Fastighets AB Balder (publ)

DB:28F0 Stock Report

Market Cap: €8.5b

Fastighets AB Balder Valuation

Is 28F0 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 28F0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 28F0 (€6.73) is trading above our estimate of fair value (€5.6)

Significantly Below Fair Value: 28F0 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 28F0?

Key metric: As 28F0 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 28F0. This is calculated by dividing 28F0's market cap by their current revenue.
What is 28F0's PS Ratio?
PS Ratio7.7x
SalesSEK 12.73b
Market CapSEK 97.58b

Price to Sales Ratio vs Peers

How does 28F0's PS Ratio compare to its peers?

The above table shows the PS ratio for 28F0 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.3x
LEG LEG Immobilien
4.6x-14.2%€6.5b
O5G CPI Property Group
4xn/a€6.7b
DWNI Deutsche Wohnen
6.3xn/a€9.5b
AT1 Aroundtown
2.2x2.8%€3.1b
28F0 Fastighets AB Balder
7.7x3.5%€97.6b

Price-To-Sales vs Peers: 28F0 is expensive based on its Price-To-Sales Ratio (7.7x) compared to the peer average (4.3x).

Price to Sales Ratio vs Industry

How does 28F0's PS Ratio compare vs other companies in the DE Real Estate Industry?

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
DIC Branicks Group
0.7x-21.8%US$193.71m
DMRE DEMIRE Deutsche Mittelstand Real Estate
0.5x-42.0%US$85.55m
ADJ Adler Group
0.1xn/aUS$48.74m
NUVA Noratis
0.3x16.6%US$16.01m
28F0 7.7xIndustry Avg. 3.7xNo. of Companies10PS02.85.68.411.214+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 28F0 is expensive based on its Price-To-Sales Ratio (7.7x) compared to the German Real Estate industry average (3.6x).

Price to Sales Ratio vs Fair Ratio

What is 28F0's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

28F0 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.7x
Fair PS Ratio5x

Price-To-Sales vs Fair Ratio: 28F0 is expensive based on its Price-To-Sales Ratio (7.7x) compared to the estimated Fair Price-To-Sales Ratio (5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 28F0 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€6.73
€7.93
+17.8%
2.2%€8.21€7.78n/a4
Nov ’25€6.97
€7.89
+13.3%
1.0%€8.02€7.85n/a4
Oct ’25€7.87
€7.49
-4.9%
3.5%€7.75€7.14n/a4
Sep ’25€6.87
€7.49
+9.0%
3.5%€7.75€7.14n/a4
Aug ’25€6.67
€7.49
+12.2%
3.5%€7.75€7.14n/a4
Jul ’25€6.50
€6.80
+4.7%
6.3%€7.36€6.20n/a4
Jun ’25€5.98
€6.52
+9.1%
5.2%€6.87€6.01n/a4
May ’25€5.92
€6.67
+12.7%
6.9%€7.23€5.91n/a5
Apr ’25€6.64
€6.67
+0.5%
6.9%€7.23€5.91n/a5
Mar ’25€5.62
€6.67
+18.5%
6.9%€7.23€5.91n/a5
Feb ’25€6.09
€6.21
+1.9%
12.5%€7.21€5.28n/a5
Jan ’25€6.45
€5.06
-21.6%
9.6%€5.64€4.23n/a5
Dec ’24€5.48
€5.06
-7.7%
9.6%€5.64€4.23n/a5
Nov ’24€3.91
€4.71
+20.5%
7.9%€5.09€4.07€6.975
Oct ’24€4.07
€4.82
+18.5%
7.9%€5.21€4.17€7.875
Sep ’24€4.33
€4.82
+11.4%
7.9%€5.21€4.17€6.875
Aug ’24€4.17
€4.82
+15.7%
7.9%€5.21€4.17€6.675
Jul ’24€3.23
€4.80
+48.7%
10.0%€5.24€3.93€6.505
Jun ’24€3.08
€4.80
+55.8%
10.0%€5.24€3.93€5.985
May ’24€4.12
€5.54
+34.3%
6.3%€6.15€5.27€5.925
Apr ’24€3.67
€5.83
+58.8%
8.0%€6.48€5.33€6.645
Mar ’24€4.52
€6.06
+34.2%
7.4%€6.60€5.43€5.624
Feb ’24€4.63
€5.74
+24.0%
9.9%€6.28€4.93€6.094
Jan ’24€4.38
€5.06
+15.5%
17.7%€5.91€3.82€6.453
Dec ’23€4.17
€5.06
+21.5%
17.7%€5.91€3.82€5.483
Nov ’23€3.75
€5.10
+36.0%
17.7%€5.96€3.85€3.913

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Tokyu Fudosan Holdings

JP¥688.6b

Engages in the real estate business in Japan and internationally.

T8F

JP¥5.90

7D

2.6%

1Y

1.7%

Sino Land

HK$67.0b

An investment holding company, invests in, develops, manages, and trades in properties.

SNO

HK$0.94

7D

-0.5%

1Y

0.5%

Relo Group

JP¥259.6b

Engages in the provision of property management services in Japan.

665

JP¥10.50

7D

2.9%

1Y

13.5%