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NP3 Fastigheter AB (NP3) Fair Value & Analysis

Real Estate · SE · Market cap 16.1B SEK (≈ $1.7B) · ISIN SE0006342333

What is NP3 Fastigheter AB really worth?

NF NP3 Fastigheter AB NP3 · ST
Pricekr 260.50
Fair Valuekr 239.82
Upside−7.9%
Quality44/100

Below-average quality, currently priced close to our fair value of kr 239.82.

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Strengths

Highly profitable · 64.0% net margin
Moderate debt · generates free cash flow
Wide moat 71/100

Risks

!Expensive Growth (revenue 5y +15.8 %/yr)
!Mixed vs. peers (8/14)

For context

·1.69% dividend yield
Evidence: High Range kr 153.32 – kr 339.60

Fair value as of: Aug 13, 2026

From 14 valuation models · updated 22 days ago

Share price −0.6% over the past month.

What runs behind every stock

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

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (kr 153.32 to kr 339.60) 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.

Price vs Fair Value (5 years)

kr 345.18 kr 136.37 Fair Value kr 239.82 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 136.37 – kr 345.18 · fair‑value band kr 153.32 – kr 339.60 · the kr 260.50 price screens above the kr 239.82 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

NP3 Fastigheter AB (NP3) currently trades at kr 260.50, while our model-based Fair Value estimate is kr 239.82, implying the stock looks roughly 8.6% fairly valued today. The Quality Score stands at 44/100 (below-average quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of kr 311.19 per share, and 6 of the 14 models we run sit above the kr 260.50 price. Bear case: the Asset-Based group reads lowest at kr 116.00, and 8 of the 14 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, NP3 Fastigheter AB generated revenue of 2.3B SEK at a net margin of 59.1%. Revenue grew 10.0% year over year. It earns a return on equity of 13.3%. Net debt stands at 13.9B SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 153.32 (bear case) to kr 339.60 (bull case); at kr 260.50, 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 about 11% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −8%, NP3 screens cheaper 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 12.49 per share, which is 5.2 % 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 160.16 kr 190.46 kr 411.26 71
FCF DCF kr 74.00 kr 234.85 kr 747.02 69
Growth DCF kr 57.34 kr 317.11 kr 742.80 69
All 14 models by family
DCF Models
FCF DCF kr 74.00 kr 234.85 kr 747.02 69
5Y Revenue Exit kr 16.61 kr 179.82 kr 521.44 62
5Y EBITDA Exit kr 126.70 kr 402.44 kr 943.91 67
10Y Revenue Exit kr 29.19 kr 311.19 kr 490.61 63
10Y EBITDA Exit kr 117.73 kr 548.25 kr 1,309 60
Multiples
P/S Multiple kr 179.86 kr 239.82 kr 299.77 58
P/B Multiple kr 259.70 kr 346.27 kr 432.83 55
EV/EBIT kr 231.26 kr 377.16 kr 523.06 64
EV/EBITDA kr 133.02 kr 246.18 kr 359.33 65
EV/Revenue kr 51.82 kr 129.30 50
Asset-Based
NCAV (Graham) kr 86.57 kr 116.00 kr 173.13 54
Growth DCF
Growth DCF kr 57.34 kr 317.11 kr 742.80 69
Rev-Margin DCF kr 31.08 kr 235.39 kr 644.54 62
Economic Profit
Residual Income best evidence kr 160.16 kr 190.46 kr 411.26 71

Widest divergence: DCF Models (kr 311.19) versus Asset-Based (kr 116.00). Highest evidence: Residual Income (71).

