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L E Lundbergföretagen AB (LUND-B) Fair Value & Analysis

Industrials · SE · Market cap 136B SEK (≈ $14.3B) · ISIN SE0000108847

What is L E Lundbergföretagen AB really worth?

LE L E Lundbergföretagen AB LUND-B · ST
Pricekr 589.50
Fair Valuekr 701.61
Upside+19.0%
Quality53/100

A solid business, trading 16% below our fair value of kr 701.61.

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Strengths

Highly profitable · 35.1% net margin
Low debt · generates free cash flow
Ranks above peers (10/15)
Wide moat 70/100

Risks

!Weak Growth (revenue 5y +6.6 %/yr)
!Weak on dividend: 17 out of 100

For context

·0.83% dividend yield
Evidence: High Range kr 448.14 – kr 1,261

Fair value as of: Aug 23, 2026

From 11 valuation models · updated 13 days ago

Share price +0.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide (kr 448.14 to kr 1,261). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • 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.

Price vs Fair Value (5 years)

kr 609.42 kr 383.91 Fair Value kr 701.61 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range kr 383.91 – kr 609.42 · fair‑value band kr 448.14 – kr 1,261 · the kr 589.50 price screens below the kr 701.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

L E Lundbergföretagen AB (LUND-B) currently trades at kr 589.50, while our model-based Fair Value estimate is kr 701.61, implying the stock looks roughly 16.0% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials sector. Bull case: the Multiples group reads highest at a median of kr 827.90 per share, and 5 of the 11 models we run sit above the kr 589.50 price. Bear case: the Growth DCF group reads lowest at kr 101.72, and 6 of the 11 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, L E Lundbergföretagen AB generated revenue of 39.0B SEK at a net margin of 35.1%. Revenue grew 10.4% year over year. It earns a return on equity of 9.1%. Net debt stands at 23.0B SEK. Fundamentals as of Aug 23, 2026

Our scenario range runs from kr 448.14 (bear case) to kr 1,261 (bull case); at kr 589.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 34% fair-value upside, at 19%, LUND-B screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 34.12 per share, which is 4.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

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
Highest evidence
Residual Income best evidence kr 446.31 kr 491.67 kr 723.13 75
Owner Earnings kr 305.80 kr 578.66 kr 1,039 72
Growth DCF kr 35.27 kr 101.72 kr 211.81 71
All 11 models by family
DCF Models
Owner Earnings kr 305.80 kr 578.66 kr 1,039 72
5Y P/E Exit kr 443.72 kr 928.56 kr 1,481 67
10Y P/E Exit kr 302.82 kr 692.91 kr 1,246 60
Earnings-Based
Graham-Dodd kr 331.16 kr 1,417 kr 1,936 61
Lynch FV kr 362.38 kr 517.68 kr 672.98 58
Multiples
P/E Multiple kr 767.02 kr 1,023 kr 1,278 61
P/B Multiple kr 620.92 kr 827.90 kr 1,035 53
Asset-Based
NCAV (Graham) kr 257.60 kr 345.19 kr 515.21 52
Growth DCF
Growth DCF kr 35.27 kr 101.72 kr 211.81 71
Rev-Margin DCF kr 69.03 kr 170.02 kr 296.92 68
Economic Profit
Residual Income best evidence kr 446.31 kr 491.67 kr 723.13 75

Widest divergence: Multiples (kr 827.90) versus Growth DCF (kr 101.72). Highest evidence: Residual Income (75).

