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Stendörren Fastigheter AB (STEF-B) Fair Value & Analysis

Real Estate · SE · Market cap 5.9B SEK (≈ $613M) · ISIN SE0006543344

What is Stendörren Fastigheter AB really worth?

SF Stendörren Fastigheter AB STEF-B · ST
Pricekr 173.60
Fair Valuekr 106.27
Upside−38.8%
Quality49/100

Below-average quality, and trading another 63% above our fair value of kr 106.27.

As of Aug 29, 2026, the fair value of Stendörren Fastigheter AB is kr 106.27 per share against a price of kr 173.60, so the fair value sits 39% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Solidly profitable · 18.2% net margin

Risks

!Mixed Growth (revenue 5y +11.5 %/yr)
!High debt · generates free cash flow
!Trails peers (5/14)
!Moderate moat 57/100
!Weak on past: 14 out of 100
!Weak on balance sheet: 22 out of 100
!Weak on dividend: 8 out of 100
Evidence: High Range kr 62.20 – kr 106.27

Fair value as of: Aug 29, 2026

From 14 valuation models · updated 7 days ago

Share price −3.8% 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 above even our optimistic bull case (kr 106.27). The favourable scenario is already priced in.
  • Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
  • 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 320.00 kr 123.60 Fair Value kr 106.27 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range kr 123.60 – kr 320.00 · fair‑value band kr 62.20 – kr 106.27 · the kr 173.60 price screens above the kr 106.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Stendörren Fastigheter AB (STEF-B) currently trades at kr 173.60, while our model-based Fair Value estimate is kr 106.27, implying the stock looks roughly 63.4% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of kr 162.51 per share, and 3 of the 13 models we run sit above the kr 173.60 price. Bear case: the Growth DCF group reads lowest at kr 69.96, and 10 of the 13 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Stendörren Fastigheter AB generated revenue of 1.1B SEK at a net margin of 18.1%. Revenue grew 18.6% year over year. It earns a return on equity of 3.4%. Net debt stands at 9.6B SEK. Fundamentals as of Aug 29, 2026

Our scenario range runs from kr 62.20 (bear case) to kr 106.27 (bull case); at kr 173.60, the current price sits above 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 20% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −33% fair-value upside, at −39%, STEF-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 3.55 per share, which is 3.3 % 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
FCF DCF kr 22.09 kr 347.02 74
Residual Income kr 131.30 kr 126.84 kr 105.73 74
Growth DCF kr 69.96 kr 333.92 73
All 14 models by family
DCF Models
FCF DCF kr 22.09 kr 347.02 74
5Y Revenue Exit kr 72.08 kr 392.00 67
5Y EBITDA Exit kr 25.75 kr 286.63 kr 799.29 62
10Y Revenue Exit kr 162.51 kr 327.19 62
10Y EBITDA Exit kr 385.82 kr 1,080 63
Multiples
P/S Multiple kr 73.18 kr 97.57 kr 121.96 58
P/B Multiple kr 73.18 kr 97.57 kr 121.96 55
EV/EBIT kr 154.45 kr 297.68 kr 440.91 63
EV/EBITDA kr 57.63 kr 168.60 kr 279.56 62
EV/Revenue kr 52.60 50
Asset-Based
NCAV (Graham) kr 91.78 kr 122.98 kr 183.56 54
Growth DCF
Growth DCF kr 69.96 kr 333.92 73
Rev-Margin DCF kr 121.83 kr 500.39 67
Economic Profit
Residual Income kr 131.30 kr 126.84 kr 105.73 74

Widest divergence: DCF Models (kr 162.51) versus Growth DCF (kr 69.96). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 34.4 as of Jul 19, 2026
P/S ratio 5.48 P/E × margin
EPS (TTM) kr 5.23 price ÷ EPS = P/E 34.4
Dividend yield 0.4% payout 14.0%
Net margin 15.9% FY2025
Return on equity 3.4% TTM
More key figures
Profitability
Return on assets (EBIT) 6.1% avg 5y
Operating margin 68.4% TTM
Growth
Revenue (TTM) 1.1B SEK TTM
Revenue growth (YoY) +17.3% 3y avg +14.0%
EPS growth (YoY) +18.2%
Balance sheet & cash flow
Free cash flow 366M SEK FY2025
Net debt 9.6B SEK FY2025 · ≈ 26.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 48 · Market factors (momentum, volatility) 37

Profitability 25
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 20
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 21
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

Stendörren Fastigheter AB (publ), a real estate company, engages in managing, developing, and acquiring properties and building rights in logistics, warehouse, and light industry primarily located in Greater Stockholm and Mälardalen. It acquired industrial property Strombrytaren 1 area amounts to 2,700 square meters.

