Fleming Properties Valuation

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

FLMNG (SEK26.8) is trading below our estimate of [[fair value]] (SEK67.47)

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

Valuation Score

4/6

Valuation Score 4/6

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 FLMNG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FLMNG (SEK26.8) is trading below our estimate of fair value (SEK67.47)

Significantly Below Fair Value: FLMNG is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for FLMNG. This is calculated by dividing FLMNG's market cap by their current revenue.
What is FLMNG's PS Ratio?
PS Ratio	1.8x
Sales	€7.38m
Market Cap	€13.63m

FLMNG 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	10.7x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does FLMNG's PS Ratio compare to its peers?

The above table shows the PS ratio for FLMNG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	4.5x
AQUAT Aquaticus Real Estate	3.5x	n/a	SEK 180.2m
PRESRV Preservium Property	3.5x	n/a	SEK 259.6m
LINKAB Link Prop Investment	5.4x	n/a	SEK 230.8m
BONAS Bonäsudden Holding	5.6x	n/a	SEK 275.5m
FLMNG Fleming Properties	1.8x	n/a	SEK 159.5m

Price-To-Sales vs Peers: FLMNG is good value based on its Price-To-Sales Ratio (1.8x) compared to the peer average (3x).

Price to Sales Ratio vs Industry

How does FLMNG's PS Ratio compare vs other companies in the SE Real Estate Industry?

6 Companies	Price / Sales	Estimated Growth	Market Cap
HEIM PREF Heimstaden	0.2x	n/a	US$249.19m
WBGR B Wästbygg Gruppen	0.2x	0.2%	US$87.90m
FASTAT Aktiebolaget Fastator	0.2x	n/a	US$8.55m
SAMT B Samtrygg Group	0.07x	n/a	US$3.21m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: FLMNG is good value based on its Price-To-Sales Ratio (1.8x) compared to the Swedish Real Estate industry average (4.6x).

Price to Sales Ratio vs Fair Ratio

What is FLMNG'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.

FLMNG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.8x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate FLMNG's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Byggmästare Anders J Ahlström Holding

SEK 1.8b

Invests in listed and unlisted small and medium-sized companies in Sweden and the Nordics.

AJA B

SEK 253.00

0.4%

49.3%

Krona Public Real Estate

SEK 275.1m

Owns and manages community properties in Kongsberg, Norway.

KRONA

SEK 49.20

-1.6%

-14.4%

Annehem Fastigheter

SEK 1.5b

Owns and manages commercial, community service, and residential properties in Sweden, Finland, and Norway.

ANNE B

SEK 17.00

-4.5%