NP3 Fastigheter Valuation

Q: What is the Fair Price of 0R43 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0R43 (SEK247) is trading below our estimate of [[fair value]] (SEK247.33)

Is 0R43 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0R43 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0R43 (SEK247) is trading below our estimate of fair value (SEK247.33)

Significantly Below Fair Value: 0R43 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0R43?

Key metric: As 0R43 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0R43. This is calculated by dividing 0R43's market cap by their current earnings.
What is 0R43's PE Ratio?
PE Ratio	45.6x
Earnings	SEK 333.00m
Market Cap	SEK 15.18b

0R43 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	13.9x
Enterprise Value/EBITDA	19.7x
PEG Ratio	1.5x

Price to Earnings Ratio vs Peers

How does 0R43's PE Ratio compare to its peers?

The above table shows the PE ratio for 0R43 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	44.9x
SRE Sirius Real Estate	11.9x	9.6%	UK£1.3b
GRI Grainger	55.6x	40.8%	UK£1.7b
TPFG Property Franchise Group	35.2x	54.9%	UK£273.5m
PNS Panther Securities	77x	n/a	UK£55.8m
0R43 NP3 Fastigheter	45.6x	30.0%	SEK 15.2b

Price-To-Earnings vs Peers: 0R43 is expensive based on its Price-To-Earnings Ratio (45.6x) compared to the peer average (44.9x).

Price to Earnings Ratio vs Industry

How does 0R43's PE Ratio compare vs other companies in the European Real Estate Industry?

23 Companies	Price / Earnings	Estimated Growth	Market Cap

23 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0R43 is expensive based on its Price-To-Earnings Ratio (45.6x) compared to the European Real Estate industry average (18.2x).

Price to Earnings Ratio vs Fair Ratio

What is 0R43's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0R43 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	45.6x
Fair PE Ratio	27.4x

Price-To-Earnings vs Fair Ratio: 0R43 is expensive based on its Price-To-Earnings Ratio (45.6x) compared to the estimated Fair Price-To-Earnings Ratio (27.4x).

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 0R43 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 252.50	SEK 305.00 +20.8%	1.6%	SEK 310.00	SEK 300.00	n/a	2
Nov ’25	SEK 254.50	SEK 305.00 +19.8%	1.6%	SEK 310.00	SEK 300.00	n/a	2
Oct ’25	SEK 273.50	SEK 284.50 +4.0%	9.0%	SEK 310.00	SEK 259.00	n/a	2
Sep ’25	SEK 269.00	SEK 284.50 +5.8%	9.0%	SEK 310.00	SEK 259.00	n/a	2
Aug ’25	SEK 256.50	SEK 284.50 +10.9%	9.0%	SEK 310.00	SEK 259.00	n/a	2
Jul ’25	SEK 256.50	SEK 251.50 -1.9%	5.4%	SEK 265.00	SEK 238.00	n/a	2
Jun ’25	SEK 249.00	SEK 244.00 -2.0%	2.5%	SEK 250.00	SEK 238.00	n/a	2
May ’25	SEK 232.00	SEK 225.50 -2.8%	10.9%	SEK 250.00	SEK 201.00	n/a	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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