Hufvudstaden AB (HUFV.A) AI Stock Analysis

• Market Cap: kr23.78B
• Dividend Yield: 2.27%
• Average Volume (3M): 320.06K
• Price to Earnings (P/E): 22.4
• Beta (1Y): 0.29
• Revenue Growth: 1.72%
• EPS Growth: N/A
• Country: SE
• Employees: 248
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 1.33
• Shares Outstanding: 203,401,430
• 10 Day Avg. Volume: 158,823
• 30 Day Avg. Volume: 320,057
• PEG Ratio: -0.57
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 7.71
• P/FCF Ratio: 20.09
• 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: kr133.00
• Price Target Upside: 8.31% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: kr134.00 ▲(9.12% Upside)

The score is driven mainly by solid recent financial performance and a reasonably levered balance sheet, tempered by weaker cash-flow conversion and a declining TTM free-cash-flow trend. Technicals are mixed with negative MACD and only neutral RSI, and valuation looks somewhat expensive (P/E ~22.8) relative to the business’s earnings volatility.

Positive Factors

Revenue and Margin Recovery

A large TTM revenue rebound alongside wide gross and net margins indicates sustained tenant demand and pricing power in core commercial locations. Strong margins improve internal cash available for maintenance, leasing and selective development, supporting resilience across cycles.

Prime portfolio and recurring rental income

A business model focused on leasing prime office and retail properties in Stockholm and Gothenburg creates recurring, contractually-backed cash flows. High-quality urban assets reduce vacancy risk, support premium rents, and underpin longer-term tenant stickiness and revenue stability.

Positive free cash flow generation

Material positive FCF that covers a large share of net income demonstrates the company’s ability to fund dividends, capex and debt servicing from operations. Reliable cash generation provides flexibility for reinvestment or balance-sheet management over the medium term.

Negative Factors

Weakened cash conversion trend

A steep drop in FCF and low operating-cash-flow conversion versus earnings point to timing or working-capital pressures that can persist. Weaker cash conversion constrains capacity to invest, sustain dividends or absorb shocks without resorting to external financing.

Earnings volatility across cycles

Marked swings in earnings, including a large 2023 loss, reduce predictability of profits and cash returns. Such volatility complicates long-term capital allocation, makes dividend planning harder, and increases sensitivity to property-market cycles and valuation shifts.

Rising leverage and modest returns

A gradual uptick in debt combined with low returns on equity signals incremental balance-sheet risk and limited efficiency in generating equity returns. Higher leverage raises vulnerability to property-value or cash-flow shocks and may limit strategic flexibility.

Hufvudstaden AB Business Overview & Revenue Model

Company Description

Hufvudstaden AB (HUFV.A) is a leading real estate company based in Sweden, primarily focused on the development, management, and leasing of commercial properties. The company operates in key sectors, including office spaces, retail properties, and residential developments, predominantly in metropolitan areas such as Stockholm and Gothenburg. Hufvudstaden is known for its high-quality property portfolio, which includes iconic buildings and prime locations, catering to a diverse range of tenants and customers.

How the Company Makes Money

Hufvudstaden generates revenue primarily through rental income from its extensive portfolio of commercial properties, which includes office buildings and retail spaces. The company leases these properties to various tenants, including businesses and retailers, providing a stable and recurring revenue stream. Additionally, Hufvudstaden may benefit from property value appreciation and development projects that can lead to increased rental rates and asset values over time. The company's strategic focus on prime locations enhances its appeal to tenants, leading to lower vacancy rates and higher rental yields. Moreover, Hufvudstaden may engage in partnerships with other real estate developers and investors, contributing to collaborative projects that can further boost its income through shared revenues or joint ventures.

Hufvudstaden AB Financial Statement Overview

Summary

Hufvudstaden AB shows resilience with a strong equity base and consistent operating cash flow. However, significant profitability volatility and leverage could present risks, especially in a fluctuating real estate market. The focus should be on stabilizing earnings and managing debt levels.

Income Statement

Hufvudstaden AB's revenue growth has been positive in recent years, with a 7% increase in 2024. However, the company experienced significant volatility, as evidenced by the negative EBIT and EBITDA in 2023, leading to substantial net losses. Gross profit margins have remained relatively stable, but net profit margins have fluctuated widely, indicating potential instability in profitability.

Balance Sheet

The company maintains a strong equity position, with an equity ratio of approximately 58.5%. However, the debt-to-equity ratio is moderately high at 0.37, indicating leverage that could pose risks if market conditions worsen. Return on equity has been inconsistent, reflecting the volatility in net income.

