Atrium Ljungberg AB Class B (ATRLJ.B) AI Stock Analysis

• Market Cap: kr21.58B
• Dividend Yield: 2.2%
• Average Volume (3M): 262.95K
• Price to Earnings (P/E): 25.9
• Beta (1Y): 0.48
• Revenue Growth: -1.77%
• EPS Growth: 1579.70%
• Country: SE
• Employees: 281
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 0.51
• Shares Outstanding: 646,103,700
• 10 Day Avg. Volume: 267,043
• 30 Day Avg. Volume: 262,948
• PEG Ratio: -8.59
• Price to Book (P/B): 0.74
• Price to Sales (P/S): 6.08
• P/FCF Ratio: 17.86
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr36.00
• Price Target Upside: 4.29% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: kr35.00 ▲(1.39% Upside)

The score is primarily held back by financial profile risks—meaningful leverage and highly volatile earnings despite generally positive cash generation. Technical indicators are neutral-to-slightly constructive but not strong, while valuation (high P/E with only a moderate dividend yield) provides limited support.

Positive Factors

Recurring rental + development revenue mix

A dual business model combining recurring rental income from leased commercial assets with value creation via project development provides diversified and complementary cash flows. Over 2–6 months this supports resilience: rents stabilize cash generation while development drives medium-term asset growth and upside.

Consistent positive free cash flow

Persistent positive operating and free cash flow, and a meaningful FCF improvement in 2025, indicate strong cash conversion from operations. This durable cash generation supports reinvestment in development, covers distributions, and reduces refinancing risk over the coming months if maintained.

Meaningful revenue scale

An enlarged revenue base demonstrates scale in the Swedish commercial property market, underpinning steady rental income potential and development throughput. Even with uneven growth, a larger scale provides operational leverage, bargaining power with tenants and contractors, and durability in cash flows.

Negative Factors

High leverage relative to equity

Debt near parity with equity and rising leverage reduce financial flexibility and heighten exposure to rate or liquidity shocks. In a cyclical real estate environment this increases refinancing and covenant risk over months, constraining capital allocation for development or exigent repairs.

Volatile earnings history

Sharp profit swings and a material loss in 2023 show earnings sensitivity to valuation and cyclical factors. This volatility undermines predictability of distributable earnings and complicates multi-quarter planning for development pipelines, dividends, and debt servicing over the medium term.

Cash flow small vs. debt burden

Although operating cash flow is positive, its size relative to total debt is small, limiting the firm's ability to rapidly deleverage or absorb rate increases. Over a 2–6 month horizon, this restricts capacity for opportunistic investments and raises sensitivity to funding cost or capital market access changes.

Atrium Ljungberg AB Class B Business Overview & Revenue Model

Company Description

Atrium Ljungberg AB Class B (ATRLJ.B) is a Swedish real estate company that focuses on the development, management, and ownership of properties primarily in urban areas. The company operates in sectors such as commercial real estate, residential development, and mixed-use projects, with a strong emphasis on sustainability and innovative urban environments. Atrium Ljungberg's core services include property management, leasing, and real estate development, catering to both retail and office spaces within vibrant city environments.

How the Company Makes Money

Atrium Ljungberg generates revenue primarily through rental income from its diverse portfolio of properties, which includes shopping centers, office buildings, and residential units. The company also earns money through property sales and development projects, where it capitalizes on the appreciation of real estate values and the demand for modern, sustainable buildings. Key revenue streams include long-term leases with commercial tenants, which provide a stable income base, and income from residential units. Additionally, Atrium Ljungberg engages in partnerships with local governments and other developers to create urban spaces that align with community needs, enhancing their revenue potential through collaborative projects and developments.

Atrium Ljungberg AB Class B Financial Statement Overview

Summary

Revenue scale is steady but uneven, with a decline in 2025 versus 2024. Earnings are highly volatile (large loss in 2023 after unusually strong 2021–2022), which lowers confidence in durability. Cash flow is consistently positive with improved free cash flow in 2025, but leverage is meaningful with rising debt and low recent ROE, limiting flexibility in a cyclical real estate environment.

Income Statement

Revenue has grown over time (from ~2.8B in 2020 to ~3.4B in 2025), but growth is uneven and 2025 revenue declined versus 2024. Profitability is volatile: 2021–2022 show unusually high profit levels, 2023 swung to a material loss, and 2024–2025 returned to positive earnings. Recent margins (2024–2025) look healthy, but the sharp earnings reversals reduce confidence in the durability of reported profitability.

Balance Sheet

The company carries substantial leverage, with debt roughly around equity (debt-to-equity ~0.85–1.04 across 2020–2025) and debt increasing into 2025 versus 2024. Equity has generally trended upward, supporting the asset base, but returns on equity in the most recent years are low (~3% in 2024–2025) and were negative in 2023, indicating limited profitability relative to the capital employed and heightened sensitivity to valuation/cycle changes typical for real estate.

Cash Flow

Operating cash flow and free cash flow are consistently positive each year, and free cash flow in 2025 improved strongly versus 2024. Free cash flow tracks net income closely in profitable years (near 1x), indicating solid cash conversion. However, cash flow covers only a small portion of total debt in recent years (low cash flow relative to debt in 2024–2025), which limits financial flexibility if funding conditions tighten.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.45B	3.52B	3.23B	3.13B	3.08B
Gross Profit	2.13B	2.15B	2.02B	1.73B	1.66B
EBITDA	2.04B	1.62B	1.90B	4.30B	4.57B
Net Income	823.00M	850.00M	-954.00M	4.29B	3.76B
Balance Sheet
Total Assets	64.41B	61.58B	61.78B	63.90B	54.28B
Cash, Cash Equivalents and Short-Term Investments	262.00M	129.00M	119.00M	380.00M	719.00M
Total Debt	29.44B	25.80B	26.26B	26.67B	21.59B
Total Liabilities	36.11B	33.65B	34.26B	34.76B	28.74B
Stockholders Equity	28.30B	27.93B	27.52B	29.14B	25.54B
Cash Flow
Free Cash Flow	1.17B	1.25B	1.08B	1.55B	1.23B
Operating Cash Flow	1.19B	1.28B	1.09B	1.57B	1.25B
Investing Cash Flow	-2.60B	-243.00M	-494.00M	-5.98B	-1.42B
Financing Cash Flow	1.54B	-1.03B	-853.00M	4.08B	614.00M

Atrium Ljungberg AB Class B Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 34.52
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ATRLJ.B, the sentiment is Neutral. The current price of 34.52 is above the 20-day moving average (MA) of 34.17, above the 50-day MA of 33.46, and above the 200-day MA of 32.69, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 49.12 is Neutral, neither overbought nor oversold. The STOCH value of 53.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:ATRLJ.B.

Atrium Ljungberg AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NP3	73 Outperform	kr16.26B	14.95	12.28%	1.75%	14.33%	204.60%
WIHL	71 Outperform	kr28.31B	12.70	9.74%	3.60%	5.18%	349.60%
HUFV.A	66 Neutral	kr23.92B	22.55	3.94%	2.27%	1.72%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CAST	60 Neutral	kr52.33B	17.84	4.49%	1.77%	-2.45%	―
ATRLJ.B	58 Neutral	kr21.58B	25.86	3.82%	2.20%	-1.77%	1579.70%
FABG	54 Neutral	kr25.87B	90.46	0.76%	2.39%	-3.46%	―