Wihlborgs Fastigheter AB (WIHL) AI Stock Analysis

• Market Cap: kr27.31B
• Dividend Yield: 3.6%
• Average Volume (3M): 331.96K
• Price to Earnings (P/E): 12.6
• Beta (1Y): 0.25
• Revenue Growth: 5.18%
• EPS Growth: 349.60%
• Country: SE
• Employees: 225
• Sector: General
• Sector Strength: N/A
• Industry: Real Estate - Services
• EPS (TTM): 1.59
• Shares Outstanding: 307,426,900
• 10 Day Avg. Volume: 385,785
• 30 Day Avg. Volume: 331,959
• PEG Ratio: 0.42
• Price to Book (P/B): 1.15
• Price to Sales (P/S): 6.44
• P/FCF Ratio: 12.86
• 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: kr101.67
• Price Target Upside: 12.28% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 6.5
• Revenue Forecast (FY): kr4.62B

• Rating: 67 Neutral
• Price Target: kr99.00 ▲(9.33% Upside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is driven primarily by solid financial performance with strong recent-year profitability/cash flow but tempered by leverage and historical earnings volatility. Valuation is supportive with a moderate P/E and healthy dividend yield, while technical indicators are broadly neutral and do not add a strong momentum boost.

Positive Factors

Stable rental revenue growth

Consistent top-line growth across 2020–2025, with a notable uptick in 2025, indicates durable rental demand and effective portfolio management. Steady revenue supports predictable cash flows, underpins reinvestment in properties and development projects, and reduces reliance on one-off gains.

Improving cash generation

The marked improvement in operating and free cash flow in 2025, and free cash flow roughly tracking net income, strengthens the company's ability to fund capex, pay distributions, and service debt from operations. Improved cash conversion enhances long-term financial flexibility.

Strong local market positioning

Concentration in major southern Swedish urban centers gives Wihlborgs structural advantages: proximity to corporate tenants, stable occupancy, and redevelopment opportunities. Urban focus supports long-term rental demand, local partnerships, and value creation through targeted development.

Negative Factors

High and rising leverage

A debt load materially above equity and an upward leverage trend raise refinancing and interest-rate sensitivity over the medium term. High leverage reduces buffer against downturns, constrains discretionary investment, and increases the importance of steady cash generation to meet obligations.

Earnings volatility

Significant year-to-year swings, including a 2023 loss, suggest earnings are affected by revaluations, one-offs, or timing effects common in real estate. Persistent volatility weakens earnings predictability, complicates planning, and can pressure investor and creditor confidence during stress periods.

Inconsistent cash conversion

Prior weak cash conversion versus reported earnings indicates earnings quality risks and sensitivity to valuation or timing items. If cash conversion proves inconsistent in future cycles, it could strain debt servicing and limit reinvestment despite strong headline profits in some years.

Wihlborgs Fastigheter AB Business Overview & Revenue Model

Company Description

Wihlborgs Fastigheter AB (publ), a property company, owns, develops, rents, and manages commercial properties in the Öresund region, Sweden. The company's property portfolio includes office/retail, logistics/production, and projects and land in Malmö, Helsingborg, Lund, and Copenhagen. As of December 31, 2021, its property portfolio consisted of 299 properties with a total lettable area of approximately 2,143,000 square meters. The company was founded in 1924 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Wihlborgs Fastigheter AB generates revenue primarily through rental income from its portfolio of commercial properties. The company leases office spaces, retail units, and logistics facilities to a range of tenants, which provides a steady stream of income. Additionally, WIHL engages in property development projects, which can enhance its portfolio and increase future rental yields. The company may also benefit from capital gains when properties are sold at a profit. Strategic partnerships with local governments and other organizations for urban development projects can further contribute to its earnings, as these relationships may lead to new investment opportunities and enhanced property values.

Wihlborgs Fastigheter AB Financial Statement Overview

Summary

Strong recent profitability and improving cash flow (2024–2025) support the score, but earnings have been volatile (including a 2023 loss) and the balance sheet carries meaningful and rising leverage, increasing financial risk.

