NP3 Fastigheter AB (NP3) AI Stock Analysis

• Market Cap: kr14.35B
• Dividend Yield: 1.75%
• Average Volume (3M): 60.44K
• Price to Earnings (P/E): 12.5
• Beta (1Y): 0.54
• Revenue Growth: 14.33%
• EPS Growth: 204.60%
• Country: SE
• Employees: 71
• Sector: General
• Sector Strength: N/A
• Industry: Real Estate - Services
• EPS (TTM): 3.62
• Shares Outstanding: 61,580,795
• 10 Day Avg. Volume: 74,310
• 30 Day Avg. Volume: 60,438
• PEG Ratio: 0.27
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 7.01
• P/FCF Ratio: 0.00
• 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: kr241.50
• Price Target Upside: -5.66% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): 16.37
• Revenue Forecast (FY): kr2.42B

• Rating: 68 Neutral
• Price Target: kr254.00 ▼(-0.78% Downside)
• Action: Downgraded Date: 02/09/26
• Date: Action: Downgraded 02/09/26

The score is driven primarily by financials: solid growth and profitability are tempered by elevated leverage and weak cash conversion, with free cash flow collapsing to zero in 2025. Technicals are supportive with the stock trading above major moving averages and positive MACD. Valuation is moderately attractive with a mid-teens P/E and a modest dividend yield.

Positive Factors

Sustained Revenue Growth

Multi-year revenue expansion through 2025 indicates durable demand for NP3's leased commercial space. Consistent top-line growth supports recurring rental cash flows, underpins portfolio valuation gains from development and leasing efforts, and provides a foundation for reinvestment into assets.

Robust Recent Profitability

Elevated operating and net margins in 2024–2025 reflect effective property management and selective value-adding activities. Strong margins enhance internal cash generation potential when sustained, supporting maintenance capex, redevelopment projects, and the ability to absorb cyclical downturns in occupancy or rents.

Recurring Rental Business Model

NP3's core model—contractual lease income from commercial assets plus active management and selective development—generates predictable recurring revenues. This structural income base supports long-term NOI stability and allows focused capital allocation toward assets that raise rental yields and occupancy durability.

Negative Factors

Meaningful Leverage

A debt-to-equity range near 1.35–1.65 is sizable and leaves NP3 exposed to interest rate moves and refinancing risk. High leverage reduces financial flexibility for opportunistic acquisitions or unexpected capex, and amplifies the impact of any portfolio valuation declines on equity.

Weak Cash Conversion & FCF Deterioration

Poor cash conversion and a collapse of free cash flow to zero in 2025 signal limited internal funding for development, capex, or dividend support without external financing. Over time this raises reliance on debt or asset sales and increases vulnerability if capital markets tighten.

Earnings Volatility

Historical swings in reported profits, including a loss in 2023, reduce predictability of returns from operations and reflect sensitivity to valuation adjustments or cyclical leasing. Volatility complicates multi-year planning for maintenance, development pacing, and investor distributions.

NP3 Fastigheter AB Business Overview & Revenue Model

Company Description

NP3 Fastigheter AB (publ), a real estate company, rents commercial real properties. The company's real estate portfolio consists of commercial, industrial, logistics, office, and other properties, which include housing, restaurants, storage rooms, and gym, as well as hotels and community properties, such as schools located in Sundsvall, Gävle, Dalarna, Östersund, Umeå, Skellefteå, Luleå, and Central Sweden. As of December 30, 2021, it owned approximately 1,784,000 square meters of lettable area. The company was founded in 2007 and is headquartered in Sundsvall, Sweden.

How the Company Makes Money

NP3 primarily makes money by generating rental income from its commercial property portfolio. The core revenue stream is contractual lease payments from tenants occupying its premises (typically within segments such as industrial, logistics, retail, and office, depending on the assets in its portfolio). In addition to base rent, NP3 may earn property-related income linked to leases, such as recoveries for operating costs and service charges where lease structures allow tenants to pay for certain property expenses (the exact prevalence and structure of such pass-throughs is null). Beyond recurring rental revenue, NP3 can generate earnings through (1) net operating income improvements from active property management (leasing vacant space, renegotiating leases, and optimizing tenant mix), (2) value creation from property development, redevelopment, or capital expenditures that support higher rents or occupancy, and (3) realized gains from property disposals when assets are sold above carrying value. The company’s reported earnings are also influenced by unrealized fair value changes in investment properties under applicable accounting standards, which can impact profit even though they are not cash revenues. Significant partnerships contributing to earnings are null.

NP3 Fastigheter AB Financial Statement Overview

Summary

Strong revenue expansion through 2025 and robust profitability in 2024–2025, but earnings have been volatile (including a 2023 loss). Leverage is meaningful (debt-to-equity ~1.35–1.65) and cash generation is a key weakness: operating cash flow trails net income in 2024–2025 and free cash flow drops to zero in 2025.

Income Statement

Revenue has expanded steadily from 2020 to 2025 (with a very strong 2025 growth rate), and profitability in 2024–2025 is robust with high operating and net margins. That said, earnings have been volatile across the cycle (notably a loss in 2023 and unusually elevated margins in 2021–2022), which reduces confidence in the durability of reported profits.

Balance Sheet

The balance sheet shows meaningful leverage typical of real estate, with debt-to-equity consistently around ~1.35–1.65. Equity has grown over time and return on equity improved into 2024–2025 versus 2023, but the company remains debt-heavy, leaving it more sensitive to property values and refinancing conditions.

