NP3 Fastigheter AB (SE:NP3)
:NP3
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NP3 Fastigheter AB
(NP3)
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Rating:68Neutral
Price Target:
kr259.00
▲(1.17% Upside)
Action:DowngradedDate: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
Recurring rental income model
NP3’s core business is contractual rental income from commercial properties across industrial, logistics, retail and office, producing recurring cash flows. The regional focus plus active property management and selective development support durable occupancy and rental resilience over months to years.
Negative Factors
Meaningful leverage
Debt-to-equity near 1.35–1.65 is significant for a real estate owner; higher leverage raises sensitivity to interest rate rises and refinancing cycles. It constrains financial flexibility, increases default and covenant risk in stress, and amplifies portfolio value swings over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income model
NP3’s core business is contractual rental income from commercial properties across industrial, logistics, retail and office, producing recurring cash flows. The regional focus plus active property management and selective development support durable occupancy and rental resilience over months to years.
Read all positive factors
NP3 Fastigheter AB (NP3) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr16.26B
Dividend Yield1.75%
Average Volume (3M)60.44K
Price to Earnings (P/E)12.5
Beta (1Y)0.58
Revenue Growth14.33%
EPS Growth204.60%
CountrySE
Employees71
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)3.62
Shares Outstanding61,580,795
10 Day Avg. Volume74,310
30 Day Avg. Volume60,438
Financial Highlights & Ratios
PEG Ratio0.36
Price to Book (P/B)1.49
Price to Sales (P/S)7.01
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr241.50Price Target Upside-5.66% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)16.32
Revenue Forecast (FY)kr2.43B
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,...
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, retai...
NP3 Fastigheter AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| 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
Positive
256.00
Price Trends
256.22
Positive
256.19
Positive
255.59
Positive
Market Momentum
4.05
Negative
69.77
Neutral
90.08
Negative
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 above the 20-day moving average (MA) of 249.67, below the 50-day MA of 256.22, and above the 200-day MA of 255.59, indicating a bullish trend. The MACD of 4.05 indicates Negative momentum. The RSI at 69.77 is Neutral, neither overbought nor oversold. The STOCH value of 90.08 is Negative, 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | kr16.26B | 12.51 | 12.28% | 1.75% | 14.33% | 204.60% | |
68 Neutral | kr12.60B | 11.41 | 9.48% | 6.92% | 20.75% | ― | |
65 Neutral | kr8.53B | 12.73 | 5.43% | 2.91% | 8.42% | ― | |
63 Neutral | kr24.85B | -74.62 | -0.92% | 2.39% | -3.46% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | kr14.62B | 19.14 | 3.19% | 1.93% | 0.03% | ― | |
45 Neutral | kr6.65B | -1.69 | -8.81% | 2.28% | -6.30% | 52.27% |
* General Sector Average
SE:NP3
NP3 Fastigheter AB
275.00
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19.11%
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NP3 Fastigheter AB Corporate Events
NP3 Fastigheter Boosts Capital and Votes Through Directed Preference Share Issue
Mar 31, 2026
NP3 Fastigheter AB has increased its share capital and voting rights following a directed issue of preference shares authorised by its 2025 annual general meeting. The total number of shares rose by 1,250,000 to 118,830,794, comprising 61,580,794 ...
NP3 reshapes regional property portfolio with targeted acquisitions and a divestment
Mar 27, 2026
NP3 Fastigheter AB has adjusted its property portfolio through a series of smaller transactions across regional Sweden, acquiring six properties in Örnsköldsvik, Karlstad, Eskilstuna, and Gävle with a combined lettable area of aroun...
NP3 Fastigheter Issues New Preference Shares to Fund Share Acquisition
Mar 16, 2026
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 is...
NP3 Fastigheter Taps Green Bond Market With SEK 400 Million Note Issue
Feb 18, 2026
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...
NP3 Fastigheter boosts portfolio and earnings as northern Sweden growth continues
Feb 6, 2026
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 are...
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.