Fabege AB FBGBY

Real EstateReal Estate OperationsSweden

Last close 18.38 USD on Nov 2, 2026, – year to date

Quant rating

Quant rating C Rank 39 of 61 in Real Estate

Growth B 14 of 61
Valuation C 37 of 61
Quality B 19 of 61
Revisions C 38 of 61
Momentum D 56 of 61

Wall Street consensus Hold (3.29)Average target 6.99 USD −62.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.1B
Enterprise value: 5.8B
52-week range: – – –
3-year range: – – –
Dividend yield: –
Beta (5 years): –
Shares outstanding: 315M
Next earnings: Feb 5, 2027

About the company

Fabege AB is a Sweden-based property company active within the area of commercial premises and property development. It is engaged in letting and managing office, retail, warehouses and other premises. It focuses on a number of submarkets in the Stockholm region, including the primary markets of Stockholm inner city, Solna and Hammarby Sjostad. The Company's operational organization consists of three business areas: Property Management, Property Development and Transaction. Property Management business area finds premises for customers’ requirements. Property Development business area is engaged in the Company’s property development projects. Transaction business area is responsible for the acquisitions and sales. The Company owns approximately 95 properties and operates wholly owned, Stockholm-based subsidiaries including LRT Holding Company AB and Hilab Holding Stockholm AB, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	409	332	390	320	326	–
Revenue growth	23.1%	−14.9%	22.1%	−2.1%	−4.4%	3.7%
EPS (basic, normalized)	0.45	0.36	0.40	0.37	0.46	–
EPS growth	27.5%	−10.8%	7.9%	−19.7%	–	–
Gross margin	69.1%	67.9%	63.2%	63.7%	72.5%	67.3%
Net margin	−9.3%	−5.8%	−140.4%	71.4%	183.0%	19.8%
ROE	−0.9%	−0.5%	−13.0%	5.2%	12.5%	0.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	28.2
Current ratio	0.13x
Long-term debt (mil)	2,994
Net debt (mil)	3,588
Total equity (mil)	3,798
Net debt / equity	0.94x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	409	+23.1%	14.1x	–	–	–	0.45	+27.5%	40.5x
2026	362	−11.3%	15.9x	262	–	22.0x	0.46	+1.7%	39.8x
2027	369	+1.9%	15.6x	266	+1.5%	21.7x	0.43	−6.4%	42.6x
2028	384	+3.9%	15.0x	278	+4.5%	20.8x	0.45	+4.5%	40.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	362	−0.8%	−0.9%	−1.1%	0.46	−1.7%	−2.6%	−0.9%
2027	369	−1.2%	−1.1%	−1.9%	0.43	−8.7%	−10.7%	−8.1%
2028	384	−0.9%	−0.7%	−0.9%	0.45	−5.9%	−8.3%	−8.8%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	867	864	847	861	865	852	864	899	892	902
Sales mean (mil)	805	852	856	849	862	850	865	891	889	899
Surprise	+7.6%	+1.4%	−1.0%	+1.5%	+0.3%	+0.2%	−0.1%	+1.0%	+0.3%	+0.4%
EPS reported	1.48	0.89	0.94	0.57	1.35	1.10	1.03	1.08	0.90	1.54
EPS mean	1.02	1.02	1.09	1.06	1.00	1.08	1.20	1.17	1.03	1.20
Surprise	+44.4%	−12.8%	−13.6%	−46.1%	+34.3%	+2.2%	−13.9%	−8.0%	−12.8%	+27.9%

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FBGBY Fabege AB	2.1B	–	−9.3%	0.54x	39.8x	42.6x	22.0x	21.7x
NMRK Newmark Group Inc	2.2B	3.25x	3.8%	1.51x	6.4x	5.9x	6.1x	5.7x
WIHLY Wihlborgs Fastigheter AB	2.2B	10.36x	51.0%	0.85x	9.3x	8.6x	16.9x	14.3x
HNLGY Hang Lung Group Ltd	2.1B	–	–	–	–	–	–	–
HYSNY Hysan Development Company Limited	2.1B	–	9.1%	0.22x	–	–	–	–
FRSHY China Jinmao Holdings Group Ltd	1.9B	–	1.0%	0.24x	503.3x	414.2x	22.6x	20.5x
Mean		6.81x	11.1%	0.67x	139.7x	117.8x	16.9x	15.6x
Median		6.81x	3.8%	0.54x	24.6x	25.6x	19.4x	17.4x

