OM:FABG

Stock Analysis Report

Executive Summary

Fabege AB (publ), a property company, focuses primarily on the development and management of commercial premises in Sweden.


Snowflake Analysis

Established dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Fabege's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FABG has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.5%

FABG

-1.3%

SE Real Estate

-5.3%

SE Market


1 Year Return

41.3%

FABG

57.8%

SE Real Estate

15.2%

SE Market

Return vs Industry: FABG underperformed the Swedish Real Estate industry which returned 57.8% over the past year.

Return vs Market: FABG exceeded the Swedish Market which returned 15.2% over the past year.


Shareholder returns

FABGIndustryMarket
7 Day-0.5%-1.3%-5.3%
30 Day5.6%3.8%-2.2%
90 Day14.4%15.2%3.7%
1 Year44.1%41.3%60.8%57.8%19.8%15.2%
3 Year146.2%129.0%99.2%82.4%31.7%11.8%
5 Year216.5%179.4%150.8%114.4%41.3%11.1%

Price Volatility Vs. Market

How volatile is Fabege's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fabege undervalued compared to its fair value and its price relative to the market?

9.6x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FABG (SEK174.35) is trading above our estimate of fair value (SEK49.76)

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


Price To Earnings Ratio

PE vs Industry: FABG is good value based on its PE Ratio (9.6x) compared to the Real Estate industry average (10.9x).

PE vs Market: FABG is good value based on its PE Ratio (9.6x) compared to the Swedish market (19.1x).


Price to Earnings Growth Ratio

PEG Ratio: FABG's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: FABG is overvalued based on its PB Ratio (1.4x) compared to the SE Real Estate industry average (1.4x).


Next Steps

Future Growth

How is Fabege forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

-30.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FABG's earnings are forecast to decline over the next 3 years (-30.7% per year).

Earnings vs Market: FABG's earnings are forecast to decline over the next 3 years (-30.7% per year).

High Growth Earnings: FABG's earnings are forecast to decline over the next 3 years.

Revenue vs Market: FABG's revenue (4.4% per year) is forecast to grow slower than the Swedish market (4.6% per year).

High Growth Revenue: FABG's revenue (4.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FABG's Return on Equity is forecast to be low in 3 years time (5.1%).


Next Steps

Past Performance

How has Fabege performed over the past 5 years?

17.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FABG has a large one-off gain of SEK5.7B impacting its December 31 2019 financial results.

Growing Profit Margin: FABG's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: FABG's earnings have grown by 17% per year over the past 5 years.

Accelerating Growth: FABG's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FABG had negative earnings growth (-22%) over the past year, making it difficult to compare to the Real Estate industry average (5.5%).


Return on Equity

High ROE: FABG's Return on Equity (15%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Fabege's financial position?


Financial Position Analysis

Short Term Liabilities: FABG's short term assets (SEK342.0M) do not cover its short term liabilities (SEK5.6B).

Long Term Liabilities: FABG's short term assets (SEK342.0M) do not cover its long term liabilities (SEK30.8B).


Debt to Equity History and Analysis

Debt Level: FABG's debt to equity ratio (67%) is considered high.

Reducing Debt: FABG's debt to equity ratio has reduced from 148.5% to 67% over the past 5 years.

Debt Coverage: FABG's debt is not well covered by operating cash flow (7.5%).

Interest Coverage: FABG's interest payments on its debt are well covered by EBIT (4.3x coverage).


Balance Sheet

Inventory Level: FABG has a high level of physical assets or inventory.

Debt Coverage by Assets: FABG's debt is not covered by short term assets (assets are 0x debt).


Next Steps

Dividend

What is Fabege's current dividend yield, its reliability and sustainability?

1.84%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Fabege before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company1.8%marketbottom25%1.7%markettop25%4.4%industryaverage1.9%forecastin3Years2.1%

Current dividend yield vs market & industry

Notable Dividend: FABG's dividend (1.84%) is higher than the bottom 25% of dividend payers in the Swedish market (1.67%).

High Dividend: FABG's dividend (1.84%) is low compared to the top 25% of dividend payers in the Swedish market (4.36%).


Stability and Growth of Payments

Stable Dividend: FABG's dividends per share have been stable in the past 10 years.

Growing Dividend: FABG's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (17.6%), FABG's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FABG's dividends in 3 years are forecast to be covered by earnings (71.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.1yrs

Average management tenure


CEO

Stefan Dahlbo (60yo)

1.1yrs

Tenure

0

Mr. Stefan Dahlbo serves as President and Chief Executive Officer at Fabege AB since 2019. He is a Director at Byggmästare Anders J Ahlström Holding AB (publ). He was Chief Executive Officer at Byggmästare ...


Leadership Team

NamePositionTenureCompensationOwnership
Stefan Dahlbo
President & CEO1.1yrsno datano data
Åsa Bergström
VP, CFO & Company Secretary12.2yrsno data0.0085% SEK5.0m
Anders Borggren
Director of Technical Operations6.1yrsno data0.0026% SEK1.5m
Charlotta Rosell
Head of Administration6.1yrsno datano data
Peter Kangert
IR Manager0yrsno datano data
Elisabet Olin
Head of Communications0yrsno datano data
Johan Rudberg
Business Development Executive0yrsno datano data
Ewa Wassberg
IR Contact0yrsno datano data

6.1yrs

Average Tenure

58yo

Average Age

Experienced Management: FABG's management team is seasoned and experienced (6.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Per-Ingemar Persson
Independent Director1.8yrskr220.00k0.00060% SEK351.7k
Märtha Josefsson
Independent Director15.1yrskr290.00k0.073% SEK42.9m
Mats Qviberg
Deputy Chairman of the Board8.1yrskr220.00k2.27% SEK1.3b
Eva Eriksson
Independent Director8.9yrskr260.00k0.0060% SEK3.5m
Jan Litborn
Chairman1.8yrskr500.00k0.0076% SEK4.4m
Anette Asklin
Independent Director3.8yrskr220.00k0.00060% SEK351.7k

6.0yrs

Average Tenure

64.5yo

Average Age

Experienced Board: FABG's board of directors are considered experienced (6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FABG insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Fabege AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fabege AB (publ)
  • Ticker: FABG
  • Exchange: OM
  • Founded: 1924
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: kr58.615b
  • Shares outstanding: 330.78m
  • Website: https://www.fabege.se

Number of Employees


Location

  • Fabege AB (publ)
  • Box 730
  • Solna
  • Stockholm County
  • 169 27
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FABGOM (OMX Nordic Exchange Stockholm)YesSeries B SharesSESEKMay 1993
WILCDB (Deutsche Boerse AG)YesSeries B SharesDEEURMay 1993
0XPXLSE (London Stock Exchange)YesSeries B SharesGBSEKMay 1993
FABGsBATS-CHIXE (BATS 'Chi-X Europe')YesSeries B SharesGBSEKMay 1993
FBGB.YOTCPK (Pink Sheets LLC)ADRUSUSDDec 2008

Biography

Fabege AB (publ), a property company, focuses primarily on the development and management of commercial premises in Sweden. The company operates through Property Management, Property Development, and Transactions segments. Its property portfolio comprises office, retail, industrial/warehouse, residential, hotel, and garage properties. As of March 31, 2019, Fabege AB (publ) owned 89 properties with a total lettable area of 1.3 million square meters. The company was formerly known as Wihlborgs Fastigheter AB and changed its name to Fabege AB (publ) in December 2005. Fabege AB (publ) was founded in 1924 and is headquartered in Solna, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/25 21:29
End of Day Share Price2020/02/25 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.