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Key figures & financial health

P/E ratio 10.0 as of Jul 15, 2026
P/S ratio 4.14 P/E × margin
EPS (TTM) kr 55.13 price ÷ EPS = P/E 10.0
Dividend yield 0.8% payout 8.9%
Net margin 41.5% FY2025
Return on equity 9.1% TTM
More key figures
Profitability
Return on assets (EBIT) 4.9% avg 5y
Operating margin 50.4% TTM
Growth
Revenue (TTM) 39.0B SEK TTM
Revenue growth (YoY) +10.4% 3y avg −2.6%
EPS growth (YoY) +50.7%
Balance sheet & cash flow
Free cash flow 1.9B SEK FY2025
Net debt 23.0B SEK FY2025 · ≈ 12.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 50 · Market factors (momentum, volatility) 68

Profitability 38
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

L E Lundbergföretagen AB 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.

Growth Quality 38/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
29.1B SEK
Latest YoY
−7.3%
Avg. revenue growth/yr (3Y) 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.
−2.6%
Avg. revenue growth/yr (5Y) 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.
+6.6%
Avg. revenue growth/yr (23Y) 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.
+2.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
−14.3% (−15.1 + 0.8)
Revenue +2.6%/yr
FY21 26.2B SEK
FY22 31.4B SEK
FY23 30.6B SEK
FY24 31.4B SEK
FY25 29.1B SEK
Net income +1.5%/yr
FY21 11.4B SEK
FY22 1.5B SEK
FY23 7.3B SEK
FY24 6.3B SEK
FY25 12.1B SEK
Character of growth · EPS growth decomposed (2014-2025) +2.9 % p.a.
Revenue per share +4.1 %

of which total revenue +4.1 % · buybacks/dilution +0.0 %

EBIT margin −5.7 %
Tax rate +1.1 %
Residual (interest, one-offs) +3.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "L E Lundbergföretagen AB Fair Value". https://www.fairvalue-calculator.com/stock/LUND-B

Peer Group

Conglomerates · 375 stocks

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.

Quality Score 53 · Above median
Fair Value upside +19% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 35% · Top 25%
Operating margin (TTM) 50% · Top 25%
Revenue growth 10% · Above median
Dividend yield (TTM) 0.8% · Below median
Debt / equity 0.13× · Lower than median

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 10.0× · Cheaper than median
P/B 1.07× · Pricier than median
P/S (TTM) 3.49× · Pricier than 75% of peers
P/FCF 7.6× · Pricier than 75% of peers
EV/EBITDA 9.2× · Pricier than median
PEG 1.16× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE59 · sector 25
FUTURE52 · sector 17
PAST36 · sector 17
HEALTH94 · sector 89
DIVIDEND17 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

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CITIC Limited 0267 HK$13.02 HK$26.04 +100%
Poste Italiane S.p.A PST €26.90 €7.65 −72%
Swire Pacific Limited 0019 HK$106.30 HK$36.88 −65%
CK Hutchison Holdings 0001 HK$69.85 HK$100.46 +44%
SK Inc 034730 553,000 KRW 615,077 KRW +11%
PT Astra International Tbk, ASII 4,800 IDR 9,600 IDR +100%
Jardine Matheson Holdings J36 $59.10 $79.11 +34%

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Frequently asked questions

Is L E Lundbergföretagen AB (LUND-B) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of kr 701.61 versus a price of kr 589.50, about +19% upside (undervalued).
What is the fair value of LUND-B?
Our model-based fair value for L E Lundbergföretagen AB is kr 701.61 (as of Aug 23, 2026), built from audited fundamentals. The current price: kr 589.50.
What is the quality score of LUND-B?
L E Lundbergföretagen AB has a Quality Score of 53/100. 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 revenue of L E Lundbergföretagen AB (LUND-B)?
L E Lundbergföretagen AB reported trailing-twelve-month revenue of about 39.0B SEK (latest available figure, as of Aug 23, 2026).
What is the net profit margin of LUND-B?
The net profit margin of L E Lundbergföretagen AB is about 35.1%, meaning it keeps roughly 35.1% of revenue as net income. Based on the latest reported figures.
Does L E Lundbergföretagen AB pay a dividend?
L E Lundbergföretagen AB currently shows a dividend yield of about 0.83% relative to its recent price (as of Aug 23, 2026).
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