Fastighets AB Balder (BALD.B) AI Stock Analysis

• Market Cap: kr77.21B
• Dividend Yield: N/A
• Average Volume (3M): 1.46M
• Price to Earnings (P/E): 10.6
• Beta (1Y): 0.37
• Revenue Growth: 7.72%
• EPS Growth: N/A
• Country: SE
• Employees: 1,083
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 1.34
• Shares Outstanding: 1,122,623,400
• 10 Day Avg. Volume: 1,650,800
• 30 Day Avg. Volume: 1,461,023
• PEG Ratio: 0.08
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 5.91
• P/FCF Ratio: 15.26
• 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: kr79.00
• Price Target Upside: 8.85% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 4.8
• Revenue Forecast (FY): kr14.14B

• Rating: 62 Neutral
• Price Target: kr71.00 ▼(-2.18% Downside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is driven primarily by improved recent profitability and cash generation, tempered by persistently high leverage and historically volatile results. Technical indicators are neutral-to-slightly weak (negative MACD, flat positioning vs. moving averages), while valuation is supportive due to a low P/E, with no dividend data to strengthen the case further.

Positive Factors

Improving cash generation

Sustained positive and rising operating and free cash flow provides a durable internal funding source for capex, development projects and servicing obligations. This strengthens financial flexibility over the medium term and supports reinvestment without relying solely on external financing.

Strong recent profitability rebound

A pronounced improvement in margins and net income signals better operating leverage and earnings quality when markets are favorable. If sustainable, higher profitability can fund development, raise return on equity and improve resilience to cyclical headwinds over the next several quarters.

Diversified property revenue model

A mixed business model—recurring rental income plus development and value-realization—creates multiple, complementary cash generation channels. Geographic presence in Sweden, Norway and Denmark reduces single-market concentration and smooths cycle-driven revenue swings over time.

Negative Factors

High leverage

Consistently high debt levels increase sensitivity to interest rates, refinancing cycles and property valuation declines. Elevated leverage narrows the margin for error, limits strategic flexibility, and raises the likelihood that adverse market moves could materially impair capital structure over a multi-quarter horizon.

Earnings volatility

Material swings in profitability reduce predictability of cash flows and complicate planning for debt maturity management and development pipelines. Volatility can weigh on access to capital and raises execution risk for multi-year projects in weaker parts of the cycle.

Modest cash coverage of total debt

Operating cash flow covering only a small fraction of total debt implies reliance on refinancing, asset sales or capital markets to manage maturities. That structural constraint elevates refinancing risk and can force suboptimal asset disposals or higher borrowing costs if conditions worsen.

Fastighets AB Balder Business Overview & Revenue Model

Company Description

Fastighets AB Balder (publ) develops, owns, and manages residential and commercial properties in Sweden, Denmark, Finland, Norway, Germany, and the United Kingdom. The company's property portfolio comprises apartments, offices, rooms or working spaces, retail spaces, restaurants or cafés, industrial spaces, warehouses, and storage spaces, as well as garages and parking spaces. As of December 31, 2021, it owned 1,678 investment properties with a lettable area of 5,509 thousand square meters. The company was incorporated in 1995 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

Fastighets AB Balder generates revenue through multiple streams primarily centered around its property portfolio. The main revenue source comes from rental income derived from its residential and commercial properties, which are leased to tenants. Additionally, the company engages in property development, where it invests in new projects or refurbishments, allowing it to sell developed properties or lease them for long-term income. Balder also benefits from property value appreciation over time, contributing to its overall earnings when properties are sold or refinanced. The company maintains strategic partnerships with various stakeholders in the real estate sector, enhancing its market position and broadening its revenue opportunities through collaborative developments and joint ventures.

Fastighets AB Balder Financial Statement Overview

Summary

Strong recent rebound in profitability (2025 net margin ~56%) and improving operating/free cash flow, but earnings have been volatile (loss in 2023) and leverage remains high (debt-to-equity ~1.5–1.7) with only modest cash-flow coverage of total debt.

Income Statement

Revenue shows a steady uptrend from 2020 to 2025, with a particularly strong step-up in 2025 (growth of ~83% vs. 2024). Profitability is strong in the most recent two years, with 2025 net income rising to 7.6B (net margin ~56%) from 3.3B in 2024 (~26%). However, results have been volatile across the cycle (notably a net loss in 2023), and margins swing sharply year-to-year, which is a key risk for earnings predictability.

Balance Sheet

The company operates with consistently high leverage: debt-to-equity is roughly ~1.5–1.7 across 2020–2025, with total debt increasing to 147.9B by 2025. Equity has grown to 93.9B and assets to 276.3B, supporting balance-sheet scale, and return on equity improved to ~8.1% in 2025 (from ~3.7% in 2024 and negative in 2023). Still, the leverage level leaves less room for error if property values, refinancing costs, or earnings weaken.

Cash Flow

Cash generation is generally positive and improving: operating cash flow rose to 5.37B in 2025 (vs. 4.74B in 2024) and free cash flow was 5.32B in 2025, up strongly versus 2024. Free cash flow has also been closely aligned with reported profits in recent years (near 1.0x of net income), which supports earnings quality. The main weakness is that operating cash flow covers only a modest portion of total debt (about 0.20–0.39x across the period, ~0.32x in 2025), indicating leverage remains a constraint despite healthy cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.72B	12.88B	11.94B	10.52B	8.96B
Gross Profit	10.22B	9.61B	8.91B	7.80B	6.74B
EBITDA	9.24B	10.17B	-4.31B	15.37B	24.65B
Net Income	7.62B	3.30B	-6.75B	10.18B	18.51B
Balance Sheet
Total Assets	276.29B	267.93B	253.75B	263.77B	229.93B
Cash, Cash Equivalents and Short-Term Investments	10.51B	6.44B	3.85B	5.59B	3.24B
Total Debt	147.90B	141.44B	136.58B	137.14B	119.03B
Total Liabilities	169.80B	166.19B	159.76B	160.87B	141.37B
Stockholders Equity	93.85B	88.42B	82.31B	90.19B	77.61B
Cash Flow
Free Cash Flow	5.32B	4.68B	4.67B	4.91B	1.46B
Operating Cash Flow	5.37B	4.74B	4.86B	5.05B	1.53B
Investing Cash Flow	-11.47B	-9.44B	-6.21B	-12.91B	-29.88B
Financing Cash Flow	8.51B	5.65B	-212.00M	10.50B	25.12B

Fastighets AB Balder Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 72.58
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BALD.B, the sentiment is Negative. The current price of 72.58 is above the 20-day moving average (MA) of 65.64, above the 50-day MA of 66.62, and above the 200-day MA of 67.67, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 49.24 is Neutral, neither overbought nor oversold. The STOCH value of 43.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BALD.B.

Fastighets AB Balder Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LUND.B	78 Outperform	kr138.38B	10.50	6.47%	0.92%	7.90%	-18.95%
WIHL	67 Neutral	kr28.25B	12.64	9.74%	3.60%	5.18%	349.60%
WALL.B	66 Neutral	kr28.21B	4.99	6.07%	1.25%	-5.96%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
BALD.B	62 Neutral	kr77.21B	10.65	10.31%	―	7.72%	―
CAST	60 Neutral	kr54.09B	55.83	4.49%	1.77%	-2.45%	―