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Fabege AB (FABG) Fair Value & Analysis

Real Estate · SE · Market cap 23.4B SEK (≈ $2.4B) · ISIN SE0011166974

What is Fabege AB really worth?

FA Fabege AB FABG · ST
Pricekr 72.85
Fair Valuekr 19.64
Upside−73.0%
Quality58/100

A solid business, but trading 271% above our fair value of kr 19.64.

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Strengths

Solidly profitable · 10.9% net margin
Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +6.0 %/yr)
!Mixed vs. peers (6/15)
!Moderate moat 47/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range kr 9.99 to kr 54.40
!Weak on past: 5 out of 100

For context

·2.95% dividend yield
Evidence: Medium Range kr 9.99 – kr 54.40

Fair value as of: Aug 14, 2026

From 11 valuation models · updated 22 days ago

Share price −4.1% 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 54.40). The favourable scenario is already priced in.
  • The model range is unusually wide (kr 9.99 to kr 54.40). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (58/100) 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 140.57 kr 62.20 Fair Value kr 19.64 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range kr 62.20 – kr 140.57 · fair‑value band kr 9.99 – kr 54.40 · the kr 72.85 price screens above the kr 19.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Fabege AB (FABG) currently trades at kr 72.85, while our model-based Fair Value estimate is kr 19.64, implying the stock looks roughly 270.9% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Real Estate sector. Bull case: the Asset-Based group reads highest at a median of kr 79.82 per share, and 2 of the 11 models we run sit above the kr 72.85 price. Bear case: the Growth DCF group reads lowest at kr 5.30, and 9 of the 11 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Fabege AB generated revenue of 3.8B SEK at a net margin of −1.9%. Revenue grew 24.0% year over year. It earns a return on equity of −0.2%. Net debt stands at 37.6B SEK. Fundamentals as of Aug 14, 2026

Our scenario range runs from kr 9.99 (bear case) to kr 54.40 (bull case); at kr 72.85, 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 17% 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 −23% fair-value upside, at −73%, FABG 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (kr 1.58 to kr 92.18). Read the values as a conservative anchor, not as a price target.
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 best evidence kr 5.67 kr 44.35 77
Growth DCF kr 5.30 kr 39.46 75
5Y EBITDA Exit kr 47.34 kr 101.27 72
All 11 models by family
DCF Models
FCF DCF best evidence kr 5.67 kr 44.35 77
5Y Revenue Exit kr 5.76 kr 42.29 69
5Y EBITDA Exit kr 47.34 kr 101.27 72
10Y Revenue Exit kr 1.58 kr 34.80 64
10Y EBITDA Exit kr 29.77 kr 77.99 65
Multiples
EV/EBIT kr 49.05 kr 92.18 kr 135.31 63
EV/EBITDA kr 23.93 kr 58.69 kr 93.46 63
EV/Revenue kr 3.32 kr 28.42 50
Asset-Based
NCAV (Graham) kr 59.56 kr 79.82 kr 119.13 54
Growth DCF
Growth DCF kr 5.30 kr 39.46 75
Rev-Margin DCF kr 6.32 kr 38.93 69

Widest divergence: Asset-Based (kr 79.82) versus Growth DCF (kr 5.30). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 53.2
P/S ratio 5.89 TTM
EPS (TTM) kr 1.37 price ÷ EPS = P/E 53.2
Dividend yield 3.0% payout 157%
Net margin −9.3% FY2025
Return on equity 1.2% TTM
More key figures
Profitability
Return on assets (EBIT) 3.7% avg 5y
Operating margin 59.5% TTM
Growth
Revenue (TTM) 4.0B SEK TTM
Revenue growth (YoY) +14.0% 3y avg +4.2%
EPS growth (YoY) +607%
Balance sheet & cash flow
Free cash flow 1.7B SEK FY2025
Net debt 37.6B SEK FY2025 · ≈ 21.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 55 · Market factors (momentum, volatility) 38

Profitability 7
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 83
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

Fabege AB (publ), a property company, owns, develops, and manages commercial properties in Sweden. The company operates through four segments: Property Management, Property Development, Business Development/Transactions, and Residential Development.

Full company description

Fabege AB (publ), a property company, owns, develops, and manages commercial properties in Sweden. The company operates through four segments: Property Management, Property Development, Business Development/Transactions, and Residential Development. Its property portfolio comprises office, retail, industrial/warehouse, residential, hotel, and garage properties. The company also engages in residential development; and acts as an urban developer. The company was formerly known as Wihlborgs Fastigheter AB and changed its name to Fabege AB (publ) in December 2005. Fabege AB (publ) was incorporated in 1947 and is headquartered in Solna, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fabege AB reported revenue of 3.8B SEK in FY2025 versus 3.0B SEK in FY2021, a compound +6.2%/yr. Reported net income was −348M SEK in FY2025.

Growth Quality 48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.8B SEK
Latest YoY
+2.4%
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.
+4.2%
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.
+6.0%
Avg. revenue growth/yr (25Y) 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.
+1.6%
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 +6.2%/yr
FY21 3.0B SEK
FY22 3.3B SEK
FY23 3.9B SEK
FY24 3.7B SEK
FY25 3.8B SEK
Net income
FY21 5.4B SEK
FY22 2.4B SEK
FY23 −5.5B SEK
FY24 −213M SEK
FY25 −348M SEK

FABG screens 271% overvalued. Compare with CBRE Group →

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Cite: Fair Value Calculator (2026). "Fabege AB Fair Value". https://www.fairvalue-calculator.com/stock/FABG

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 59 · Above median
Fair Value upside −73% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets 2% · Below median
Net margin (TTM) 11% · Above median
Operating margin (TTM) 59% · Top 25%
Revenue growth 14% · Above median
Dividend yield (TTM) 3.0% · Below median
Debt / equity 0.68× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 53.2× · Pricier than 75% of peers
P/B 0.62× · Cheaper than median
P/S (TTM) 5.89× · Pricier than 75% of peers
P/FCF 1.4× · Cheaper than median
EV/EBITDA 19.3× · Pricier than median
PEG 5.07× · 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
VALUE0 · sector 30
FUTURE70 · sector 11
PAST5 · sector 17
HEALTH66 · sector 84
DIVIDEND59 · sector 63

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 Services stocks, each showing price versus our Fair Value estimate (as of Aug 14, 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 Fabege AB (FABG) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of kr 19.64 versus a price of kr 72.85, about −73% upside (overvalued).
What is the fair value of FABG?
Our model-based fair value for Fabege AB is kr 19.64 (as of Aug 14, 2026), built from audited fundamentals. The current price: kr 72.85.
What is the quality score of FABG?
Fabege AB has a Quality Score of 58/100. 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 Fabege AB (FABG)?
Fabege AB reported trailing-twelve-month revenue of about 3.8B SEK (latest available figure, as of Aug 14, 2026).
What is the net profit margin of FABG?
The net profit margin of Fabege AB is about −1.9%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Fabege AB pay a dividend?
Fabege AB currently shows a dividend yield of about 2.95% relative to its recent price (as of Aug 14, 2026).
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