Rejlers AB (publ) (REJL-B) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of Rejlers AB (publ) stock SEK 197, price SEK 138, upside +42.0%, quality 49 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 96.80 – kr 200.08 · fair‑value band kr 143.33 – kr 245.74 · the kr 138.40 price screens below the kr 196.59 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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Rejlers AB (publ), together with its subsidiaries, engages in the provision of engineering consultancy services in Sweden, Finland, Norway, and Abu Dhabi.
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The company provides its services in various areas, including road and rail networks, water utilities, telecom and IT networks, city planning and building construction and structural systems such as heating, ventilation, fire safety and electrical engineering.
It serves energy, industry, infrastructure and environment, buildings and properties, communication and security, and technical management consulting. The company was formerly known as Rejlerkoncernen AB and changed its name to Rejlers AB (publ) in July 2013.
Rejlers AB (publ) was founded in 1942 and is headquartered in Stockholm, Sweden.
Stock analysis
Rejlers AB (publ) (REJL-B) currently trades at kr 138.40, while our model-based Fair Value estimate is kr 196.59, implying the stock looks roughly 29.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 281.72 per share, and 17 of the 23 models we run sit above the kr 138.40 price.
Bear case: the Dividend Discount group reads lowest at kr 78.07, and 6 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 143.33 (bear) to kr 245.74 (bull), the price of kr 138.40 sits below 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 49/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Rejlers AB (publ) reported revenue of 4.7B SEK in FY2025 versus 2.9B SEK in FY2021, a compound +13.1%/yr. Reported net income was 197M SEK in FY2025, compounding +15.7%/yr from FY2021.
Key figures
Market cap 3.2B SEK (≈ $319M) Small · P/E ratio 18.6 · P/S ratio 0.64 · EPS (TTM) kr 7.52 · Dividend yield 3.8% · Net margin 3.5% · Return on equity 8.8% · Return on assets (EBIT) 7.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 2% fair-value upside, at 42%, REJL-B screens cheaper than that median.
Fair Value models
Bearkr 143.33Fair Value kr 196.59Bullkr 245.74
Price kr 138.40 · Upside +42.0%
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 1.82 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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.0%
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.
+10.5%
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.
+14.9%
Start year 2020 (pandemic). Over 10 years: +9.7% 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.
+14.0%
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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.
+13.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.8%
Dividend (yield on the price)3.8%
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.9.8% vs 14.1%, 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.4% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
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).
−1.1%
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 −3.0% a year for the price.
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.Consulting Services · 74 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+42.5% · Above median
Profitability
Return on equity (12 months)8.8% · Above median
Return on assets5.0% · Above median
Net margin (12 months)3.5% · Below median
Operating margin (12 months)6.2% · Below median
Growth and dividend
Revenue growth (quarter YoY)9.4% · Above median
Dividend yield (12 months)3.8% · Above median
Valuation Multiplesvs Consulting Services median · lower = cheaper
P/E (12 months)18.6× · Cheaper than median
P/B1.50× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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). "Rejlers AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/REJL-B
Frequently asked questions
Is Rejlers AB (publ) (REJL-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 196.59 versus a price of kr 138.40, about +42% upside (undervalued).
What is the fair value of REJL-B?
Our model-based fair value for Rejlers AB (publ) is kr 196.59 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 138.40.
What is the quality score of REJL-B?
Rejlers AB (publ) has a Quality Score of 49/100. 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 Rejlers AB (publ) (REJL-B)?
Our model-based price target is the fair value of kr 196.59 (as of Oct 13, 2026) from 23 valuation models. Cautious scenario kr 143.33, optimistic scenario kr 245.74. It is a calculation from audited fundamentals, not an analyst target.
What is the Rejlers AB (publ) stock forecast for 2026?
Our models put fair value at kr 196.59, about +42% upside versus a price of kr 138.40 (undervalued). Cautious scenario kr 143.33, optimistic scenario kr 245.74. The calculation is refreshed regularly with new filings.
What is the revenue of Rejlers AB (publ) (REJL-B)?
Rejlers AB (publ) reported trailing-twelve-month revenue of about 4.9B SEK (latest available figure, as of Oct 13, 2026).
Does Rejlers AB (publ) pay a dividend?
Rejlers AB (publ) currently shows a dividend yield of 3.79% relative to its recent price (as of Oct 13, 2026).
What growth is priced into Rejlers AB (publ) (REJL-B)?
For today's price to be fair in a discounted-cash-flow model, Rejlers AB (publ) would have to grow free cash flow by -1.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.9 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of REJL-B use?
Our models discount Rejlers AB (publ) at 9.6 %: a base by market capitalisation (small), damped by beta 0.50, 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 Rejlers AB (publ) that is -1.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Rejlers AB (publ) (REJL-B) delivered so far?
