Hufvudstaden Valuation

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

HUFV A (SEK120.2) is trading above our estimate of [[fair value]] (SEK9.02)

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

Below Fair Value: HUFV A (SEK120.2) is trading above our estimate of fair value (SEK9.02)

Significantly Below Fair Value: HUFV A is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for HUFV A. This is calculated by dividing HUFV A's market cap by their current revenue.
What is HUFV A's PS Ratio?
PS Ratio	7.7x
Sales	SEK 3.14b
Market Cap	SEK 24.32b

HUFV A 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	10.9x
Enterprise Value/EBITDA	22.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does HUFV A's PS Ratio compare to its peers?

The above table shows the PS ratio for HUFV A 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	7.3x
ATRLJ B Atrium Ljungberg	6.2x	-2.7%	SEK 24.4b
FABG Fabege	7.1x	2.8%	SEK 25.8b
NYF Nyfosa	5.8x	-0.2%	SEK 22.2b
WALL B Wallenstam	10.2x	4.5%	SEK 30.9b
HUFV A Hufvudstaden	7.7x	2.2%	SEK 24.3b

Price-To-Sales vs Peers: HUFV A is expensive based on its Price-To-Sales Ratio (7.7x) compared to the peer average (7.3x).

Price to Sales Ratio vs Industry

How does HUFV A'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$266.02m
WBGR B Wästbygg Gruppen	0.2x	0.2%	US$74.34m
FASTAT Aktiebolaget Fastator	0.2x	n/a	US$7.93m
SAMT B Samtrygg Group	0.06x	n/a	US$2.59m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: HUFV A is expensive based on its Price-To-Sales Ratio (7.7x) compared to the Swedish Real Estate industry average (5.4x).

Price to Sales Ratio vs Fair Ratio

What is HUFV A'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.

HUFV A PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	7.7x
Fair PS Ratio	4.8x

Price-To-Sales vs Fair Ratio: HUFV A is expensive based on its Price-To-Sales Ratio (7.7x) compared to the estimated Fair Price-To-Sales Ratio (4.8x).

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 HUFV A 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 120.20	SEK 132.83 +10.5%	8.9%	SEK 150.00	SEK 110.00	n/a	6
Dec ’25	SEK 125.70	SEK 132.83 +5.7%	8.9%	SEK 150.00	SEK 110.00	n/a	6
Nov ’25	SEK 124.90	SEK 132.83 +6.4%	9.1%	SEK 150.00	SEK 110.00	n/a	6
Oct ’25	SEK 140.50	SEK 132.71 -5.5%	8.5%	SEK 150.00	SEK 110.00	n/a	7
Sep ’25	SEK 137.20	SEK 132.71 -3.3%	8.5%	SEK 150.00	SEK 110.00	n/a	7
Aug ’25	SEK 128.80	SEK 128.33 -0.4%	10.2%	SEK 150.00	SEK 110.00	n/a	6
Jul ’25	SEK 126.60	SEK 128.33 +1.4%	10.2%	SEK 150.00	SEK 110.00	n/a	6
Jun ’25	SEK 130.40	SEK 130.00 -0.3%	10.6%	SEK 150.00	SEK 110.00	n/a	6
May ’25	SEK 128.70	SEK 130.83 +1.7%	10.0%	SEK 150.00	SEK 110.00	n/a	6
Apr ’25	SEK 130.00	SEK 130.83 +0.6%	10.0%	SEK 150.00	SEK 110.00	n/a	6
Mar ’25	SEK 124.50	SEK 132.50 +6.4%	8.1%	SEK 150.00	SEK 120.00	n/a	6
Feb ’25	SEK 133.00	SEK 132.50 -0.4%	7.5%	SEK 150.00	SEK 120.00	n/a	6
Jan ’25	SEK 142.10	SEK 129.17 -9.1%	8.5%	SEK 150.00	SEK 115.00	n/a	6
Dec ’24	SEK 131.80	SEK 128.17 -2.8%	9.3%	SEK 150.00	SEK 114.00	SEK 125.70	6
Nov ’24	SEK 118.20	SEK 128.17 +8.4%	10.6%	SEK 155.00	SEK 114.00	SEK 124.90	6
Oct ’24	SEK 121.00	SEK 128.17 +5.9%	10.6%	SEK 155.00	SEK 114.00	SEK 140.50	6
Sep ’24	SEK 125.60	SEK 130.83 +4.2%	13.9%	SEK 165.00	SEK 110.00	SEK 137.20	6
Aug ’24	SEK 127.00	SEK 134.17 +5.6%	13.0%	SEK 165.00	SEK 110.00	SEK 128.80	6
Jul ’24	SEK 128.10	SEK 136.67 +6.7%	16.2%	SEK 180.00	SEK 110.00	SEK 126.60	6
Jun ’24	SEK 129.40	SEK 136.67 +5.6%	16.2%	SEK 180.00	SEK 110.00	SEK 130.40	6
May ’24	SEK 146.10	SEK 140.17 -4.1%	15.8%	SEK 180.00	SEK 110.00	SEK 128.70	6
Apr ’24	SEK 140.70	SEK 140.17 -0.4%	15.8%	SEK 180.00	SEK 110.00	SEK 130.00	6
Mar ’24	SEK 150.10	SEK 140.17 -6.6%	15.8%	SEK 180.00	SEK 110.00	SEK 124.50	6
Feb ’24	SEK 160.20	SEK 138.71 -13.4%	18.0%	SEK 180.00	SEK 100.00	SEK 133.00	7
Jan ’24	SEK 148.30	SEK 126.14 -14.9%	12.2%	SEK 155.00	SEK 100.00	SEK 142.10	7
Dec ’23	SEK 150.20	SEK 125.50 -16.4%	13.2%	SEK 155.00	SEK 100.00	SEK 131.80	6

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

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/27 11:29
End of Day Share Price	2024/12/23 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Hufvudstaden AB (publ) is covered by 19 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Tobias Kaj	ABG Sundal Collier
Ruud Van Maanen	ABN AMRO Bank N.V.
Maarten Bakker	ABN AMRO Bank N.V.