olivLaw · European equity research
Fagerhult Group AB FAG.ST
Sweden · Nasdaq Stockholm · ISIN SE0010048884 · Vertical: Listed companies from Sweden
Fagerhult Group AB is a Swedish group making professional luminaires through 13 brands, focusing on smart lighting and sustainable solutions for buildings and cities. The group went through 2025 with weak new-build demand, but its digitalisation strategy and integration of acquisitions are gaining weight.
At the close of 05 Nov 2026, Fagerhult Group AB (FAG.ST) stock was 13.00 SEK (+1.09% on the day), with market capitalisation 2.3 bn SEK, P/E 7.2 on diluted EPS of 1.80 SEK over the last 12 months, dividend yield 10.77%, beta 0.68, 52-week range 12.02–43.05 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.8
- weak (30–45)
- Bollinger (20, 2)
- 11.43 – 21.01
- in the lower half of the band · %B 0.16 · band width 59.0%
- SMA 50 / 200
- 16.92 / 22.12
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.29 / -0.76
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −26.1% | −0.6% | −25.5 pp | — |
| 3 months | −27.0% | −4.2% | −22.9 pp | — |
| 6 months | −36.9% | +4.3% | −41.2 pp | — |
| Year to date | −68.7% | +7.5% | −76.2 pp | — |
| 1 year | −70.0% | +9.9% | −80.0 pp | −8.3% |
| 3 years | −76.7% | +49.8% | −126.5 pp | +12.0% |
| 5 years | −79.7% | +42.8% | −122.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 21.4, median 23.1, max 26.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 543.5 m | 354.3 m | 317.4 m |
| Net income YoY | unavailable | −34.8% | −10.4% |
| Diluted EPS | 3.09 | 2.01 | 1.80 |
| Diluted EPS YoY | unavailable | −35.0% | −10.4% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 1.0 bn | 929.3 m | 693.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 bn SEK
- Financial debt
- 3.4 bn SEK
- Net debt
- 2.1 bn SEK
- Equity
- 7.1 bn SEK
- Total assets
- 13.6 bn SEK
- Debt / equity
- 0.49x
- Current ratio
- 2.41x
- ROE
- 4.4%
- ROA
- 2.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 5.2 bn | 5.0 bn | 4.8 bn | esef· 26 Oct 2026verified |
| Gross profit | 3.3 bn | 3.3 bn | 3.1 bn | esef· 26 Oct 2026verified |
| Operating income | 901.2 m | 670.5 m | 577.5 m | esef· 26 Oct 2026verified |
| Interest expense | 195.9 m | 196.9 m | 202.6 m | esef· 26 Oct 2026verified |
| Pre-tax income | 756.2 m | 532.4 m | 464.7 m | esef· 26 Oct 2026verified |
| Income tax | 212.5 m | 178.1 m | 147.3 m | esef· 26 Oct 2026verified |
| Net income | 543.5 m | 354.3 m | 317.4 m | esef· 26 Oct 2026verified |
| Diluted EPS | 3.09 | 2.01 | 1.80 | esef· 26 Oct 2026verified |
| Dividend per share | 1.60 | 1.80 | 1.40 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 bn | 1.9 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Receivables | 1.7 bn | 1.6 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Current assets | 4.3 bn | 4.7 bn | 4.2 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.5 bn | 2.3 bn | esef· 26 Oct 2026verified |
| Goodwill | 3.1 bn | 3.2 bn | 3.7 bn | esef· 26 Oct 2026verified |
| Total assets | 13.0 bn | 13.7 bn | 13.6 bn | esef· 26 Oct 2026verified |
| Short-term debt | 122.4 m | 58.8 m | 56.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 2.7 bn | 3.2 bn | 3.4 bn | esef· 26 Oct 2026verified |
| Current liabilities | 1.9 bn | 1.8 bn | 1.7 bn | esef· 26 Oct 2026verified |
| Total liabilities | 5.8 bn | 6.3 bn | 6.6 bn | esef· 26 Oct 2026verified |
| Equity | 7.2 bn | 7.5 bn | 7.1 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 175.9 m | 176.3 m | 176.3 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 963.9 m | 740.1 m | esef· 26 Oct 2026verified |
| Capex | 187.8 m | 34.6 m | 46.7 m | esef· 26 Oct 2026verified |
| Free cash flow | 1.0 bn ≈ | 929.3 m ≈ | 693.4 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -225.9 m | -259.7 m | -1.2 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -991.0 m | -142.7 m | -31.8 m | esef· 26 Oct 2026verified |
| Dividends paid | 281.9 m | 317.0 m | 246.9 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn SEK
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.4% | 25 (vs peers) | 19% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 218.5% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.9x | 21 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 7.2x | 100 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 30.2% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 10.8% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 35.6% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Fagerhult Group AB (FAG.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.4%.
The estimated value range is 20.83–38.89 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 26.74 SEK, the price of 13.00 SEK leaves a potential of 105.7% (value / price − 1) and a margin of safety of 51.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 218.5%
- Current ratio: 2.4x
- P/E (TTM): 7.2x
- FCF yield: 30.2%
- Shareholder yield (distributions): 10.8%
- Payout ratio (FCF): 35.6%
- The price is below the estimated value range
What contradicts it
- ROIC: 4.4%
- Interest coverage: 2.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for FAG.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Fagerhult Group AB is a Swedish group making professional luminaires through 13 brands, focusing on smart lighting and sustainable solutions for buildings and cities. The group went through 2025 with weak new-build demand, but its digitalisation strategy and integration of acquisitions are gaining weight 1.
