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SAGA-B Fair Value & Analysis

Real Estate · SE · Market cap 80.3B SEK

SB SAGA-B SAGA-B · ST
Pricekr 165.10
Fair Valuekr 64.22
Upside-61.1%
Quality33/100
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Expensive Growth
Highly profitable · 84.0% net margin
Moderate debt · negative free cash flow
2.29% dividend yield
Trails peers (5/13)
Wide moat 68/100
Evidence: Medium Range kr 48.16 – kr 94.15 Share as image

Fair value as of: Aug 13, 2026

From 7 valuation models · updated today

Share price −0.8% over the past month.

Below-average quality, and screening another 61% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 94.15). 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 48.16 to kr 94.15) 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.
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Price vs Fair Value (5 years)

kr 354.51 kr 147.00 Fair Value kr 64.22 May 2021 Aug 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

60‑month range kr 147.00 – kr 354.51 · fair‑value band kr 48.16 – kr 94.15 · the kr 165.10 price screens above the kr 64.22 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

SAGA-B (SAGA-B) currently trades at kr 165.10, while our model-based Fair Value estimate is kr 64.22, implying the stock looks roughly 61.1% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, SAGA-B generated revenue of 5.4B SEK at a net margin of 84.0%. Revenue grew 2.8% year over year. It earns a return on equity of 10.6%. Net debt stands at 39.2B SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 48.16 (bear case) to kr 94.15 (bull case); at kr 165.10, 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 26% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at -61%, SAGA-B screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Residual Income kr 79.55 kr 87.71 kr 131.91 76
P/S Multiple kr 56.66 kr 75.55 kr 94.44 58
P/B Multiple kr 111.08 kr 148.11 kr 185.13 55
All 7 models by family
Multiples
P/S Multiple kr 56.66 kr 75.55 kr 94.44 58
P/B Multiple kr 111.08 kr 148.11 kr 185.13 55
EV/EBIT kr 83.30 kr 133.64 kr 183.99 53
EV/EBITDA kr 49.36 kr 88.39 kr 127.42 54
EV/Revenue kr 13.64 kr 38.04 43
Asset-Based
NCAV (Graham) kr 45.85 kr 61.45 kr 91.71 50
Economic Profit
Residual Income kr 79.55 kr 87.71 kr 131.91 76

Widest divergence: Multiples (kr 88.39) versus Asset-Based (kr 61.45). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 5.4B SEK
Revenue growth (YoY) +2.8%
Net margin 84.0%
Return on equity 10.6%
Free cash flow −1.2B SEK FY2025
P/E ratio 12.8 as of Jul 11, 2026
More key figures
Operating margin 75.7%
EPS (TTM) kr 12.69
Dividend yield 2.3%
EPS growth (YoY) +56.8%
Net debt 39.2B SEK FY2025

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 33 · Market factors (momentum, volatility) 32

Profitability 38
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 41
Disciplined investing over empire-building
Low Volatility 51
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 19
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.

About the company

AB Sagax (publ), a property company, owns and manages a property portfolio in Sweden, Finland, France, Benelux, Spain, Germany, and other European countries. It invests in commercial properties primarily in the warehouse and light industrial segments. The company also engages in the financial administration and asset management activities.

Full company description

AB Sagax (publ), a property company, owns and manages a property portfolio in Sweden, Finland, France, Benelux, Spain, Germany, and other European countries. It invests in commercial properties primarily in the warehouse and light industrial segments. The company also engages in the financial administration and asset management activities. AB Sagax (publ) was incorporated in 1995 and is headquartered in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SAGA-B reported revenue of kr 5.4B in FY2025 versus kr 3.1B in FY2021, a compound +14.7%/yr. Reported net income was kr 4.0B in FY2025, compounding −19.8%/yr from FY2021.

Growth Quality 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
5.4B SEK
Latest YoY
+6.7%
Avg. 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.
+13.2%
Avg. 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.
+13.2%
Avg. growth/yr (19Y) 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.
+17.7%
Revenue +14.7%/yr
FY21 kr 3.1B
FY22 kr 3.7B
FY23 kr 4.3B
FY24 kr 5.1B
FY25 kr 5.4B
Net income −19.8%/yr
FY21 kr 9.8B
FY22 kr 2.7B
FY23 −kr 13.0M
FY24 kr 5.3B
FY25 kr 4.0B
Character of growth · EPS growth decomposed (2014-2025) +9.1 % p.a.
Revenue per share +13.0 pp

of which total revenue +15.6 pp · buybacks/dilution −2.7 pp

EBIT margin −0.8 pp
Tax rate +0.2 pp
Residual (interest, one-offs) −3.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

SAGA-B screens 61% overvalued. Compare with Plaza S.A →

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Cite: Fair Value Calculator (2026). "SAGA-B Fair Value". https://www.fairvalue-calculator.com/stock/SAGA-B

Peer Group

Real Estate Services · 529 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 −61% · Bottom 25%
Return on equity (TTM) 11% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 84% · Top 25%
Operating margin (TTM) 76% · Top 25%
Revenue growth 3% · Above median
Dividend yield (TTM) 2.3% · Below median
Debt / equity 0.74× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 12.8× · Pricier than median
P/B 1.88× · Pricier than 75% of peers
P/S (TTM) 14.84× · Pricier than 75% of peers
EV/EBITDA 26.3× · Pricier than 75% of peers

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.

VALUE 0 · sector 35
FUTURE 14 · sector 10
PAST 42 · sector 16
HEALTH 63 · sector 85
DIVIDEND 46 · sector 50

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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
Plaza S.A MALLPLAZA 3,989 CLP 4,571 CLP +15%
PT Solusi Tunas Pratama Tbk SUPR 43,850 IDR 15,049 IDR -66%
Cencosud Shopping S.A CENCOMALLS 2,412 CLP 2,976 CLP +23%
PT Sarana Menara Nusantara Tbk. owns and TOWR 392.00 IDR 1,012 IDR +158%
PT Metropolitan Kentjana Tbk MKPI 22,000 IDR 19,160 IDR -13%
PT Bangun Kosambi Sukses Tbk, CBDK 3,610 IDR 3,464 IDR -4%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 2,990 ARS +20%
PT Plaza Indonesia Realty Tbk PLIN 2,510 IDR 2,698 IDR +7%
PT MNC Tourism Indonesia Tbk, KPIG 74.00 IDR 122.12 IDR +65%
PT Indonesian Paradise Property Tbk INPP 770.00 IDR 291.52 IDR -62%

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Frequently asked questions

Is SAGA-B overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 64.22 versus a price of kr 165.10, about −61% (overvalued).
What is the fair value of SAGA-B?
Our model-based fair value for SAGA-B is kr 64.22 (as of Aug 13, 2026), built from audited fundamentals. The current price is kr 165.10.
What is the quality score of SAGA-B?
SAGA-B 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 SAGA-B?
SAGA-B reported trailing-twelve-month revenue of about 5.4B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SAGA-B?
The net profit margin of SAGA-B is about 84.0%, meaning it keeps roughly 84.0% of revenue as net income. Based on the latest reported figures.
Does SAGA-B pay a dividend?
SAGA-B currently shows a dividend yield of about 2.31% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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