Over the past 5 years revenue at Rejlers AB (publ) grew +14.9 % a year. The price currently implies -1.1 % 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 Rejlers AB (publ) (REJL-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Rejlers AB (publ) (-1.1 % 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 Rejlers AB (publ) (REJL-B)?
The free-cash-flow yield on the price is 9.90 %: that much free cash flow Rejlers AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Rejlers AB (publ) (REJL-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Rejlers AB (publ) it is kr 196.59 per share (as of Oct 13, 2026), against a price of kr 138.40. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Rejlers AB (publ) stock overvalued or undervalued in 2026?
As of Oct 13, 2026, REJL-B trades below its calculated fair value: price kr 138.40, fair value kr 196.59, a gap of about +42% (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 REJL-B?
No. The price is what the market pays today (kr 138.40); the fair value is what the company's own numbers justify (kr 196.59). For Rejlers AB (publ) the two are kr 58.19 per share apart. That gap is exactly why we show both numbers side by side.
How much is Rejlers AB (publ) worth?
The market values Rejlers AB (publ) at about 3.2B SEK (market capitalisation, as of Oct 13, 2026). Per share that is kr 138.40; our models calculate a fair value of kr 196.59 per share.
What do the bullish and bearish scenarios say about REJL-B?
Our models span a range for Rejlers AB (publ): cautious scenario kr 143.33, base kr 196.59, optimistic kr 245.74 per share (as of Oct 13, 2026, price kr 138.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of REJL-B?
Rejlers AB (publ) trades at a price-to-earnings ratio of 18.6 (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 196.59 is built from several models across several years. Other multiples: PEG 0.4, P/B 1.5, P/S 0.6, EV/EBITDA 6.8.
What is the PEG ratio of REJL-B?
The PEG ratio of Rejlers AB (publ) is 0.40 (P/E divided by earnings growth, as of Oct 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Rejlers AB (publ) (REJL-B)?
Balance-sheet figures for Rejlers AB (publ) (as of Oct 13, 2026): return on equity 8.8%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is REJL-B from its 52-week high?
Rejlers AB (publ) trades at kr 138.40, about 31% below its 52-week high of kr 200.08 and 3% above the low of kr 134.80 (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of kr 196.59 is for.
Which stocks are comparable to Rejlers AB (publ)?
From the same area (Industrials) we also value SGS SA, Verisk Analytics, Inc, Equifax Inc, Bureau Veritas SA, 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 Rejlers AB (publ) stock attractive at the current price?
The data as of Oct 13, 2026: price kr 138.40, calculated fair value kr 196.59 (+42%), Quality Score 49/100, from 23 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 REJL-B calculated?
We run Rejlers AB (publ) through 23 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 196.59, 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. Rejlers AB (publ) currently trades 30 % 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 Rejlers AB (publ) (REJL-B)?
The closing price on Oct 20, 2026 was kr 138.40. Our model-based fair value is kr 196.59, about +42% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Rejlers AB (publ) right now?
The price is below even our cautious bear case (kr 143.33). The market is more pessimistic than our downside scenario. Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Rejlers AB (publ) (REJL-B) come from?
Earnings per share at Rejlers AB (publ) grew +16.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.8 %, EBIT margin +10.7 %, tax rate +1.1 %, residual (interest, one-offs) −0.1 %. 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 Rejlers AB (publ)
How large is the market capitalisation of Rejlers AB (publ) (REJL-B)?
The market capitalisation of Rejlers AB (publ) is 3.2B SEK (≈ $319M). 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 Rejlers AB (publ) (REJL-B)?
The price-to-sales ratio of Rejlers AB (publ) is 0.64 (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 Rejlers AB (publ) (REJL-B)?
Earnings per share at Rejlers AB (publ) are kr 7.52 (price ÷ EPS = P/E 18.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Rejlers AB (publ) (REJL-B)?
The dividend yield of Rejlers AB (publ) is 3.8% (payout 69.8%). 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 Rejlers AB (publ) (REJL-B)?
The net margin of Rejlers AB (publ) is 3.5% (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 Rejlers AB (publ) (REJL-B)?
The return on equity (ROE) of Rejlers AB (publ) is 8.8% (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 Rejlers AB (publ) (REJL-B)?
On an EBIT basis the return on assets of Rejlers AB (publ) is 7.0% (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 Rejlers AB (publ) (REJL-B)?
The operating margin of Rejlers AB (publ) is 6.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Rejlers AB (publ) (REJL-B)?
Revenue at Rejlers AB (publ) is growing +9.4% versus a year earlier (3y avg +10.5%). 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 Rejlers AB (publ) (REJL-B)?
Earnings per share at Rejlers AB (publ) are growing −30.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Rejlers AB (publ) (REJL-B) carry?
The net debt of Rejlers AB (publ) is 790M SEK (fiscal year 2025, ≈ 2.5 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