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NP3 Fastigheter AB
(NP3)
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Rating:67Neutral
Price Target:
kr294.00
â–²(14.84% Upside)
Action:Reiterated
Date:07/11/26
The score is driven primarily by solid current financial performance (strong TTM profitability and improving cash flow) but is held back by balance-sheet risk from elevated leverage and historical earnings volatility. Technicals add modest support through a mild uptrend with neutral momentum, while valuation is broadly reasonable with a moderate P/E and a modest dividend yield.
Positive Factors
Strong TTM profitability & revenue acceleration
A durable rebound in TTM profitability with sharp revenue acceleration indicates the company's operating model is generating stronger recurring rental income and margins. Over 2–6 months this supports reinvestment, tenant retention, and resilience in cash generation versus prior weak years.
Negative Factors
Elevated leverage and debt reliance
Consistently high debt-to-equity increases refinancing risk and sensitivity to higher interest rates for a REIT. Over a multi-month horizon this constrains financial flexibility, raises funding costs, and makes cashflow shocks more damaging to distributions and growth plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong TTM profitability & revenue acceleration
A durable rebound in TTM profitability with sharp revenue acceleration indicates the company's operating model is generating stronger recurring rental income and margins. Over 2–6 months this supports reinvestment, tenant retention, and resilience in cash generation versus prior weak years.
Read all positive factors
NP3 Fastigheter AB (NP3) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr16.76B
Dividend Yield1.75%
Average Volume (3M)60.44K
Price to Earnings (P/E)12.9
Beta (1Y)0.67
Revenue Growth12.12%
EPS Growth62.58%
CountrySE
Employees71
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
Share Statistics
EPS (TTM)23.44
Shares Outstanding61,634,605
10 Day Avg. Volume74,310
30 Day Avg. Volume60,438
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)1.49
Price to Sales (P/S)7.01
P/FCF Ratio15.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr309.00Price Target Upside20.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)16.31
Revenue Forecast (FY)kr2.44B
NP3 Fastigheter AB Business Overview & Revenue Model
Company Description
NP3 Fastigheter AB (publ) functions as a property company, specializing in the provision of commercial real estate for lease. Its diverse portfolio encompasses a wide array of asset types, including commercial, industrial, logistics, and office bu...
How the Company Makes Money
NP3 primarily makes money by leasing space in its commercial property portfolio to tenants and collecting contractual rental income. Revenue is generated through base rents and, where lease terms allow, additional tenant reimbursements/charges rel...
NP3 Fastigheter AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.39B | 2.27B | 1.99B | 1.80B | 1.55B | 1.24B |
| Gross Profit | 1.81B | 1.73B | 1.51B | 1.35B | 1.15B | 913.00M |
| EBITDA | 2.08B | 2.20B | 1.43B | 707.00M | 1.56B | 859.00M |
| Net Income | 1.53B | 1.27B | 914.00M | -62.00M | 1.22B | 2.02B |
Balance Sheet | ||||||
| Total Assets | 30.35B | 27.54B | 24.60B | 21.89B | 21.85B | 18.72B |
| Cash, Cash Equivalents and Short-Term Investments | 284.00M | 433.00M | 245.00M | 696.00M | 213.00M | 272.00M |
| Total Debt | 431.00M | 14.23B | 12.73B | 12.09B | 12.35B | 10.47B |
| Total Liabilities | 19.03B | 16.83B | 15.04B | 14.04B | 14.19B | 11.97B |
| Stockholders Equity | 11.27B | 10.67B | 9.44B | 7.82B | 7.62B | 6.70B |
Cash Flow | ||||||
| Free Cash Flow | 808.00M | 1.03B | 864.00M | 563.00M | 723.00M | 571.00M |
| Operating Cash Flow | 1.02B | 1.03B | 864.00M | 563.00M | 723.00M | 571.00M |
| Investing Cash Flow | -3.53B | -2.21B | -2.50B | -632.00M | -2.35B | -3.24B |
| Financing Cash Flow | 2.60B | 1.38B | 1.55B | 48.00M | 1.56B | 2.83B |
NP3 Fastigheter AB Technical Analysis
Positive
256.00
Price Trends
269.63
Positive
262.08
Positive
258.03
Positive
Market Momentum
1.43
Negative
52.29
Neutral
56.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NP3, the sentiment is Positive. The current price of 256 is below the 20-day moving average (MA) of 268.60, below the 50-day MA of 269.63, and below the 200-day MA of 258.03, indicating a bullish trend. The MACD of 1.43 indicates Negative momentum. The RSI at 52.29 is Neutral, neither overbought nor oversold. The STOCH value of 56.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NP3.
