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Solnaberg Property AB (SOLNA) Fair Value & Analysis

Real Estate · SE · Market cap 436M SEK

SP Solnaberg Property AB SOLNA · ST
Pricekr 116.00
Fair Valuekr 140.36
Upside+21.0%
Quality46/100
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Expensive Growth
Highly profitable · 57.1% net margin
Moderate debt · generates free cash flow
6.87% dividend yield
Ranks above peers (10/14)
Moderate moat 64/100
Evidence: High Range kr 125.95 – kr 186.07 Share as image

Fair value as of: Jul 16, 2026

From 14 valuation models · updated 26 days ago

Share price +0.9% over the past month.

Below-average quality, screening 21% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (kr 125.95). The market is more pessimistic than our downside scenario.
  • Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

kr 131.91 kr 69.64 Fair Value kr 140.36 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range kr 69.64 – kr 131.91 · fair‑value band kr 125.95 – kr 186.07 · the kr 116.00 price screens below the kr 140.36 fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Solnaberg Property AB (SOLNA) currently trades at kr 116.00, while our model-based Fair Value estimate is kr 140.36, implying the stock looks roughly 21.0% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Solnaberg Property AB generated revenue of 83.3M SEK at a net margin of 57.1%. Revenue grew 4.1% year over year. It earns a return on equity of 7.9%. Net debt stands at 512M SEK. Fundamentals as of Jul 16, 2026

Our scenario range runs from kr 125.95 (bear case) to kr 186.07 (bull case); at kr 116.00, the current price sits below 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 6% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 21%, SOLNA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Growth DCF kr 31.53 kr 104.89 80
Residual Income kr 127.06 kr 132.29 kr 136.85 76
Rev-Margin DCF kr 36.60 kr 111.72 74
All 14 models by family
DCF Models
FCF DCF kr 35.74 kr 117.95 38
5Y Revenue Exit kr 36.72 kr 121.22 39
5Y EBITDA Exit kr 83.09 kr 252.81 kr 457.41 41
10Y Revenue Exit kr 26.98 kr 106.83 36
10Y EBITDA Exit kr 38.25 kr 166.58 kr 348.63 37
Multiples
P/S Multiple kr 108.03 kr 144.05 kr 180.06 58
P/B Multiple kr 161.30 kr 215.07 kr 268.84 55
EV/EBIT kr 125.95 kr 213.33 kr 300.71 53
EV/EBITDA kr 185.26 kr 292.41 kr 399.55 54
EV/Revenue kr 18.94 kr 65.48 43
Asset-Based
NCAV (Graham) kr 81.73 kr 109.52 kr 163.47 50
Growth DCF
Growth DCF kr 31.53 kr 104.89 80
Rev-Margin DCF kr 36.60 kr 111.72 74
Economic Profit
Residual Income kr 127.06 kr 132.29 kr 136.85 76

Widest divergence: Multiples (kr 213.33) versus Growth DCF (kr 31.53). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 83.3M SEK
Revenue growth (YoY) +4.1%
Net margin 57.1%
Return on equity 7.9%
Free cash flow 43.5M SEK FY2025
P/E ratio 9.2
More key figures
Operating margin 73.5%
EPS (TTM) kr 12.65
Dividend yield 6.9%
EPS growth (YoY) +22.8%
Net debt 512M SEK FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 46 · Market factors (momentum, volatility) 61

Profitability 36
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 2
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 51
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.

About the company

Solnaberg Property AB (publ) operates as a real estate company in Sweden. The company owns, manages, and leases the Solna Bladet 3 property with a lettable area of approximately 31,300 square meters. It also operates care facilities, warehouses, garages, and parking lots.

Full company description

Solnaberg Property AB (publ) operates as a real estate company in Sweden. The company owns, manages, and leases the Solna Bladet 3 property with a lettable area of approximately 31,300 square meters. It also operates care facilities, warehouses, garages, and parking lots. Solnaberg Property AB (publ) was incorporated in 2015 and is based in Gothenburg, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Solnaberg Property AB reported revenue of kr 83.3M in FY2025 versus kr 64.2M in FY2021, a compound +6.7%/yr. Reported net income was kr 47.6M in FY2025, compounding +74.8%/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)
83.3M SEK
Latest YoY
+2.9%
Avg. 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.
+9.0%
Avg. 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.
+5.8%
Avg. growth/yr (9Y) 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.
+23.5%
Revenue +6.7%/yr
FY21 kr 64.2M
FY22 kr 64.3M
FY23 kr 75.9M
FY24 kr 81.0M
FY25 kr 83.3M
Net income +74.8%/yr
FY21 kr 5.1M
FY22 −kr 2.0M
FY23 −kr 6.0M
FY24 kr 31.4M
FY25 kr 47.6M

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Cite: Fair Value Calculator (2026). "Solnaberg Property AB Fair Value". https://www.fairvalue-calculator.com/stock/SOLNA

Peer Group

Real Estate Services · 520 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 47 · Below median
Fair Value upside +21% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 57% · Top 25%
Operating margin (TTM) 74% · Top 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 6.9% · Top 25%
Debt / equity 0.90× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 9.2× · Cheaper than median
P/B 0.71× · Pricier than median
P/S (TTM) 5.23× · Pricier than 75% of peers
P/FCF 1.1× · Cheaper than median
EV/EBITDA 11.6× · Cheaper than median

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.

VALUE 61 · sector 37
FUTURE 21 · sector 10
PAST 31 · sector 16
HEALTH 55 · sector 85
DIVIDEND 100 · sector 49

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Solnaberg Property AB (SOLNA) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of kr 140.36 versus a price of kr 116.00, about +21% (undervalued).
What is the fair value of SOLNA?
Our model-based fair value for Solnaberg Property AB is kr 140.36 (as of Jul 16, 2026), built from audited fundamentals. The current price is kr 116.00.
What is the quality score of SOLNA?
Solnaberg Property AB has a Quality Score of 46/100. 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 Solnaberg Property AB (SOLNA)?
Solnaberg Property AB reported trailing-twelve-month revenue of about 83.3M SEK (latest available figure, as of Jul 16, 2026).
What is the net profit margin of SOLNA?
The net profit margin of Solnaberg Property AB is about 57.1%, meaning it keeps roughly 57.1% of revenue as net income. Based on the latest reported figures.
Does Solnaberg Property AB pay a dividend?
Solnaberg Property AB currently shows a dividend yield of about 6.96% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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