Solnaberg Property AB (SOLNA) AI Stock Analysis

• Market Cap: kr424.88M
• Dividend Yield: 5.79%
• Average Volume (3M): 2.67K
• Price to Earnings (P/E): 9.6
• Beta (1Y): 0.17
• Revenue Growth: 4.30%
• EPS Growth: N/A
• Country: SE
• Employees: 1
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 5.67
• Shares Outstanding: 3,760,000
• 10 Day Avg. Volume: 3,159
• 30 Day Avg. Volume: 2,673
• PEG Ratio: 0.19
• Price to Book (P/B): 0.74
• Price to Sales (P/S): 5.46
• 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: 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: 60 Neutral
• Price Target: kr121.00 ▼(-0.82% Downside)
• Action: Downgraded Date: 03/12/26
• Date: Action: Downgraded 03/12/26

The score is driven primarily by moderate financial performance: profitability and leverage improved, but volatile earnings history and weak recent cash conversion (free cash flow at zero in 2025) temper confidence. Valuation is a key positive with a low P/E and high dividend yield, while technical indicators are mixed-to-soft with negative MACD and price below longer-term moving averages.

Positive Factors

Stable rental revenue model

A core business of rental income from diversified residential and commercial properties provides predictable recurring cash inflows. This steady cash base supports operations, debt servicing and reinvestment needs over a multi-month horizon, reducing exposure to one-off sales cycles.

Improved leverage metrics

A meaningful reduction in debt-to-equity to below 1.0 signals stronger capitalization and greater financial flexibility. Over coming months this lower leverage improves resilience to rate or market shocks, enhances borrowing capacity for development projects, and reduces immediate solvency risk.

Positive operating cash flow trend

Improved operating cash flow indicates the core property operations are generating cash, supporting working capital and day-to-day needs. Sustained positive OCF over quarters enables reinvestment in assets and short-term project funding without immediate reliance on external financing.

Negative Factors

Weak free cash flow

Falling free cash flow to zero shows earnings are not fully converting to discretionary cash after reinvestment and working-capital needs. Over the medium term this limits capacity to pay down debt, sustain distributions, or fund new developments without new capital or higher leverage.

Earnings volatility and one-offs

Marked swings from losses to large reported profits suggest earnings may be influenced by cyclical market moves or one-off items. That volatility reduces visibility into normalized margins and complicates planning for dividends, refinancing and long-term project approval decisions.

Large absolute debt load

Despite improved ratios, a roughly €550m absolute debt burden remains sizable for the company. In stressed conditions or if cash conversion weakens further, this level of debt can constrain strategic flexibility, increase refinancing risk and raise interest/service costs over the medium term.

Solnaberg Property AB Business Overview & Revenue Model

Company Description

Solnaberg Property AB (publ) operates as a real estate company in Sweden. It owns, manages, and leases the Solna Bladet 3 property with a lettable area of approximately 31,325 square meters. The company is based in Gothenburg, Sweden.

How the Company Makes Money

Solnaberg Property AB generates revenue primarily through rental income from its extensive portfolio of residential and commercial properties. The company leases its properties to tenants, which provides a steady cash flow. Additionally, SOLNA engages in property development projects, where it invests in the construction or renovation of real estate to increase value and subsequently sell or lease these properties at a premium. The company may also earn revenue through property management services offered to third-party property owners, facilitating a diversified income stream. Strategic partnerships with local governments and other real estate stakeholders can enhance its project pipeline and provide opportunities for joint ventures, further contributing to its earnings.

Solnaberg Property AB Financial Statement Overview

Summary

Reported profitability rebounded strongly in 2024–2025 and leverage improved (debt-to-equity below 1.0), but earnings have been volatile (losses in 2022–2023) and cash generation is weaker, with free cash flow falling to zero in 2025—raising questions about the sustainability/quality of recent profits.

Income Statement

Revenue has grown steadily over time (strong jump in 2023, then modest growth into 2024–2025), and profitability improved materially after losses in 2022–2023. In 2024–2025 the company posted very strong reported margins and a sharp rebound in net income. Offsetting this, earnings have been volatile across the period (losses in 2022 and 2023), and the extreme 2025 operating margin level suggests results may be influenced by one-offs or revaluations, reducing visibility into normalized performance.

Balance Sheet

Leverage has improved meaningfully: debt-to-equity fell from very high levels in 2021–2023 to below 1.0 in 2024–2025, supported by a much larger equity base and asset growth. Returns on equity also moved from negative in 2022–2023 to positive in 2024–2025. The key risk is the still-large absolute debt load (roughly stable around 550m) versus a business that previously showed earnings volatility, which can pressure financial flexibility if operating conditions soften.

Cash Flow

Operating cash flow is positive and improved in 2025 versus 2024, which is supportive. However, free cash flow deteriorated sharply in 2025 (down to zero after being positive in 2024), and cash conversion weakened notably versus reported earnings, indicating higher reinvestment needs and/or working-capital pressure. Earlier years show uneven free cash flow, reinforcing a more variable cash-generation profile.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	83.33M	80.97M	75.87M	64.28M	64.20M
Gross Profit	63.11M	61.28M	59.33M	44.34M	49.11M
EBITDA	81.68M	58.47M	59.35M	40.60M	47.43M
Net Income	47.57M	31.35M	-6.03M	-1.99M	5.10M
Balance Sheet
Total Assets	1.34B	1.30B	751.11M	794.45M	819.93M
Cash, Cash Equivalents and Short-Term Investments	41.31M	29.61M	18.92M	25.25M	57.04M
Total Debt	553.35M	552.80M	550.00M	550.00M	550.00M
Total Liabilities	728.16M	706.53M	599.93M	618.45M	604.34M
Stockholders Equity	614.64M	597.15M	151.18M	176.01M	215.59M
Cash Flow
Free Cash Flow	0.00	29.22M	21.87M	5.81M	34.93M
Operating Cash Flow	43.48M	29.22M	23.59M	42.14M	41.08M
Investing Cash Flow	-5.46M	-2.85M	-1.72M	-36.34M	-6.15M
Financing Cash Flow	-26.32M	-15.68M	-28.20M	-37.60M	-17.60M

Solnaberg Property AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 122.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SOLNA, the sentiment is Negative. The current price of 122 is above the 20-day moving average (MA) of 113.30, above the 50-day MA of 115.16, and above the 200-day MA of 117.41, indicating a bearish trend. The MACD of -0.20 indicates Negative momentum. The RSI at 45.59 is Neutral, neither overbought nor oversold. The STOCH value of 47.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SOLNA.

Solnaberg Property 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%
BONAS	65 Neutral	kr455.79M	10.55	―	―	1.12%	―
LOGI.A	64 Neutral	kr349.10M	9.09	10.39%	0.72%	87.63%	436.07%
SOLNA	60 Neutral	kr424.88M	9.56	―	5.79%	4.30%	―
LINKAB	56 Neutral	kr207.27M	19.74	―	5.48%	-12.37%	-53.91%
FASTAT	40 Underperform	kr127.42M	-0.09	-772.82%	―	-37.20%	69.96%