Krona Public Real Estate Valuation

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

Below Fair Value: KRONA (SEK48.4) is trading below our estimate of fair value (SEK190.3)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for KRONA. This is calculated by dividing KRONA's market cap by their current revenue.
What is KRONA's PS Ratio?
PS Ratio	3.9x
Sales	SEK 69.35m
Market Cap	SEK 270.63m

KRONA 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	15.5x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for KRONA 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	8x
LATF B Latvian Forest Company	19.7x	n/a	SEK 352.8m
LINKAB Link Prop Investment	5.3x	n/a	SEK 226.4m
BONAS Bonäsudden Holding	5.6x	n/a	SEK 278.9m
REAL Real Fastigheter	1.3x	n/a	SEK 213.8m
KRONA Krona Public Real Estate	3.9x	n/a	SEK 270.6m

Price-To-Sales vs Peers: KRONA is good value based on its Price-To-Sales Ratio (3.9x) compared to the peer average (8x).

Price to Sales Ratio vs Industry

How does KRONA'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$250.97m
WBGR B Wästbygg Gruppen	0.2x	0.2%	US$86.28m
FASTAT Aktiebolaget Fastator	0.2x	n/a	US$7.89m
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: KRONA is good value based on its Price-To-Sales Ratio (3.9x) compared to the Swedish Real Estate industry average (5.4x).

Price to Sales Ratio vs Fair Ratio

What is KRONA'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.

KRONA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	3.9x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate KRONA'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 250.00

32.3%

Link Prop Investment

SEK 226.4m

Owns, manages, and leases real estate properties in Sweden.

LINKAB

SEK 154.00

-1.3%

13.2%

Aquaticus Real Estate

SEK 172.5m

A real estate company, owns, manages, and leases the office property in Stockholm.

AQUAT

SEK 56.00

-9.7%

-23.3%