Brinova Fastigheter AB Class B (BRIN.B) AI Stock Analysis

• Market Cap: kr3.27B
• Dividend Yield: N/A
• Average Volume (3M): 45.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.22
• Revenue Growth: 51.80%
• EPS Growth: N/A
• Country: SE
• Employees: 53
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): -0.10
• Shares Outstanding: 185,017,350
• 10 Day Avg. Volume: 59,007
• 30 Day Avg. Volume: 45,456
• PEG Ratio: -1.56
• Price to Book (P/B): 0.51
• Price to Sales (P/S): 3.86
• P/FCF Ratio: 12.35
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.42
• Revenue Forecast (FY): kr1.21B

• Rating: 51 Neutral
• Price Target: kr15.00 ▼(-4.46% Downside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is primarily driven by improving revenue growth and positive free cash flow, tempered by volatile earnings and meaningful leverage. Technically, the stock shows weaker longer-term trend signals (below key moving averages and negative MACD), and valuation is a further headwind due to a high P/E with no dividend yield provided.

Positive Factors

Recurring rental cash flows

Brinova’s core revenue derives from contracted rents and property management, creating stable recurring cash inflows. That predictable rental base underpins operating cash, supports debt service and development funding, and provides structural resilience through leasing cycles.

Improving revenue momentum

Top-line acceleration in 2025 signals improving leasing activity or successful value-enhancing projects. Sustained revenue momentum tends to translate into stronger operating cash and higher utilization of assets, supporting medium-term portfolio value creation and funding for development.

Consistent positive free cash flow

Consistent positive FCF and strong FCF growth indicate the business converts earnings into cash effectively. Reliable cash generation lowers reliance on external financing for capex and refinancing, enhancing financial flexibility and supporting medium-term stability and project execution.

Negative Factors

Meaningful leverage

Debt around 1.6x equity elevates sensitivity to rising interest rates and property valuation declines. Material leverage constrains strategic flexibility, increases refinancing risk, and can amplify earnings volatility in downturns—a persistent structural risk for medium-term stability.

Earnings volatility

Wide swings in reported earnings—loss in 2023 then modest profits—suggest earnings are impacted by property revaluations or one-off items. Such volatility undermines predictability of distributable income and complicates medium-term planning and investor expectations.

Low returns on equity

Very low ROE indicates limited profit generation relative to the equity base, reducing capacity to self-fund growth or dividends. Even with equity growth, persistently weak returns signal inefficient capital use and pressure on long-term value creation unless margins or asset yields improve.

Brinova Fastigheter AB Class B Business Overview & Revenue Model

Company Description

Brinova Fastigheter AB (publ) owns, develops, and manages rental housing and community properties in southern Sweden. It also offers storage services for rent. The company was incorporated in 2011 and is headquartered in Helsingborg, Sweden.

How the Company Makes Money

Brinova Fastigheter generates revenue primarily through rental income from its commercial and residential properties. The company leases its properties to a diverse range of tenants, which provides a steady cash flow. Additionally, Brinova benefits from property management services, where it may charge fees for maintenance and administration of its real estate assets. The company also engages in property development, generating income from the sale of newly developed properties or from increasing the value of existing properties through renovations and improvements. Strategic partnerships with local governments and businesses can also enhance Brinova's ability to secure lucrative leasing agreements and development projects, further contributing to its revenue streams.

Brinova Fastigheter AB Class B Financial Statement Overview

Summary

Improving revenue momentum and consistently positive free cash flow support the score, but profitability has been volatile (including a large loss in 2023) and current returns are modest. Balance-sheet leverage remains meaningful (~1.6x debt/equity), which elevates risk if financing conditions tighten.

Income Statement

Revenue growth accelerated sharply in 2025 (+15.9% vs. +4.6% in 2024), showing improving top-line momentum. Profitability, however, is volatile: the company swung from a large loss in 2023 to modest profitability in 2024–2025, and net margins are currently mid‑single digits (about 7.8% in 2025). The history of very large profit years (2021–2022) followed by a deep loss year (2023) suggests earnings are not yet consistently stable.

Balance Sheet

Leverage is meaningful, with debt running around 1.6–1.9x equity historically and still about 1.6x in 2025, which can increase sensitivity to refinancing costs and property valuation changes. Equity has grown materially by 2025 (supportive for balance sheet cushion), but returns on equity are currently low (about 1.0% in 2025, 1.6% in 2024) and were negative in 2023, pointing to limited profitability relative to the capital base.