Cash Flow

Operating cash flow is positive and has improved over time, but cash conversion versus accounting earnings is weak in 2024–2025 (operating cash flow covers only ~0.31x of net income in 2024 and ~0.53x in 2025). Free cash flow was solid in most years shown, but drops to zero in 2025 (and the reported free cash flow growth is -100%), indicating a sharp deterioration in cash available after investment needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.27B	1.99B	1.80B	1.55B	1.24B
Gross Profit	1.73B	1.51B	1.35B	1.15B	913.00M
EBITDA	2.20B	1.43B	707.00M	1.56B	859.00M
Net Income	1.27B	914.00M	-62.00M	1.22B	2.02B
Balance Sheet
Total Assets	27.54B	24.60B	21.89B	21.85B	18.72B
Cash, Cash Equivalents and Short-Term Investments	291.00M	245.00M	696.00M	213.00M	272.00M
Total Debt	14.23B	12.73B	12.09B	12.35B	10.47B
Total Liabilities	16.83B	15.04B	14.04B	14.19B	11.97B
Stockholders Equity	10.67B	9.44B	7.82B	7.62B	6.70B
Cash Flow
Free Cash Flow	0.00	864.00M	563.00M	723.00M	571.00M
Operating Cash Flow	1.03B	864.00M	563.00M	723.00M	571.00M
Investing Cash Flow	-2.21B	-2.50B	-632.00M	-2.35B	-3.24B
Financing Cash Flow	1.38B	1.55B	48.00M	1.56B	2.83B

NP3 Fastigheter AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 256.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NP3, the sentiment is Negative. The current price of 256 is below the 20-day moving average (MA) of 256.25, below the 50-day MA of 259.55, and below the 200-day MA of 256.10, indicating a bearish trend. The MACD of -5.38 indicates Positive momentum. The RSI at 31.01 is Neutral, neither overbought nor oversold. The STOCH value of 13.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NP3.

NP3 Fastigheter AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NP3	68 Neutral	kr14.35B	12.51	12.28%	1.75%	14.33%	204.60%
CIBUS	68 Neutral	kr11.32B	11.41	9.48%	6.92%	20.75%	―
FABG	63 Neutral	kr23.39B	-74.62	-0.92%	2.39%	-3.46%	―
PLAZ.B	60 Neutral	kr8.08B	7.19	5.43%	2.91%	8.42%	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
NYF	47 Neutral	kr13.03B	28.53	3.19%	1.93%	0.03%	―
CORE.A	45 Neutral	kr6.34B	-1.69	-8.81%	2.28%	-6.30%	52.27%

NP3 Fastigheter AB Corporate Events

NP3 Fastigheter Issues New Preference Shares to Fund Share Acquisition

NP3 Fastigheter AB has resolved to carry out a directed issue of 1,250,000 preference shares to two creditors as part of a share acquisition, with payment made through set-off of claims at a subscription price of SEK 31 per share. Following the issue, the total number of shares rises to 118,830,794, of which 57,250,000 are preference shares, increasing share capital to SEK 415,907,779 and resulting in a modest dilution of 1.05 percent of capital and 0.19 percent of votes for existing shareholders, while the new preference shares carry identical dividend rights to existing ones.

The most recent analyst rating on (SE:NP3) stock is a Sell with a SEK183.00 price target. To see the full list of analyst forecasts on NP3 Fastigheter AB stock, see the SE:NP3 Stock Forecast page.

NP3 Fastigheter Taps Green Bond Market With SEK 400 Million Note Issue

NP3 Fastigheter has strengthened its green financing base by issuing SEK 400 million in senior unsecured green notes under its existing MTN programme, with a 4.5-year tenor to August 2030 and pricing set at three-month STIBOR plus 215 basis points. The company plans to list the new instruments on Nasdaq Stockholm’s sustainable bond list and will allocate proceeds in line with its green finance framework, underscoring its commitment to environmentally aligned funding in the Nordic commercial property market.

Nordea Bank and SEB acted as joint bookrunners on the transaction, while Gernandt & Danielsson served as legal counsel, highlighting continued lender and investor appetite for NP3’s green-labelled debt. The additional funding capacity supports NP3’s strategy of investing in higher-yielding commercial assets across northern Sweden, potentially enhancing both portfolio resilience and the firm’s sustainability credentials with stakeholders.

The most recent analyst rating on (SE:NP3) stock is a Sell with a SEK183.00 price target. To see the full list of analyst forecasts on NP3 Fastigheter AB stock, see the SE:NP3 Stock Forecast page.

NP3 Fastigheter boosts portfolio and earnings as northern Sweden growth continues

During the fourth quarter of 2025, NP3 Fastigheter accelerated its expansion in northern Sweden through eight transactions to acquire 27 commercial properties with an underlying value of SEK 682 million, adding 72,700 square meters of lettable area and SEK 73 million in annual rental value, alongside several earlier-agreed acquisitions that were accessed in the period. After year-end the company continued its acquisition strategy with two additional properties and guided for profit from property management of SEK 1,180 million in 2026, supported by a 14% rise in rental income to SEK 2,274 million, a 15% increase in net operating income to SEK 1,725 million, and a 20% jump in profit from property management per common share to SEK 16.33, underscoring stronger earnings capacity and a solid growth trajectory ahead of its May 2026 annual general meeting.

The most recent analyst rating on (SE:NP3) stock is a Buy with a SEK283.00 price target. To see the full list of analyst forecasts on NP3 Fastigheter AB stock, see the SE:NP3 Stock Forecast page.