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Key figures & financial health

P/E ratio 12.7
P/S ratio 7.13 P/E × margin
EPS (TTM) kr 20.48 price ÷ EPS = P/E 12.7
Dividend yield 1.7% payout 21.5%
Net margin 56.1% FY2025
Return on equity 13.3% TTM
More key figures
Profitability
Return on assets (EBIT) 5.9% avg 5y
Operating margin 65.7% TTM
Growth
Revenue (TTM) 2.3B SEK TTM
Revenue growth (YoY) +10.0% 3y avg +13.6%
EPS growth (YoY) +37.0%
Balance sheet & cash flow
Free cash flow 1.0B SEK FY2025
Net debt 13.9B SEK FY2025 · ≈ 13.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 43 · Market factors (momentum, volatility) 45

Profitability 40
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 27
Balance sheet, leverage, solvency risk
Investment 34
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 41
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

NP3 Fastigheter AB (publ), a real estate company, engages in commercial investment property business in Sweden. The company is involved in property management and letting; acquiring and divesting properties; and development of property portfolio.

Full company description

NP3 Fastigheter AB (publ), a real estate company, engages in commercial investment property business in Sweden. The company is involved in property management and letting; acquiring and divesting properties; and development of property portfolio. Its real estate portfolio consists of commercial, industrial, retail, offices, and logistics, as well as hotels, sports facilities, land, and properties for public use, such as schools. The company was incorporated in 2007 and is headquartered in Sundsvall, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

NP3 Fastigheter AB reported revenue of 2.3B SEK in FY2025 versus 1.2B SEK in FY2021, a compound +16.4%/yr. Reported net income was 1.3B SEK in FY2025, compounding −10.8%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.3B SEK
Latest YoY
+14.2%
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.
+13.6%
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.
+15.8%
Avg. revenue growth/yr (15Y) 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.
+64.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+9.3% (7.6 + 1.7)
Revenue +16.4%/yr
FY21 1.2B SEK
FY22 1.6B SEK
FY23 1.8B SEK
FY24 2.0B SEK
FY25 2.3B SEK
Net income −10.8%/yr
FY21 2.0B SEK
FY22 1.2B SEK
FY23 −62.0M SEK
FY24 914M SEK
FY25 1.3B SEK
Character of growth · EPS growth decomposed (2014-2025) +13.4 % p.a.
Revenue per share +15.7 %

of which total revenue +19.4 % · buybacks/dilution −3.1 %

EBIT margin −0.3 %
Tax rate +0.0 %
Residual (interest, one-offs) −1.6 %

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). "NP3 Fastigheter AB Fair Value". https://www.fairvalue-calculator.com/stock/NP3

Peer Group

Real Estate Services · 523 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 45 · Below median
Fair Value upside +150% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 64% · Top 25%
Operating margin (TTM) 75% · Top 25%
Revenue growth 10% · Above median
Dividend yield (TTM) 1.7% · Below median
Debt / equity 1.22× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 12.7× · Pricier than median
P/B 1.51× · Pricier than 75% of peers
P/S (TTM) 6.77× · Pricier than 75% of peers
P/FCF 1.6× · Cheaper than median
EV/EBITDA 16.8× · Pricier 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
VALUE100 · sector 30
FUTURE51 · sector 11
PAST58 · sector 17
HEALTH39 · sector 84
DIVIDEND34 · sector 63

Insider activity: 40/100

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

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is NP3 Fastigheter AB (NP3) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 239.82 versus a price of kr 260.50, about −8% upside (fairly valued).
What is the fair value of NP3?
Our model-based fair value for NP3 Fastigheter AB is kr 239.82 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 260.50.
What is the quality score of NP3?
NP3 Fastigheter AB 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 revenue of NP3 Fastigheter AB (NP3)?
NP3 Fastigheter AB reported trailing-twelve-month revenue of about 2.3B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of NP3?
The net profit margin of NP3 Fastigheter AB is about 59.1%, meaning it keeps roughly 59.1% of revenue as net income. Based on the latest reported figures.
Does NP3 Fastigheter AB pay a dividend?
NP3 Fastigheter AB currently shows a dividend yield of about 1.69% relative to its recent price (as of Aug 13, 2026).
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