Nivika Fastigheter Valuation

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

NIVI B (SEK37) is trading above our estimate of [[fair value]] (SEK26.75)

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: NIVI B (SEK37) is trading above our estimate of fair value (SEK26.75)

Significantly Below Fair Value: NIVI B is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NIVI B. This is calculated by dividing NIVI B's market cap by their current earnings.
What is NIVI B's PE Ratio?
PE Ratio	26.8x
Earnings	SEK 132.20m
Market Cap	SEK 3.56b

NIVI B 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	13.1x
Enterprise Value/EBITDA	20.2x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

How does NIVI B's PE Ratio compare to its peers?

The above table shows the PE ratio for NIVI B 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	32.5x
EAST Eastnine	52x	55.5%	SEK 3.8b
HEIM PREF Heimstaden	7.2x	n/a	SEK 2.8b
EMIL B Fastighetsbolaget Emilshus	48.7x	29.7%	SEK 5.6b
SLP B Swedish Logistic Property	22x	20.4%	SEK 9.3b
NIVI B Nivika Fastigheter	26.8x	43.9%	SEK 3.6b

Price-To-Earnings vs Peers: NIVI B is good value based on its Price-To-Earnings Ratio (26.8x) compared to the peer average (32.5x).

Price to Earnings Ratio vs Industry

How does NIVI B's PE Ratio compare vs other companies in the SE Real Estate Industry?

6 Companies	Price / Earnings	Estimated Growth	Market Cap
AJA B Byggmästare Anders J Ahlström Holding	2.4x	n/a	US$162.07m
TORSAB Torslanda Property Investment	1.8x	n/a	US$95.65m
TITA B Titania Holding	2x	-1.3%	US$49.77m
HALMEN Halmslätten Fastighets	1.2x	n/a	US$35.58m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: NIVI B is good value based on its Price-To-Earnings Ratio (26.8x) compared to the Swedish Real Estate industry average (43.8x).

Price to Earnings Ratio vs Fair Ratio

What is NIVI B'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.

NIVI B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	26.8x
Fair PE Ratio	35.4x

Price-To-Earnings vs Fair Ratio: NIVI B is good value based on its Price-To-Earnings Ratio (26.8x) compared to the estimated Fair Price-To-Earnings Ratio (35.4x).

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 NIVI B 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 37.00	SEK 52.00 +40.5%	5.8%	SEK 55.00	SEK 49.00	n/a	2
Nov ’25	SEK 41.60	SEK 52.00 +25.0%	5.8%	SEK 55.00	SEK 49.00	n/a	2
Oct ’25	SEK 45.00	SEK 50.50 +12.2%	8.9%	SEK 55.00	SEK 46.00	n/a	2
Sep ’25	SEK 43.80	SEK 50.50 +15.3%	8.9%	SEK 55.00	SEK 46.00	n/a	2
Aug ’25	SEK 45.20	SEK 50.50 +11.7%	8.9%	SEK 55.00	SEK 46.00	n/a	2
Jul ’25	SEK 39.10	SEK 41.00 +4.9%	2.4%	SEK 42.00	SEK 40.00	n/a	2
Jun ’25	SEK 43.20	SEK 41.00 -5.1%	2.4%	SEK 42.00	SEK 40.00	n/a	2
May ’25	SEK 34.90	SEK 41.00 +17.5%	2.4%	SEK 42.00	SEK 40.00	n/a	2
Apr ’25	SEK 33.90	SEK 41.00 +20.9%	2.4%	SEK 42.00	SEK 40.00	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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