Wallenstam AB (WALL.B) AI Stock Analysis

• Market Cap: kr30.14B
• Dividend Yield: 1.25%
• Average Volume (3M): 531.48K
• Price to Earnings (P/E): 11.5
• Beta (1Y): 0.39
• Revenue Growth: -5.96%
• EPS Growth: N/A
• Country: SE
• Employees: 259
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.40
• Shares Outstanding: 591,000,000
• 10 Day Avg. Volume: 488,019
• 30 Day Avg. Volume: 531,483
• PEG Ratio: 0.04
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 8.18
• P/FCF Ratio: 19.39
• 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: kr45.00
• Price Target Upside: 9.33% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.84
• Revenue Forecast (FY): kr3.14B

• Rating: 66 Neutral
• Price Target: kr46.00 ▲(11.76% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is primarily driven by solid recent financial performance (growth and positive cash flow) tempered by meaningful earnings volatility and leverage. Valuation is supportive with a relatively low P/E, while technicals are mixed with only a mild short-term improvement against a weaker longer-term trend.

Positive Factors

Revenue Growth Trend

A multi-year upward revenue trajectory with acceleration in 2025 indicates durable tenant demand and effective leasing/development activity. Sustained top-line growth supports stable rental cash flows, funds reinvestment into projects and sustainability initiatives, and underpins longer-term earnings capacity.

Consistent Cash Generation

Consistently positive operating and free cash flow demonstrates strong earnings-to-cash conversion for a real estate business. Reliable cash generation supports debt servicing, dividends, and recurring capex needs, providing a durable liquidity foundation for executing development plans and maintaining properties.

Equity Growth / Balance Sheet Resilience

Steady equity growth builds a thicker capital buffer against property valuation swings common in real estate cycles. A stronger equity base enhances borrowing capacity, supports development financing and tenant improvements, and increases long-term resilience to cyclical downturns or refinancing stress.

Negative Factors

Earnings Volatility

Pronounced earnings volatility, including a loss in 2023, reduces predictability of distributable earnings and complicates long-term planning. Cyclical swings in profitability can impair dividend consistency, raise capital costs, and weaken stakeholder confidence during downturns, increasing business risk.

Leverage Around 1.0x

A roughly 1.0x debt-to-equity profile constrains financial flexibility; higher leverage raises refinancing, interest rate and covenant risks in prolonged market stress. Limited headroom can hamper the firm's ability to pursue opportunistic development or absorb revenue shocks without external capital.

Low Cash Coverage vs Debt

Modest cash flow coverage relative to total debt increases liquidity and refinancing risk, especially if rental markets soften. Limited cushion restricts reinvestment capacity and heightens sensitivity to interest rate rises or temporary occupancy declines, potentially forcing asset sales or equity raises.

Wallenstam AB Business Overview & Revenue Model

Company Description

Wallenstam AB (publ) develops, builds, manages, and sells residential and commercial properties for people and companies in Gothenburg and Stockholm, Sweden. The company's property portfolio comprises approximately 230 properties, including 11,400 apartments and 1,000 commercial tenants. It also owns and operates 66 wind turbines with a total installed output of 143 megawatts. The company was founded in 1944 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

Wallenstam AB generates revenue primarily through the rental income from its extensive portfolio of residential and commercial properties. The company leases apartments to individuals and families, as well as office space to businesses, providing a steady and recurring revenue stream. Additionally, Wallenstam profits from property development projects, where it invests in new constructions or renovations that increase property value and rental potential. The firm also engages in strategic partnerships with local governments and other entities to enhance development opportunities and access funding for sustainable projects. Furthermore, Wallenstam's focus on sustainability may attract tenants willing to pay premium rents for eco-friendly living and working environments, bolstering its financial performance.

Wallenstam AB Financial Statement Overview

Summary

Steady revenue growth and strong profitability in 2025 with consistently positive operating and free cash flow. Offsetting factors are pronounced earnings volatility (including a loss in 2023) and leverage around ~1.0x debt-to-equity, which reduces flexibility in weaker market conditions.

Income Statement

Revenue shows a steady upward trajectory from 2020–2025, with an acceleration in 2025. Profitability is strong in the most recent year (2025) with very high profit levels, but results are clearly volatile across the period (notably a loss in 2023 and unusually elevated profitability in 2020–2021), which is a key risk for earnings quality and predictability.

Balance Sheet

The balance sheet is asset-heavy as expected for real estate, with leverage consistently around ~1.0x debt-to-equity (rising again in 2025). Equity has grown over time, which supports balance sheet resilience, but the leverage profile reduces flexibility in weaker markets. Returns on equity improved in 2025 versus 2024, yet they have also been inconsistent (including negative in 2023), highlighting cyclical valuation/earnings sensitivity.

