L E Lundbergföretagen AB (publ) is 11.5% (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 L E Lundbergföretagen AB (publ) (LUND-B)?
On an EBIT basis the return on assets of L E Lundbergföretagen AB (publ) is 4.9% (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 L E Lundbergföretagen AB (publ) (LUND-B)?
The operating margin of L E Lundbergföretagen AB (publ) is 55.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at L E Lundbergföretagen AB (publ) (LUND-B)?
Revenue at L E Lundbergföretagen AB (publ) is growing +60.7% versus a year earlier (3y avg −2.6%). 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 L E Lundbergföretagen AB (publ) (LUND-B)?
Earnings per share at L E Lundbergföretagen AB (publ) are growing +274% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does L E Lundbergföretagen AB (publ) (LUND-B) carry?
The net debt of L E Lundbergföretagen AB (publ) is 23.0B SEK (fiscal year 2025, ≈ 12.3 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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Broad data
Oct 13, 2026