Technical analysis

1M–
3M–
1Y–
3Y–

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Fabege AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	409	332	390	320	326	342
Cost of revenue	126	107	144	116	89.7	88.1
Gross profit	282	225	247	204	237	253
Selling, general & administrative expenses	11.5	8.4	9.6	9.8	12.2	11.3
Research & development	–	–	–	–	–	–
Interest expense (income), operating	189	110	778	15.3	−513	−331
Unusual expense (income)	2.6	6.6	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	79.5	100	−541	179	738	573
Net interest income (expense)	−135	−108	−192	106	4.5	−84.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−55.2	−8.1	−733	285	743	488
Provision for taxes	−17.4	11.2	−185	56.5	145	102
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−37.8	−19.3	−548	228	597	386
Extraordinary items	–	–	–	–	–	–
Net income	−37.8	−19.3	−548	228	597	386
EBIT, normalized	271	217	237	194	225	242
EBITDA, normalized	272	218	238	194	225	243
Basic EPS, normalized	0.45	0.36	0.40	0.37	0.46	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Fabege AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	14.2	14.8	18.2	17.6	25.1	15.6
Receivables	13.4	74.1	53.6	59.4	117	8.2
Total inventory	101	68.2	–	–	–	–
Prepaid expenses	46.3	38.7	45.4	40.7	36.1	34.3
Other current assets	0	0	0	0	0	0
Total current assets	175	196	117	118	178	58.1
Property, plant & equipment	176	127	97.2	122	123	111
Goodwill	22.3	18.5	20.4	19.7	25.9	–
Intangibles	–	–	–	–	–	–
Long-term investments	8,541	7,153	7,828	8,398	9,321	9,347
Note receivable	65.4	50.4	112	28.3	72.2	118
Other long-term assets	52.9	63.5	91.9	162	13.4	2.4
Total assets	9,032	7,608	8,267	8,847	9,734	9,637
Liabilities
Accounts payable	4.9	6.9	18.4	13.8	7.4	5.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	46.1	39.9	47.3	56.8	37.9	43.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	991	242	712	232	310	356
Other current liabilities	65.2	55.9	67.6	86.2	102	69.4
Total current liabilities	1,107	345	845	389	458	474
Long-term debt	2,923	2,994	2,658	3,091	3,174	3,000
Minority interest	0	0	0	0	0	0
Other liabilities	928	792	865	995	1,105	1,106
Total liabilities	4,959	4,131	4,368	4,474	4,736	4,580
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	554	461	506	490	564	620
Additional paid-in capital	328	273	300	290	334	367
Retained earnings (accumulated deficit)	3,192	2,744	3,092	3,593	4,100	4,069
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0.1	0	0	0
Total equity	4,074	3,478	3,898	4,373	4,998	5,057
Total liabilities & shareholders' equity	9,032	7,608	8,267	8,847	9,734	9,637

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Fabege AB, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	287	229	251	208	241	257
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	−16.0	−7.2	−8.5	−1.3	−11.4	−77.8
Changes in working capital	−81.2	−73.9	−86.6	−14.9	−61.5	−15.1
Cash from operations	190	148	156	191	168	164
Investing activities
Capital expenditures	−1.2	–	–	–	–	–
Other investing cash flows	−128	−223	−33.0	−311	−329	−2.2
Cash from investing	−129	−223	−33.0	−311	−329	−2.2
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−66.6	−55.4	−87.5	−91.4	−128	−128
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2.6	128	−35.7	206	302	−34.7
Cash from financing	−64.0	72.8	−123	115	174	−163
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−3.7	−1.9	−0.2	−4.2	12.3	−0.5
Free cash flow	188	148	156	191	168	164

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.