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Tingsvalvet Fastighets AB (TINGS-B) Fair Value & Analysis

Real Estate · Market cap 677M SEK (≈ $70.9M) · ISIN SE0018534497

What is Tingsvalvet Fastighets AB really worth?

TF Tingsvalvet Fastighets AB TINGS-B · ST
Pricekr 39.10
Fair Valuekr 75.67
Upside+93.5%
Quality49/100

Below-average quality, trading 48% below our fair value of kr 75.67.

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Strengths

Ranks above peers (10/13)
Wide moat 65/100

Risks

!Mixed Growth (revenue 3y +40.7 %/yr)
!High debt · generates free cash flow
!Weak on balance sheet: 24 out of 100
Evidence: High Range kr 59.21 – kr 98.68

Fair value as of: Aug 27, 2026

From 14 valuation models · updated 8 days ago

Share price −2.0% 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 is below even our cautious bear case (kr 59.21). 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.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (4 years)

kr 42.64 kr 17.90 Fair Value kr 75.67 Sep 2022 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

48‑month range kr 17.90 – kr 42.64 · fair‑value band kr 59.21 – kr 98.68 · the kr 39.10 price screens below the kr 75.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Tingsvalvet Fastighets AB (TINGS-B) currently trades at kr 39.10, while our model-based Fair Value estimate is kr 75.67, implying the stock looks roughly 48.3% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of kr 78.94 per share, and 8 of the 11 models we run sit above the kr 39.10 price. Bear case: the Growth DCF group reads lowest at kr 34.88, and 3 of the 11 models stay below the price. Evidence for this calculation is high.

Revenue grew 32.5% year over year. It earns a return on equity of 11.7%. Net debt stands at 1.8B SEK. The stock trades on a trailing P/E of 6.3 (as of Aug 27, 2026). Fundamentals as of Aug 27, 2026

Our scenario range runs from kr 59.21 (bear case) to kr 98.68 (bull case); at kr 39.10, 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 1% below its 52-week high and 37% 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 94%, TINGS-B screens cheaper than that median.

Fair Value models

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 50.11 70
Residual Income kr 55.36 kr 61.01 kr 84.40 70
Growth DCF kr 43.19 69
All 14 models by family
DCF Models
FCF DCF kr 50.11 70
5Y Revenue Exit kr 19.55 kr 119.55 64
5Y EBITDA Exit kr 1.67 kr 79.62 kr 232.78 58
10Y Revenue Exit kr 38.02 kr 86.08 59
10Y EBITDA Exit kr 96.43 kr 289.62 60
Multiples
P/S Multiple kr 59.21 kr 78.94 kr 98.68 56
P/B Multiple kr 90.67 kr 120.90 kr 151.12 53
EV/EBIT kr 50.24 kr 96.22 kr 142.20 62
EV/EBITDA kr 19.12 kr 54.73 kr 90.34 60
EV/Revenue kr 22.80 49
Asset-Based
NCAV (Graham) kr 32.76 kr 43.90 kr 65.52 52
Growth DCF
Growth DCF kr 43.19 69
Rev-Margin DCF kr 34.88 kr 152.69 64
Economic Profit
Residual Income kr 55.36 kr 61.01 kr 84.40 70

Widest divergence: Multiples (kr 78.94) versus Growth DCF (kr 34.88). Highest evidence: FCF DCF (70).

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Key figures & financial health

P/E ratio 6.3 as of Aug 27, 2026
P/S ratio 3.67 P/E × margin
EPS (TTM) kr 6.19 price ÷ EPS = P/E 6.3
Net margin 58.6% FY2025
Return on equity 11.7% TTM
Return on assets (EBIT) 4.0% avg 5y
More key figures
Profitability
Operating margin 68.5% TTM
Growth
Revenue growth (YoY) +32.5% 3y avg +40.7%
EPS growth (YoY) +88.5%
Balance sheet & cash flow
Free cash flow 62.4M SEK FY2025
Net debt 1.8B SEK FY2025 · ≈ 28.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 48 · Market factors (momentum, volatility) 62

Profitability 39
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 24
Balance sheet, leverage, solvency risk
Investment 43
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 40
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

Tingsvalvet Fastighets AB (publ), a real estate company, owns, manages, and leases office and commercial properties in Central Sweden. Tingsvalvet Fastighets AB (publ) was incorporated in 2018 and is headquartered in Eskilstuna, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tingsvalvet Fastighets AB reported revenue of 212M SEK in FY2025 versus 47.4M SEK in FY2021, a compound +45.4%/yr. Reported net income was 124M SEK in FY2025.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
212M SEK
Latest YoY
+35.0%
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.
+40.7%
Value creation/yr We only publish this rate when it is defensible. Reason: no profitable base year
not computed
Revenue +45.4%/yr
FY21 47.4M SEK
FY22 76.1M SEK
FY23 132M SEK
FY24 157M SEK
FY25 212M SEK
Net income
FY21 −2.1M SEK
FY22 −19.0M SEK
FY23 −919K SEK
FY24 47.2M SEK
FY25 124M SEK

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Cite: Fair Value Calculator (2026). "Tingsvalvet Fastighets AB Fair Value". https://www.fairvalue-calculator.com/stock/TINGS-B

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 50 · Below median
Fair Value upside +94% · Top 25%
Return on equity (TTM) 12% · Top 25%
Return on assets 3% · Above median
Operating margin (TTM) 69% · Top 25%
Revenue growth 33% · Top 25%
Dividend yield (TTM) 34.5% · Top 25%
Debt / equity 1.52× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 6.3× · Cheaper than 75% of peers
P/B 0.06× · Cheaper than 75% of peers
P/S (TTM) 1.90× · Pricier than median
P/FCF 1.1× · Cheaper than median
EV/EBITDA 11.0× · 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
VALUE100 · sector 30
FUTURE100 · sector 11
PAST47 · sector 17
HEALTH24 · sector 84
DIVIDEND85 · sector 63

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 27, 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 Tingsvalvet Fastighets AB (TINGS-B) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of kr 75.67 versus a price of kr 39.10, about +94% upside (undervalued).
What is the fair value of TINGS-B?
Our model-based fair value for Tingsvalvet Fastighets AB is kr 75.67 (as of Aug 27, 2026), built from audited fundamentals. The current price: kr 39.10.
What is the quality score of TINGS-B?
Tingsvalvet Fastighets 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.
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