Full company description

Stendörren Fastigheter AB (publ), a real estate company, engages in managing, developing, and acquiring properties and building rights in logistics, warehouse, and light industry primarily located in Greater Stockholm and Mälardalen. It acquired industrial property Strombrytaren 1 area amounts to 2,700 square meters. The company was formerly known as Header Compression Sweden Holding AB and changed its name to Stendörren Fastigheter AB (publ) in November 2014. Stendörren Fastigheter AB (publ) was incorporated in 2010 and is based in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Stendörren Fastigheter AB reported revenue of 1.1B SEK in FY2025 versus 653M SEK in FY2021, a compound +13.6%/yr. Reported net income was 173M SEK in FY2025, compounding −38.5%/yr from FY2021.

Growth Quality 89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.1B SEK
Latest YoY
+20.4%
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.
+14.0%
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.
+11.5%
Avg. revenue growth/yr (17Y) 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.
+23.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+5.6% · in SEK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+5.2%
Dividend yield0.4%
Trend 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.5Y −12.1% vs 10Y −7.7%, flattening
Operating margin (EBIT) 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.58.5% (2017) → 45.6% (2022) · falling
Worst earnings drop120% (2023) (loss year, drop beyond 100%) · in SEK
Revenue +13.6%/yr
FY21 653M SEK
FY22 733M SEK
FY23 967M SEK
FY24 902M SEK
FY25 1.1B SEK
Net income −38.5%/yr
FY21 1.2B SEK
FY22 268M SEK
FY23 −246M SEK
FY24 327M SEK
FY25 173M SEK
Character of growth · EPS growth decomposed (2014-2025) −1.2 % p.a.
Revenue per share +12.2 %

of which total revenue +18.1 % · buybacks/dilution −5.0 %

EBIT margin +1.0 %
Tax rate −2.1 %
Residual (interest, one-offs) −10.9 %

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).

STEF-B screens 63% overvalued. Compare with Corem Property Group →

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Cite: Fair Value Calculator (2026). "Stendörren Fastigheter AB Fair Value". https://www.fairvalue-calculator.com/stock/STEF-B

Peer Group

Real Estate - Diversified · 129 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 50 · Below median
Fair Value upside −39% · Bottom 25%
Return on equity (TTM) 3% · Below median
Return on assets 3% · Top 25%
Net margin (TTM) 18% · Above median
Operating margin (TTM) 68% · Top 25%
Revenue growth 17% · Above median
Dividend yield (TTM) 0.4% · Bottom 25%
Debt / equity 1.56× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 34.4× · Pricier than 75% of peers
P/B 1.06× · Pricier than 75% of peers
P/S (TTM) 5.41× · Pricier than 75% of peers
P/FCF 1.7× · Cheaper than median
EV/EBITDA 18.1× · 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
VALUE0 · sector 47
FUTURE87 · sector 29
PAST14 · sector 17
HEALTH22 · sector 77
DIVIDEND8 · sector 61

VALUE 0: the price sits above our fair-value range.

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 - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
Corem Property Group CORED kr 229.00 kr 121.82 −47%
Swiss Prime Site AG SPSN CHF 124.60 CHF 44.83 −64%
Central Pattana Public Company CPN 66.00 THB 71.37 THB +8%
Prestige Estates Projects Limited PRESTIGE ₹1,586 ₹645.21 −59%
The Phoenix Mills Limited PHOENIXLTD ₹1,905 ₹701.74 −63%
Umm Al Qura for Development and Construction Company 4325 17.19 SAR 11.60 SAR −33%
Fastighets AB BALDB kr 54.08 kr 70.70 +31%
Hainan Airport Infrastructure Co 600515 ¥2.79 ¥0.3300 −88%
Parque Arauco S.A PARAUCO 3,954 CLP 2,740 CLP −31%
Singapore Land Group U06 3.41 SGD 3.23 SGD −5%

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Frequently asked questions

Is Stendörren Fastigheter AB (STEF-B) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of kr 106.27 versus a price of kr 173.60, about −39% upside (overvalued).
What is the fair value of STEF-B?
Our model-based fair value for Stendörren Fastigheter AB is kr 106.27 (as of Aug 29, 2026), built from audited fundamentals. The current price: kr 173.60.
What is the quality score of STEF-B?
Stendörren Fastigheter AB 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 revenue of Stendörren Fastigheter AB (STEF-B)?
Stendörren Fastigheter AB reported trailing-twelve-month revenue of about 1.1B SEK (latest available figure, as of Aug 29, 2026).
What is the net profit margin of STEF-B?
The net profit margin of Stendörren Fastigheter AB is about 18.1%, meaning it keeps roughly 18.1% of revenue as net income. Based on the latest reported figures.
Does Stendörren Fastigheter AB pay a dividend?
Stendörren Fastigheter AB currently shows a dividend yield of about 0.42% relative to its recent price (as of Aug 29, 2026).
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