Cash Flow

Operating cash flow has been robust, and the company has managed to maintain positive free cash flow despite fluctuating net income. The operating cash flow to net income ratio indicates strong cash generation capabilities, although free cash flow growth has been inconsistent year-on-year, reflecting underlying profitability challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.27B	3.18B	2.96B	2.75B	2.64B	1.84B
Gross Profit	1.63B	1.55B	1.47B	1.35B	1.34B	1.24B
EBITDA	1.39B	1.56B	1.47B	1.11B	3.89B	-1.63B
Net Income	1.10B	364.60M	-1.93B	722.00M	2.96B	-1.46B
Balance Sheet
Total Assets	49.37B	48.87B	48.44B	51.24B	51.10B	47.40B
Cash, Cash Equivalents and Short-Term Investments	0.00	472.60M	382.40M	453.00M	1.18B	783.60M
Total Debt	11.53B	10.54B	10.13B	9.71B	9.92B	9.37B
Total Liabilities	21.47B	20.27B	19.66B	19.97B	20.03B	18.78B
Stockholders Equity	27.90B	28.61B	28.79B	31.26B	31.07B	28.62B
Cash Flow
Free Cash Flow	884.80M	1.22B	1.32B	972.70M	978.80M	1.01B
Operating Cash Flow	1.26B	1.24B	1.39B	1.02B	994.30M	1.07B
Investing Cash Flow	-1.09B	-991.10M	-1.30B	-1.02B	-628.30M	-948.90M
Financing Cash Flow	-291.20M	-154.00M	-154.90M	-735.50M	32.40M	-1.05B

Hufvudstaden AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 122.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HUFV.A, the sentiment is Negative. The current price of 122.8 is below the 20-day moving average (MA) of 123.29, below the 50-day MA of 125.80, and above the 200-day MA of 122.20, indicating a neutral trend. The MACD of -0.70 indicates Negative momentum. The RSI at 42.67 is Neutral, neither overbought nor oversold. The STOCH value of 68.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:HUFV.A.

Hufvudstaden AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WIHL	71 Outperform	kr28.04B	12.57	9.74%	3.60%	5.18%	349.60%
ATRLJ.B	69 Neutral	kr21.71B	19.92	3.82%	2.20%	-1.77%	1579.70%
BALD.B	68 Neutral	kr80.47B	8.82	10.31%	―	7.72%	―
HUFV.A	66 Neutral	kr23.78B	22.42	3.94%	2.27%	1.72%	―
WALL.B	66 Neutral	kr27.56B	14.50	6.07%	1.25%	-5.96%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CAST	60 Neutral	kr51.45B	17.54	4.49%	1.77%	-2.45%	―

Hufvudstaden AB Corporate Events

Hufvudstaden Reports Minor Share Conversion and Voting Rights Adjustment

Hufvudstaden AB has reported a minor change in its share capital structure following the conversion of 10 series C shares into series A shares in December 2025, in line with a conversion right introduced at the 2001 Annual General Meeting. As a result, the total number of votes in the company has decreased slightly to 990,451,829, while the total number of registered shares remains 211,271,933, of which 203,401,429 are series A shares and 7,870,504 are series C shares, with Hufvudstaden holding 16,965,000 of its own series A shares. The adjustment, disclosed under Swedish financial market regulations, reflects ongoing shareholder use of the conversion mechanism but does not materially alter the company’s ownership structure or voting power distribution.

The most recent analyst rating on ($SE:HUFV.A) stock is a Hold with a SEK133.00 price target. To see the full list of analyst forecasts on Hufvudstaden AB stock, see the SE:HUFV.A Stock Forecast page.

Hufvudstaden Completes Significant Share Buyback

Hufvudstaden AB has completed a share buyback program, acquiring 8,000,000 Class A shares between August 26 and November 11, 2025, at an average price of SEK 127.22 per share, totaling SEK 1,018 million. This buyback increases the company’s holdings to 16,965,000 Class A shares, representing 8.0% of all issued shares and 1.7% of the total votes, potentially impacting shareholder value and market perception.

The most recent analyst rating on ($SE:HUFV.A) stock is a Hold with a SEK132.00 price target. To see the full list of analyst forecasts on Hufvudstaden AB stock, see the SE:HUFV.A Stock Forecast page.

Hufvudstaden AB Reports Increased Profit and Strong Market Demand

Hufvudstaden AB reported a 6% increase in gross profit for the first three quarters of 2025, driven by improved performance in the retail sector and new tenant acquisitions. The company is experiencing strong demand for office and retail spaces, particularly in Gothenburg, and maintains a high customer satisfaction rate among its office tenants.

The most recent analyst rating on ($SE:HUFV.A) stock is a Hold with a SEK132.00 price target. To see the full list of analyst forecasts on Hufvudstaden AB stock, see the SE:HUFV.A Stock Forecast page.