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Public Property Invest AS (PUBLI) Fair Value & Analysis

Real Estate · NO · Market cap 18.7B NOK (≈ $2.0B)

What is Public Property Invest AS really worth?

PP Public Property Invest AS PUBLI · OL
Pricekr 18.25
Fair Valuekr 6.37
Upside−65.1%
Quality33/100

Below-average quality, and trading another 187% above our fair value of kr 6.37.

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Strengths

Highly profitable · 35.9% net margin
Moderate debt · generates free cash flow

Risks

!Expensive Growth (revenue 3y +29.3 %/yr)
!Mixed vs. peers (6/13)
!Moderate moat 64/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 20 out of 100

For context

·5.48% dividend yield
Evidence: Medium Range kr 4.77 – kr 11.38

Fair value as of: Aug 13, 2026

From 10 valuation models · updated 22 days ago

Share price −3.5% 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 11.38). The favourable scenario is already priced in.
  • Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (kr 4.77 to kr 11.38) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (2 years)

kr 24.52 kr 13.26 Fair Value kr 6.37 Apr 2024 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

28‑month range kr 13.26 – kr 24.52 · fair‑value band kr 4.77 – kr 11.38 · the kr 18.25 price screens above the kr 6.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Public Property Invest AS (PUBLI) currently trades at kr 18.25, while our model-based Fair Value estimate is kr 6.37, implying the stock looks roughly 186.7% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of kr 15.24 per share, and 0 of the 8 models we run sit above the kr 18.25 price. Bear case: the Dividend Discount group reads lowest at kr 1.16, and 8 of the 8 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Public Property Invest AS generated revenue of 1.8B NOK at a net margin of 35.9%. It earns a return on equity of 4.9%. Net debt stands at 27.3B NOK. The stock trades on a trailing P/E of 34.4. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 4.77 (bear case) to kr 11.38 (bull case); at kr 18.25, 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 28% below its 52-week high and 5% 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 −65%, PUBLI 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 0.1083 per share, which is 1.7 % 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 24.23 72
Residual Income kr 16.03 kr 15.24 kr 12.26 71
Growth DCF kr 0.3800 kr 23.99 70
All 10 models by family
DCF Models
FCF DCF kr 24.23 72
5Y EBITDA Exit kr 21.52 67
10Y EBITDA Exit kr 5.93 kr 39.19 61
Dividend Discount
Gordon GGM kr 0.6600 kr 1.37 kr 2.18 61
DDM Multi-Stage kr 0.6600 kr 1.16 kr 1.44 62
Multiples
P/S Multiple kr 5.61 kr 7.49 kr 9.36 58
P/B Multiple kr 6.90 kr 9.20 kr 11.51 55
Asset-Based
NCAV (Graham) kr 11.30 kr 15.14 kr 22.60 54
Growth DCF
Growth DCF kr 0.3800 kr 23.99 70
Economic Profit
Residual Income kr 16.03 kr 15.24 kr 12.26 71

Widest divergence: Economic Profit (kr 15.24) versus Growth DCF (kr 0.3800). Highest evidence: FCF DCF (72).

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Key figures & financial health

P/E ratio 34.4
P/S ratio 16.2 P/E × margin
EPS (TTM) kr 0.5300 price ÷ EPS = P/E 34.4
Dividend yield 5.5% payout 189%
Net margin 47.0% FY2025
Return on equity 4.9% TTM
More key figures
Profitability
Return on assets (EBIT) 2.5% avg 5y
Operating margin 70.0% TTM
Growth
Revenue (TTM) 1.8B NOK TTM
Revenue growth (YoY) +347% 3y avg +29.3%
EPS growth (YoY) −58.6%
Balance sheet & cash flow
Free cash flow 874M NOK FY2025
Net debt 27.3B NOK FY2025 · ≈ 31.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 36 · Market factors (momentum, volatility) 37

Profitability 30
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 26
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 0
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

PPI Public Property Invest AB (publ), a real estate company, owns, develops, operates, and rents real estate properties in Norway, Sweden, Finland, and Denmark. The company's property portfolio includes community service properties with government sector tenants, as well as rental of office spaces.

Full company description

PPI Public Property Invest AB (publ), a real estate company, owns, develops, operates, and rents real estate properties in Norway, Sweden, Finland, and Denmark. The company's property portfolio includes community service properties with government sector tenants, as well as rental of office spaces. The company serves hospitals, police stations, courts, and nursing homes for elderly care, schools, and other public services. The company was formerly known as Public Property Invest ASA and changed its name to PPI Public Property Invest AB (publ) in May 2026. PPI Public Property Invest AB (publ) was incorporated in 2018 and is headquartered in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Public Property Invest AS reported revenue of 1.1B NOK in FY2025 versus 68.0M NOK in FY2021, a compound +100.0%/yr. Reported net income was 512M NOK in FY2025, compounding −9.9%/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)
1.1B NOK
Latest YoY
+60.9%
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.
+29.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−26.5% (−32.0 + 5.5)
Revenue +100.0%/yr
FY21 68.0M NOK
FY22 504M NOK
FY23 575M NOK
FY24 677M NOK
FY25 1.1B NOK
Net income −9.9%/yr
FY21 778M NOK
FY22 −623M NOK
FY23 −900M NOK
FY24 13.0M NOK
FY25 512M NOK

PUBLI screens 187% overvalued. Compare with CBRE Group →

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Cite: Fair Value Calculator (2026). "Public Property Invest AS Fair Value". https://www.fairvalue-calculator.com/stock/PUBLI

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 34 · Bottom 25%
Fair Value upside −65% · Bottom 25%
Return on equity (TTM) 5% · Above median
Return on assets 3% · Above median
Net margin (TTM) 36% · Above median
Operating margin (TTM) 70% · Top 25%
Revenue growth 347% · Top 25%
Dividend yield (TTM) 5.5% · Above median
Debt / equity 1.32× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 34.4× · Pricier than 75% of peers
P/B 0.88× · Pricier than median
P/S (TTM) 10.40× · Pricier than 75% of peers
P/FCF 2.3× · 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 30
FUTURE100 · sector 11
PAST20 · sector 17
HEALTH34 · sector 84
DIVIDEND100 · sector 63

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

Insider activity: 45/100

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 13, 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 Public Property Invest AS (PUBLI) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 6.37 versus a price of kr 18.25, about −65% upside (overvalued).
What is the fair value of PUBLI?
Our model-based fair value for Public Property Invest AS is kr 6.37 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 18.25.
What is the quality score of PUBLI?
Public Property Invest AS has a Quality Score of 33/100. 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 Public Property Invest AS (PUBLI)?
Public Property Invest AS reported trailing-twelve-month revenue of about 1.8B NOK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of PUBLI?
The net profit margin of Public Property Invest AS is about 35.9%, meaning it keeps roughly 35.9% of revenue as net income. Based on the latest reported figures.
Does Public Property Invest AS pay a dividend?
Public Property Invest AS currently shows a dividend yield of about 5.48% relative to its recent price (as of Aug 13, 2026).
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