Cash Flow

Free cash flow is positive across all reported years and closely tracks net income in the profitable periods (free cash flow to net income is ~1.0 in 2024–2025), indicating good cash conversion. Operating cash flow improved in 2025 and free cash flow growth was strong (+35.2%), but cash flow coverage of reported earnings has been uneven (very low in 2024 and only moderate in 2025), implying the cash profile can fluctuate year to year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	942.00M	545.40M	521.50M	463.80M	399.00M
Gross Profit	942.00M	351.50M	338.80M	288.50M	251.90M
EBITDA	500.60M	277.40M	-203.20M	307.60M	541.90M
Net Income	73.10M	46.00M	-337.70M	289.70M	399.80M
Balance Sheet
Total Assets	19.39B	8.67B	8.54B	8.89B	7.88B
Cash, Cash Equivalents and Short-Term Investments	108.10M	31.00M	125.90M	173.70M	69.80M
Total Debt	11.46B	5.26B	5.19B	5.16B	4.53B
Total Liabilities	12.22B	5.80B	5.71B	5.73B	5.02B
Stockholders Equity	7.17B	2.87B	2.82B	3.16B	2.86B
Cash Flow
Free Cash Flow	294.20M	95.60M	136.10M	1.67B	146.50M
Operating Cash Flow	297.40M	95.90M	136.90M	1.68B	147.30M
Investing Cash Flow	-352.30M	-255.40M	-278.40M	-4.98B	-923.70M
Financing Cash Flow	132.20M	64.60M	93.70M	4.34B	732.70M

Brinova Fastigheter AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15.70
• 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:BRIN.B, the sentiment is Negative. The current price of 15.7 is above the 20-day moving average (MA) of 14.41, above the 50-day MA of 15.05, and below the 200-day MA of 15.96, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 42.46 is Neutral, neither overbought nor oversold. The STOCH value of 39.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BRIN.B.

Brinova Fastigheter AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SFAST	70 Neutral	kr4.33B	11.02	6.08%	1.80%	-2.06%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
EAST	57 Neutral	kr4.49B	10.84	―	2.39%	―	―
GPG	56 Neutral	kr1.88B	7.85	―	1.67%	0.71%	―
BRIN.B	51 Neutral	kr3.27B	-38.63	2.27%	―	51.80%	―
KFAST.B	44 Neutral	kr2.25B	-41.70	0.75%	―	58.82%	―

Brinova Fastigheter AB Class B Corporate Events

Brinova Boosts Earnings, Halts Dividend and Prepares CEO Shift Amid Listing Plans

Brinova Fastigheter AB reported strong growth for 2025, with rental income rising 73 percent to SEK 942.0 million and net operating surplus up 77 percent to SEK 627.1 million, while profit from property management climbed 65 percent. Despite solid operating gains and a property portfolio that more than doubled in value to SEK 19.1 billion, net profit was tempered by negative property and derivative valuation effects, and earnings per share fell to SEK 0.32.

The company underscored its expansion and balance sheet priorities by completing a 153-unit rental project in Greater Copenhagen, signing a new five-year lease with Sparbanken Syd, and proposing no dividend for 2025 to safeguard growth and liquidity. Brinova also announced a leadership transition, with long-serving CEO Per Johansson set to retire and Peter Ullmark taking over by mid-June 2026, and the board has initiated a process to list the company’s Class A shares on Nasdaq Stockholm, signalling ambitions to broaden its capital market footprint.

The most recent analyst rating on ($SE:BRIN.B) stock is a Hold with a SEK16.50 price target. To see the full list of analyst forecasts on Brinova Fastigheter AB Class B stock, see the SE:BRIN.B Stock Forecast page.

Brinova Fastigheter Appoints New CEO to Drive Expansion

Brinova Fastigheter AB has appointed Peter Ullmark as its new CEO, effective by June 2026, succeeding Per Johansson who is retiring after a decade in the role. Ullmark, with extensive experience in the real estate sector, is expected to lead Brinova’s business development and expansion efforts, leveraging the company’s strong position in southern Sweden and recent property acquisitions.

The most recent analyst rating on ($SE:BRIN.B) stock is a Hold with a SEK17.00 price target. To see the full list of analyst forecasts on Brinova Fastigheter AB Class B stock, see the SE:BRIN.B Stock Forecast page.