Eastnine AB (EAST) AI Stock Analysis

• Market Cap: kr4.86B
• Dividend Yield: 2.39%
• Average Volume (3M): 74.07K
• Price to Earnings (P/E): 11.7
• Beta (1Y): 0.33
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 23
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.84
• Shares Outstanding: 98,241,730
• 10 Day Avg. Volume: 123,278
• 30 Day Avg. Volume: 74,072
• PEG Ratio: -0.57
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 8.72
• P/FCF Ratio: 14.64
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: kr53.00 ▲(7.07% Upside)

The score is held back primarily by weak cash generation (negative TTM free cash flow) and meaningful leverage (debt-to-equity ~1.10), despite strong reported TTM growth and profitability. Technicals are mildly supportive with neutral momentum and price above longer-term averages, while valuation (P/E ~11.7 and ~2.4% yield) provides a positive offset.

Eastnine AB Business Overview & Revenue Model

Company Description

Eastnine AB (publ) is a real estate investment firm. The firm seeks to make emerging growth investments. In the beginning of 2017 it shifted its focus from both public and unlisted equity investments to purely real estate, where it makes investments in direct and fund of fund stages. It may also invest in special situations on a selective basis. The firm invests in real estate sectors only. For real estate sector, it can also invest in land, real property, and other real estate assets. It primarily invests in Eastern Europe, Russia and other CIS countries including Ukraine, Kazakhstan, Belarus, Uzbekistan, Turkmenistan, Azerbaijan, Georgia, Armenia, Kyrgyzstan, Tajikistan, and Moldova; the Balkans; the Baltic States; and Central Europe. The firm can also make investments into future East Capital private equity funds and real estate funds as well as in existing and future East Capital alternative funds. It also has the possibility to make limited investments in East Capital's open-ended daily-traded funds. The firm is a long term active investor. The firm makes balance sheet investments. Eastnine AB (publ), formerly know as East Capital Explorer AB. was founded in November 2007 and is based in Stockholm, Sweden with additional office in Tallinn, Estonia, Vilnius, Lithuania, Riga, Latvia.

How the Company Makes Money

Eastnine AB Financial Statement Overview

Summary

Income statement strength (revenue up ~79% TTM and high reported net margin ~37%) is offset by uneven earnings history (large loss in 2023) and weak cash conversion. Balance sheet leverage is meaningful (debt-to-equity ~1.10), and cash flow is the main concern with negative TTM free cash flow (-129M) despite positive operating cash flow.

Income Statement

TTM (Trailing-Twelve-Months) shows a sharp step-up in scale with revenue up ~79% and strong reported profitability (net margin ~37%). That said, profitability has been volatile across the annual period, including a large loss in 2023 despite positive EBIT, suggesting earnings can be influenced by non-operating items and revaluations typical in real estate-related businesses.

Balance Sheet

Leverage is meaningful, with debt running slightly above equity (debt-to-equity ~1.10 in TTM (Trailing-Twelve-Months)), and debt has increased materially versus prior years alongside asset growth. Returns on equity improved to ~8% TTM (Trailing-Twelve-Months) but remain well below the stronger years (e.g., 2021–2022), leaving the balance sheet acceptable but not especially conservative for a rate-sensitive sector.

Cash Flow

Cash generation is the main weak spot: TTM (Trailing-Twelve-Months) operating cash flow is positive, but free cash flow is negative (-129M) and below net income (free cash flow to net income is negative), pointing to heavy investment/outflows or working-capital drag. While several annual periods showed positive free cash flow, the recent reversal raises questions on near-term funding needs and cash conversion quality.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	209.81M	41.52M	36.17M	30.30M	21.53M	19.19M
Gross Profit	57.82M	41.52M	36.17M	30.30M	21.53M	19.19M
EBITDA	140.35M	0.00	0.00	0.00	0.00	0.00
Net Income	37.20M	5.91M	-72.05M	108.56M	72.33M	36.16M
Balance Sheet
Total Assets	1.03B	982.64M	713.12M	837.47M	652.52M	502.23M
Cash, Cash Equivalents and Short-Term Investments	51.97M	31.18M	128.62M	19.82M	29.20M	24.28M
Total Debt	512.32M	454.85M	286.44M	329.10M	242.42M	174.33M
Total Liabilities	568.84M	545.38M	312.94M	358.97M	276.52M	192.28M
Stockholders Equity	465.74M	437.26M	400.18M	478.51M	375.99M	309.94M
Cash Flow
Free Cash Flow	-208.63M	24.71M	16.70M	19.52M	17.39M	-53.82M
Operating Cash Flow	33.93M	24.73M	16.73M	19.55M	17.49M	10.96M
Investing Cash Flow	-246.53M	-324.88M	141.33M	-108.26M	-75.45M	-64.78M
Financing Cash Flow	174.14M	202.69M	-49.27M	79.28M	62.94M	40.75M

Eastnine AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
GPG	65 Neutral	kr1.86B	7.36	―	1.67%	0.71%	―
EAST	63 Neutral	kr4.86B	11.75	―	2.39%	―	―

Eastnine AB Corporate Events

East Capital Holding Redistributes Eastnine AB Shares

East Capital Holding has distributed its 19,663,474 shares in Eastnine AB to its shareholders, significantly impacting the ownership structure of the company. This redistribution results in Peter Elam Håkansson and Eastnine CEO Kestutis Sasnauskas becoming the largest shareholders, solidifying their influence within the company.

Eastnine AB Achieves Record Earnings in Q3 2025

Eastnine AB reported record earnings for the third quarter of 2025, driven by property acquisitions in Poland and favorable interest rates. The company saw significant increases in rental income and net operating income, alongside a positive shift in property values. A notable lease extension with ROCKWOOL GBS and an expanded credit facility with SEB highlight strategic moves to strengthen operations. The resignation of CFO Britt-Marie Nyman marks a significant leadership change as the company continues to focus on sustainability, earning a 5-star GRESB rating.