Income Statement

Revenue has grown steadily from 2020–2025 (with a stronger uptick in 2025), and profitability is very strong in the most recent years, with 2024–2025 showing high net income and robust margins. However, results have been volatile across the period—2023 dipped to a small loss despite solid revenue, and margins in this dataset swing widely year-to-year, which raises questions about earnings stability and sensitivity to revaluations/one-offs typical in real estate reporting.

Balance Sheet

The company operates with meaningful leverage, with debt consistently exceeding equity (debt-to-equity roughly ~1.07–1.37 from 2020–2025) and total debt rising in recent years. Equity has also grown alongside assets, and returns on equity recovered to ~9% in 2025 after the 2023 setback, but the balance sheet profile remains moderately riskier due to the high debt load and upward leverage trend.

Cash Flow

Cash generation appears solid and improving: operating cash flow and free cash flow increased in 2025, with a sharp jump in free cash flow growth versus 2024, and free cash flow is broadly in line with reported net income in most years. The main weakness is volatility in cash coverage of earnings—cash flow relative to net income was notably weak in 2021–2024 before improving in 2025—suggesting some inconsistency in cash conversion over time.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.35B	4.17B	3.90B	3.33B	3.06B
Gross Profit	3.11B	3.00B	2.78B	2.33B	2.20B
EBITDA	3.99B	3.39B	953.00M	3.31B	4.49B
Net Income	2.22B	1.71B	-27.00M	2.29B	3.35B
Balance Sheet
Total Assets	65.90B	60.75B	57.37B	56.81B	51.15B
Cash, Cash Equivalents and Short-Term Investments	263.00M	412.00M	346.00M	159.00M	315.00M
Total Debt	33.41B	30.23B	28.08B	26.95B	23.43B
Total Liabilities	41.59B	37.59B	34.98B	33.43B	29.20B
Stockholders Equity	24.31B	23.16B	22.39B	23.38B	21.95B
Cash Flow
Free Cash Flow	2.18B	1.61B	1.93B	1.94B	1.68B
Operating Cash Flow	2.18B	1.62B	1.93B	1.94B	1.69B
Investing Cash Flow	-5.20B	-2.32B	-2.00B	-3.86B	-1.68B
Financing Cash Flow	2.87B	766.00M	253.00M	1.76B	100.00M

Wihlborgs Fastigheter AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 90.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:WIHL, the sentiment is Negative. The current price of 90.55 is below the 20-day moving average (MA) of 92.10, below the 50-day MA of 91.66, and below the 200-day MA of 94.00, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 41.32 is Neutral, neither overbought nor oversold. The STOCH value of 27.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:WIHL.

Wihlborgs Fastigheter AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NP3	68 Neutral	kr15.46B	12.51	12.28%	1.75%	14.33%	204.60%
WIHL	67 Neutral	kr27.31B	12.64	9.74%	3.60%	5.18%	349.60%
WALL.B	66 Neutral	kr27.83B	10.43	6.07%	1.25%	-5.96%	―
FABG	63 Neutral	kr25.18B	-74.62	-0.92%	2.39%	-3.46%	―
PLAZ.B	60 Neutral	kr8.63B	12.73	5.43%	2.91%	8.42%	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
NYF	47 Neutral	kr14.19B	28.53	3.19%	1.93%	0.03%	―

Wihlborgs Fastigheter AB Corporate Events

Wihlborgs Lifts Earnings and Dividend on Record Rents and Heavy Investments

Wihlborgs reported that 2025 rental income rose 4 percent to SEK 4,354 million and operating surplus increased 4 percent to SEK 3,107 million, while income from property management jumped 14 percent to SEK 2,038 million and profit for the period climbed to SEK 2,220 million. The board proposed a higher dividend of SEK 3.30 per share, underlining confidence in cash flow and earnings quality.

In the fourth quarter, the company achieved record quarterly rental income of SEK 1,111 million, with income from property management up 23 percent, supported by positive joint venture value changes and solid underlying growth. Management highlighted continued positive net lettings in a cautious market and emphasized that record project development investments of SEK 2.7 billion in 2025 are positioning Wihlborgs and its key regional markets for stronger long-term growth as tenant needs evolve.

The most recent analyst rating on (SE:WIHL) stock is a Buy with a SEK102.00 price target. To see the full list of analyst forecasts on Wihlborgs Fastigheter AB stock, see the SE:WIHL Stock Forecast page.