Fastighets AB Trianon Class B (TRIAN.B) AI Stock Analysis

• Market Cap: kr3.66B
• Dividend Yield: N/A
• Average Volume (3M): 110.01K
• Price to Earnings (P/E): 12.2
• Beta (1Y): 0.50
• Revenue Growth: 2.86%
• EPS Growth: N/A
• Country: SE
• Employees: 83
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 0.20
• Shares Outstanding: 184,374,660
• 10 Day Avg. Volume: 125,845
• 30 Day Avg. Volume: 110,010
• PEG Ratio: 0.25
• Price to Book (P/B): 0.71
• Price to Sales (P/S): 4.74
• P/FCF Ratio: 17.98
• 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): 1.28
• Revenue Forecast (FY): kr844.94M

• Rating: 55 Neutral
• Price Target: kr19.50 ▼(-0.91% Downside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is driven primarily by mixed financials—profitability and free cash flow have improved, but the sharp revenue decline and consistently high leverage raise risk. Technical indicators are weak (below key moving averages and negative MACD), partially offset by a moderate valuation (P/E ~11.7).

Positive Factors

Recurring rental income and focused portfolio

A concentrated residential rental portfolio in Malmö underpins durable, recurring cash flows from leases and predictable occupancy dynamics. Local market focus supports operational expertise, targeted renovations and leasing strategies that sustain long-term rental revenue and lower marketing/tenant-acquisition cost volatility.

Positive free cash flow and margin rebound

Sustained positive free cash flow that aligns with net income improves the firm's ability to fund maintenance, selective development and interest costs internally. Over a multi-month horizon this strengthens liquidity, reduces short-term refinancing reliance and supports execution of value-adding renovations.

Sizable equity base and recovering ROE

A substantial equity cushion and recovering ROE provide resilience to property-value volatility and capacity for opportunistic investment or selective dispositions. This capital base lowers insolvency risk, supports development projects and helps absorb cyclical headwinds over the medium term.

Negative Factors

Elevated leverage (debt-to-equity ~1.37x)

Debt levels typical for real estate but materially elevated, increasing refinancing, interest-rate and valuation sensitivity. Persistent leverage constrains strategic flexibility, raises the cost of adverse funding events and amplifies downside in a rising-rate or property-value weakness scenario over coming months.

Sharp TTM revenue decline (~34%)

A large revenue drop reduces predictability of recurring cash flows and may reflect portfolio turnover, vacancy, or lease roll timing. Over a 2-6 month horizon such volatility complicates budgeting, weakens earnings visibility and increases execution risk for renovation-led rent growth strategies.

Operating cash flow thin vs. debt (~6% TTM)

Low operating-cash-flow-to-debt limits capacity to service maturing liabilities and fund capex without external financing. Combined with historical cash-flow swings, this raises refinancing risk and reduces headroom for unexpected maintenance or vacancy shocks over the medium term.

Fastighets AB Trianon Class B Business Overview & Revenue Model

Company Description

Fastighets AB Trianon (publ), a real estate company, acquires, develops, builds, owns, and manages residential and commercial properties in Sweden. The company's property portfolio consists of 88 properties located in Malmö, Limhamn, Slottsstaden, Lindängen, Hermodsdal, Rosengård, Oxie, Burlöv, Skurup, and Svedala. It has a rentable area of approximately 419,000 square meters of housing, retail, office, and community properties, as well as 3,000 square meters of garage and parking spaces. Fastighets AB Trianon (publ) was incorporated in 1973 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Fastighets AB Trianon generates revenue primarily through rental income from its residential properties, which includes long-term leases with tenants in its managed buildings. Additionally, the company may earn revenue from property sales, especially when it divests from non-core assets or completed development projects. Key revenue streams include leasing residential units, property management services, and income from renovations or upgrades made to existing properties. The company may also engage in strategic partnerships with local governments or organizations to enhance community development projects, which can provide funding or incentives that contribute to its overall earnings.

Fastighets AB Trianon Class B Financial Statement Overview

Summary

Earnings and margins rebounded with positive free cash flow, but TTM revenue fell sharply (~34%) and results have been volatile historically. Leverage remains meaningfully elevated (~1.37x debt-to-equity) and operating cash flow is low versus debt, which limits flexibility.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined materially (down ~34%), but profitability is strong on reported margins (gross margin ~67%, net margin ~39%) and net income improved versus 2024 and the 2023 loss. Results have been volatile over time (e.g., outsized margins in 2020–2021 and a net loss in 2023), which reduces confidence in earnings quality and repeatability despite the recent rebound.

Balance Sheet

Leverage is meaningfully elevated, with debt running around 1.3–1.5x equity across periods (TTM ~1.37x), which is typical for real estate but still increases refinancing and valuation sensitivity. Equity is sizable (TTM ~SEK 5.3B) and return on equity has recovered to ~5.9% TTM from weaker/negative levels in prior years, but overall balance-sheet risk remains moderate due to the consistently high debt load.

Cash Flow

Free cash flow is positive and roughly matches reported earnings in TTM (free cash flow about equal to net income), which is supportive. However, cash generation relative to the debt burden is thin (operating cash flow is low versus total debt, roughly ~6% TTM), limiting financial flexibility; cash flows have also swung notably over time (very strong free cash flow in 2020–2021, lower in 2023–2024, then improving in TTM).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	792.60M	772.50M	754.10M	778.90M	618.10M
Gross Profit	529.80M	519.60M	482.50M	423.30M	390.50M
EBITDA	635.60M	461.60M	69.60M	161.40M	1.67B
Net Income	308.60M	224.80M	-206.10M	131.60M	1.30B
Balance Sheet
Total Assets	13.70B	14.32B	13.63B	13.80B	13.58B
Cash, Cash Equivalents and Short-Term Investments	138.40M	124.50M	109.80M	90.00M	87.40M
Total Debt	7.27B	7.53B	7.43B	7.29B	7.03B
Total Liabilities	8.39B	8.90B	8.61B	8.42B	8.34B
Stockholders Equity	5.31B	5.42B	5.02B	5.37B	5.22B
Cash Flow
Free Cash Flow	208.90M	128.40M	128.80M	440.70M	549.30M
Operating Cash Flow	212.30M	130.40M	128.90M	441.20M	261.70M
Investing Cash Flow	-235.40M	-62.60M	-341.30M	-615.60M	-956.40M
Financing Cash Flow	36.90M	-53.10M	232.30M	177.00M	501.90M

Fastighets AB Trianon Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.68
• 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:TRIAN.B, the sentiment is Negative. The current price of 19.68 is above the 20-day moving average (MA) of 19.31, above the 50-day MA of 19.54, and above the 200-day MA of 19.37, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 44.03 is Neutral, neither overbought nor oversold. The STOCH value of 50.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:TRIAN.B.

Fastighets AB Trianon Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACRI.B	70 Neutral	kr460.82M	11.17	―	13.40%	-0.10%	426.11%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
GPG	56 Neutral	kr1.82B	7.85	―	1.67%	0.71%	―
TRIAN.B	55 Neutral	kr3.66B	12.17	7.48%	―	2.86%	―
BRIN.B	51 Neutral	kr3.40B	49.69	2.27%	―	51.80%	―
NYF	47 Neutral	kr14.65B	28.53	3.19%	1.93%	0.03%	―
KFAST.B	44 Neutral	kr2.21B	-41.70	0.75%	―	58.82%	―