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Corem Property Group (CORE-D) Fair Value & Analysis

Real Estate · SE · Market cap 301B SEK (≈ $31.6B) · ISIN SE0015961594

What is Corem Property Group really worth?

CP Corem Property Group CORE-D · ST
Pricekr 229.50
Fair Valuekr 121.82
Upside−46.9%
Quality41/100

Below-average quality, and trading another 88% above our fair value of kr 121.82.

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Strengths

Moderate debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +31.1 %/yr)
!Loss-making · -85.6% net margin
!Trails peers (3/13)
!Narrow moat 30/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range kr 36.00 to kr 207.74
!Weak on dividend: 1 out of 100
Evidence: Medium Range kr 36.00 – kr 207.74

Fair value as of: Aug 27, 2026

From 11 valuation models · updated 8 days ago

Fair value updated Aug 27, 2026, revised from kr 4.64 to kr 121.82 (+2,525.4%) since Aug 13, 2026. 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 above even our optimistic bull case (kr 207.74). The favourable scenario is already priced in.
  • Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (kr 36.00 to kr 207.74). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • 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 249.26 kr 77.90 Fair Value kr 121.82 Jun 2021 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

60‑month range kr 77.90 – kr 249.26 · fair‑value band kr 36.00 – kr 207.74 · the kr 229.50 price screens above the kr 121.82 fair value. Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Corem Property Group (CORE-D) currently trades at kr 229.50, while our model-based Fair Value estimate is kr 121.82, implying the stock looks roughly 88.4% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Real Estate sector. How firm this estimate is: it rests on 13 models at a data quality of 95/100, which puts the evidence level at medium.

Over the trailing twelve months, Corem Property Group generated revenue of 3.4B SEK at a net margin of −97.8%. Revenue declined 10.8% year over year. It earns a return on equity of −17.7%. Net debt stands at 29.8B SEK. Fundamentals as of Aug 27, 2026

Our scenario range runs from kr 36.00 (bear case) to kr 207.74 (bull case); at kr 229.50, 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 8% 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 −33% fair-value upside, at −47%, CORE-D screens richer 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 5.35 kr 21.66 74
Growth DCF kr 4.44 kr 18.94 73
5Y Revenue Exit kr 10.84 kr 26.43 67
All 11 models by family
DCF Models
FCF DCF kr 5.35 kr 21.66 74
5Y Revenue Exit kr 10.84 kr 26.43 67
5Y EBITDA Exit kr 8.23 kr 28.83 kr 55.72 67
10Y Revenue Exit kr 8.79 kr 25.98 62
10Y EBITDA Exit kr 4.59 kr 22.51 kr 51.85 58
Multiples
EV/EBIT kr 22.53 kr 34.12 kr 45.71 65
EV/EBITDA kr 14.81 kr 23.82 kr 32.84 66
EV/Revenue kr 1.00 kr 6.67 kr 12.34 47
Asset-Based
NCAV (Graham) kr 6.43 kr 8.61 kr 12.86 54
Growth DCF
Growth DCF kr 4.44 kr 18.94 73
Rev-Margin DCF kr 10.37 kr 24.51 67

Widest divergence: Multiples (kr 23.82) versus Growth DCF (kr 4.44). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/S ratio 92.5 TTM
EPS (TTM) kr −2.45
Dividend yield 0.0%
Net margin −95.6% FY2025
Return on equity −15.8% TTM
Return on assets (EBIT) 3.7% avg 5y
More key figures
Profitability
Operating margin 62.3% TTM
Growth
Revenue (TTM) 3.3B SEK TTM
Revenue growth (YoY) −12.2% 3y avg −8.3%
EPS growth (YoY) −93.0%
Balance sheet & cash flow
Free cash flow 812M SEK FY2025
Net debt 29.8B SEK FY2025 · ≈ 36.8 yrs of FCF

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

Quality Score breakdown

Overall quality 41/100

Of which business quality 38 · Market factors (momentum, volatility) 47

Profitability 2
Margins and returns on capital today
Quality Growth 21
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 18
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 45
Distance to the 52-week high (market factor)
Net Issuance 11
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

Corem Property Group AB (publ), a commercial property company, owns, manages, develops, and leases office, warehousing/logistics, retail, health care, and social function properties in Sweden, Denmark, and the United States. The company owns 244 properties with a total lettable area of 2,048 thousand square meters.

Full company description

Corem Property Group AB (publ), a commercial property company, owns, manages, develops, and leases office, warehousing/logistics, retail, health care, and social function properties in Sweden, Denmark, and the United States. The company owns 244 properties with a total lettable area of 2,048 thousand square meters. Corem Property Group AB (publ) was founded in 1993 and is headquartered in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Corem Property Group reported revenue of 3.5B SEK in FY2025 versus 2.9B SEK in FY2021, a compound +4.4%/yr. Reported net income was −3.3B SEK in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
3.5B SEK
Latest YoY
−6.2%
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.
−8.3%
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.
+31.1%
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.
+13.7%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +4.4%/yr
FY21 2.9B SEK
FY22 4.5B SEK
FY23 4.2B SEK
FY24 3.7B SEK
FY25 3.5B SEK
Net income
FY21 4.4B SEK
FY22 3.0B SEK
FY23 −8.0B SEK
FY24 −1.1B SEK
FY25 −3.3B SEK

CORE-D screens 88% overvalued. Compare with Swiss Prime Site AG →

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Cite: Fair Value Calculator (2026). "Corem Property Group Fair Value". https://www.fairvalue-calculator.com/stock/CORE-D

Peer Group

Real Estate - Diversified · 131 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 38 · Bottom 25%
Fair Value upside +104% · Top 25%
Return on assets 2% · Above median
Net margin (TTM) −86% · Bottom 25%
Operating margin (TTM) 62% · Top 25%
Revenue growth −12% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.06× · Higher than 75% of peers

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

P/B 1.91× · Pricier than 75% of peers
P/S (TTM) 9.68× · Pricier than 75% of peers
P/FCF 38.9× · Pricier than 75% of peers
EV/EBITDA 24.4× · Pricier than 75% of peers

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 50
FUTURE0 · sector 29
PAST0 · sector 19
HEALTH47 · sector 77
DIVIDEND1 · sector 60

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 27, 2026).

Stock Price Fair Value vs Fair Value
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%
The St. Joe Company JOE $67.90 $34.24 −50%

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Frequently asked questions

Is Corem Property Group (CORE-D) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of kr 121.82 versus a price of kr 229.50, about −47% upside (overvalued).
What is the fair value of CORE-D?
Our model-based fair value for Corem Property Group is kr 121.82 (as of Aug 27, 2026), built from audited fundamentals. The current price: kr 229.50.
What is the quality score of CORE-D?
Corem Property Group has a Quality Score of 41/100. 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 Corem Property Group (CORE-D)?
Corem Property Group reported trailing-twelve-month revenue of about 3.4B SEK (latest available figure, as of Aug 27, 2026).
What is the net profit margin of CORE-D?
The net profit margin of Corem Property Group is about −97.8%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Corem Property Group pay a dividend?
Corem Property Group currently shows a dividend yield of about 0.04% relative to its recent price (as of Aug 27, 2026).
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