Cash Flow

Operating cash flow and free cash flow are consistently positive, and free cash flow closely tracks reported earnings in each year, which is supportive of earnings conversion. However, cash generation is modest relative to the company’s debt load (low cash flow coverage versus total debt), and free cash flow growth has been uneven (declines in 2024 and several earlier years, followed by a rebound in 2025).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.27B	3.17B	2.73B	2.49B	2.32B
Gross Profit	2.31B	2.42B	2.16B	1.93B	1.80B
EBITDA	3.60B	2.12B	235.00M	1.79B	5.32B
Net Income	2.56B	774.00M	-450.00M	1.10B	4.72B
Balance Sheet
Total Assets	74.97B	68.92B	66.84B	67.05B	66.70B
Cash, Cash Equivalents and Short-Term Investments	189.00M	59.00M	113.00M	190.00M	236.00M
Total Debt	34.59B	31.02B	29.62B	28.79B	28.32B
Total Liabilities	42.65B	38.08B	36.34B	35.62B	35.93B
Stockholders Equity	32.31B	30.84B	30.50B	31.43B	30.77B
Cash Flow
Free Cash Flow	1.38B	1.22B	1.33B	1.17B	943.00M
Operating Cash Flow	1.40B	1.23B	1.34B	1.20B	960.00M
Investing Cash Flow	-3.04B	-2.13B	-1.78B	-1.32B	-2.28B
Financing Cash Flow	1.78B	894.00M	309.00M	69.00M	1.03B

Wallenstam AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 41.16
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:WALL.B, the sentiment is Positive. The current price of 41.16 is below the 20-day moving average (MA) of 42.79, below the 50-day MA of 41.85, and below the 200-day MA of 43.97, indicating a bullish trend. The MACD of 0.91 indicates Negative momentum. The RSI at 67.81 is Neutral, neither overbought nor oversold. The STOCH value of 82.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:WALL.B.

Wallenstam AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NP3	68 Neutral	kr16.60B	13.00	12.28%	1.75%	14.33%	204.60%
WIHL	67 Neutral	kr29.42B	13.25	9.74%	3.60%	5.18%	349.60%
WALL.B	66 Neutral	kr30.14B	11.50	6.07%	1.25%	-5.96%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
FABG	63 Neutral	kr26.46B	-75.80	0.76%	2.39%	-3.46%	―
PLAZ.B	60 Neutral	kr9.54B	13.66	5.26%	2.91%	8.42%	―
NYF	47 Neutral	kr15.41B	28.43	3.19%	1.93%	0.03%	―

Wallenstam AB Corporate Events

Wallenstam boosts profit, property values and dividend on strong 2025

Wallenstam reported a strong 2025, with rental income rising to SEK 3,077 million and income from property management up 11 percent to SEK 1,277 million, supported by continued investments of over SEK 2.1 billion in new construction and reconstruction and more than 1,000 apartments under construction at year-end. Value gains on investment properties drove profit before tax to SEK 2,760 million and net asset value to SEK 62.10 per share, prompting the board to propose a 10 percent higher dividend while management highlighted a solid balance sheet, falling average interest costs through active hedging, and steady progress toward its long-term value growth targets.

The most recent analyst rating on ($SE:WALL.B) stock is a Hold with a SEK45.00 price target. To see the full list of analyst forecasts on Wallenstam AB stock, see the SE:WALL.B Stock Forecast page.

Wallenstam Advances Stockholm Housing Projects and Completes SEK 822m Nacka Grace Sale

During the fourth quarter of 2025, Wallenstam advanced its residential development pipeline in Stockholm by completing and leasing 64 apartments in the Ädellövet project in Farsta, bringing the total finished units in that project to 130 out of a planned 172 and maintaining a substantial 1,013 apartments under construction overall. At the same time, the company continued to crystallize value in its portfolio with the previously announced sale and handover of the award-winning Nacka Grace property to Folksam Group and KPA Pension for SEK 822 million on October 31, 2025, underscoring a strategy that balances ongoing new-build activity with selective divestments of high-profile assets.

The most recent analyst rating on ($SE:WALL.B) stock is a Hold with a SEK45.00 price target. To see the full list of analyst forecasts on Wallenstam AB stock, see the SE:WALL.B Stock Forecast page.

Wallenstam Introduces New Green Financing Framework

Wallenstam has launched a revised framework for green financing in collaboration with Handelsbanken, receiving a Medium Green rating from S&P Global Ratings. This framework outlines the types of projects and assets eligible for financing through green bonds and commercial paper, such as renewable energy projects and green properties. Despite historically low bond financing, Wallenstam is open to capital market opportunities under favorable conditions.

The most recent analyst rating on ($SE:WALL.B) stock is a Hold with a SEK47.00 price target. To see the full list of analyst forecasts on Wallenstam AB stock, see the SE:WALL.B Stock Forecast page.