NP3 Fastigheter AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | kr9.07B | 12.38 | 5.43% | 2.91% | 0.52% | 80.58% | |
67 Neutral | kr16.76B | 12.86 | 12.28% | 1.75% | 12.12% | 62.58% | |
66 Neutral | kr12.11B | 12.50 | 9.48% | 6.92% | 22.31% | 147.25% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | kr24.00B | 55.62 | -0.92% | 2.39% | 12.54% | 114.41% | |
43 Neutral | kr4.98B | -0.94 | -8.81% | 2.28% | -9.60% | -46.68% |
* General Sector Average
SE:NP3
NP3 Fastigheter AB
271.00
14.39
5.61%
SE:FABG
Fabege AB
76.20
-2.06
-2.63%
SE:PLAZ.B
Platzer Fastigheter Holding AB
76.00
5.84
8.32%
SE:CIBUS
Cibus Nordic Real Estate AB
146.20
-24.78
-14.49%
SE:CORE.A
Corem Property Group AB Class A
3.54
-1.88
-34.71%
NP3 Fastigheter AB Corporate Events
NP3 Fastigheter boosts portfolio, refinancing and 2026 earnings outlook
Jul 10, 2026
NP3 Fastigheter strengthened its capital base and governance in the second quarter, approving dividends on common and preference shares and appointing a new CFO to take over later in 2026. The company also issued SEK 500 million in unsecured green...
NP3 Fastigheter boosts share capital after warrant exercise
Jun 30, 2026
NP3 Fastigheter AB has expanded its share capital following the exercise of warrants under a three-year incentive programme approved at the 2023 annual general meeting. The company issued 53,813 new common shares in June, increasing the total numb...
NP3 Fastigheter Refinances Debt With New Green Notes and Early Bond Redemption
Jun 5, 2026
NP3 Fastigheter has strengthened its financing structure by completing a SEK 500 million issue of new senior unsecured green notes under its MTN programme, enabling the company to proceed with an early redemption of existing senior unsecured green...
NP3 Fastigheter boosts capital through new preference share issue
May 29, 2026
NP3 Fastigheter AB has expanded its share capital through a directed issue of preference shares, increasing the total number of shares by 12,750,000 to 131,580,794 and lifting total votes to 68,580,794. The move raises the company’s share ca...
NP3 Fastigheter Raises SEK 500m in Green Notes and Moves to Redeem 2026 Bonds
May 27, 2026
NP3 Fastigheter has issued SEK 500 million of new senior unsecured green notes under its MTN programme, with a three-year tenor to June 2029 and a floating rate of three-month Stibor plus 200 basis points. The company plans to list the notes on Na...
NP3 Fastigheter Launches Green Bond Plan and Redeems Outstanding Notes
May 25, 2026
NP3 Fastigheter plans to tap the capital markets with a new three-year green senior unsecured SEK bond of at least SEK 300 million under its MTN programme, subject to market conditions, with SB1 Markets and Danske Bank acting as joint bookrunners....
NP3 Fastigheter Raises SEK 383 Million in Upsized Preference Share Issue to Fund Ongoing Expansion
May 19, 2026
NP3 Fastigheter has completed a directed issue of 12.75 million preference shares at SEK 30 each, raising SEK 383 million after upsizing the transaction due to strong demand from Swedish and international institutional investors and over 3,500 new...
NP3 Plans Directed Preference Share Issue to Fund Continued Expansion
May 19, 2026
NP3 Fastigheter AB is a cash flow-focused commercial real estate owner concentrating on high-yield properties in northern Sweden, recently expanding its footprint into Middle Sweden through acquisitions. The company has combined rapid portfolio gr...
NP3 Fastigheter AGM Backs Dividend, Incentive Plan and Share Issue Mandate
May 6, 2026
NP3 Fastigheter’s annual general meeting in Sundsvall approved dividends of SEK 6.40 per common share and SEK 2.00 per preference share, to be paid in instalments across 2026 and early 2027. Shareholders also re-elected most of the board, ad...
NP3 Fastigheter Plans Smooth CFO Transition as Growth Veteran Steps Down
May 4, 2026
NP3 Fastigheter AB announced a planned transition in its finance leadership, with long-serving CFO Håkan Wallin stepping down after overseeing a period in which the company more than tripled in size amid volatile market conditions. Wallin, wh...
NP3 Fastigheter Updates Green Finance Framework to Boost Sustainable Funding
Apr 28, 2026
NP3 Fastigheter has updated its Green Finance Framework to allow the issuance of green bonds and the raising of green loans as part of its sustainable financing strategy. The company aims to support a transition toward a more climate-neutral prope...
NP3 Fastigheter Lifts 2026 Outlook on Strong Q1 and Major Property Acquisitions
Apr 24, 2026
NP3 Fastigheter AB reported a strong first quarter of 2026, underpinned by active portfolio management and solid rental growth. Rental income rose 10% to MSEK 606, net operating income increased 10% to MSEK 422, and profit from property management...
NP3 Fastigheter Buys SEK 1.2 Billion Industrial Property Portfolio to Expand in Middle Sweden
Apr 15, 2026
NP3 Fastigheter has expanded its footprint in Sweden through the SEK 1.228 billion acquisition of 23 mainly industrial properties, adding 141,000 square meters of lettable area and 102 million in annual rental value. The assets, located in Lidk...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.