SWOT
Strengths
- A diversified portfolio of brands with strong niche positions and shared digital platforms that increase standardisation 1.
- A decentralised structure that combines local agility with the resources of a large group, spreading risk across several markets 1.
- A solid sustainability position, with science-based climate targets and measurable emission reductions against the base year 1.
Weaknesses
- Weak performance at some smaller operations, such as those in Australia and Turkey, weighed on the Professional area 1.
- An IT incident in the UK temporarily disrupted operations in the second quarter and led to some lost business 1.
- Dependence on new construction, which stayed weak, exposes the group to the European property cycle 1.
Opportunities
- Demand for renovations and for compliance with EU directives could support sales of energy-efficient luminaires 1.
- New segments named by the company, such as data centres, nuclear power and defence, could open attractive markets 1.
- Digital services and recurring revenue from smart lighting could add value if adoption grows 1.
Threats
- High interest rates and economic uncertainty could delay investments by customers in industry and logistics 1.
- Restrictions on biodiversity and light pollution could change requirements for outdoor projects 1.
- The global exposure of Collection brands could create pressure depending on the economic development of local markets 1.
Risks
- Weak new-build demandhigh
If new construction stays weaker for longer than the company expects, revenues in segments sensitive to this market could decline 1.
- Performance of smaller operationsmedium
Difficulties in Australia and Turkey could persist if local markets do not recover, weighing on the group margin 1.
- Operational IT risksmedium
A further IT incident could interrupt production or deliveries and cost customers, especially in the UK brands 1.
- Integration of acquisitionsmedium
Integration of TRATO-TLV and other acquisitions could prove difficult, and the promised synergies could be delayed 1.
- Regulatory changeslow
Changes in biodiversity and sustainability requirements could require adaptation costs for products and projects 1.
Investment thesis
What would need to be true (bull case)
- If renovation and energy directives keep growing, demand for efficient lighting could support group revenues 1.
- The strategy of integrated sensors and digital services could raise the value of each sale and customer loyalty 1.
- Margin gains from cost-reduction programmes could lead to better results once the market recovers 1.
What would break the thesis
- If new construction does not recover, the group could remain with revenues and margins below expectations 1.
- If interest rates stay high, customer investment in industry could be postponed for a long period 1.
- If integration of acquisitions and smaller brands runs into problems, the expected benefits could be smaller than planned 1.
What to watch
- Development of new-build activity in the UK and Australia2026
- Margin of the Professional and Infrastructure areas after cost-reduction programmes2026
- Progress towards integrated sensors in all luminaires sold2030
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Fagerhult Group AB develops and sells professional lighting solutions for buildings, infrastructure and urban spaces, organised into four business areas: Collection, Premium, Professional and Infrastructure 1. The decentralised structure with 13 autonomous brands combines the agility of smaller companies with the resources of a large group, while the shared digital platforms Organic Response and Capelon provide unified technical standards 1. In 2025 Collection had the largest net sales, at 3 580 Mkr, followed by Premium with 2 574 Mkr 1.
The company aims for all luminaires sold to have integrated sensors by 2030, turning fittings into data infrastructure rather than just hardware 1. Service-based models and recurring revenue from digital solutions are presented as a growth direction alongside traditional sales 1.
Through the acquisition of TRATO-TLV, completed on 1 July 2025, the group strengthened its presence in France by adding retail lighting and medical equipment 1. The group is steered by a common sustainability strategy, with scientifically validated targets and net-zero emissions aimed for 2045 1.
Segments
Collection
Collection groups internationally recognised architectural design brands whose products are relied on by lighting designers and architects worldwide 1. It delivered the largest group net sales, at 3 580 Mkr in 2025, with an operating margin before items affecting comparability of 10.3% 1.
Premium
Premium focuses on the European market and global retail customers, often with customised premium projects 1. In 2025 it reported net sales of 2 574 Mkr and a margin of 14% before items affecting comparability, the strongest among the areas 1.
Professional
Professional supplies lighting for indoor spaces such as offices, schools and healthcare facilities, with strong local presence 1. The TRATO-TLV acquisition was integrated here, while the margin stayed low in 2025, with 1 209 Mkr in net sales and a 2.7% margin before items affecting comparability 1.
Market context
The European market was affected in 2025 by economic uncertainty and high interest rates, and new construction stayed weak in most markets, while renovations developed better 1. Interest in connected lighting and in energy and circularity requirements grew, driven by EU directives 1.
Investment was largest in infrastructure and industry, while retail and offices lagged, according to the company's assessment 1. The company expects its key markets in the UK and Australia to gradually improve, with rising construction activity and building permits 1.
Trends
- Building renovation and EU requirementstailwind
European directives on energy performance and renovation of the building stock create demand for replacing old lighting, an advantage for the group 1.
- Connected lighting and smart citiestailwind
Demand for solutions with sensors and data is rising, and the group sees smart cities and modular poles as a service opportunity 1.
- Weak new constructionheadwind
New-build activity remained low in 2025, and high interest rates pressured customers in logistics and industry 1.
- Biodiversity in outdoor lightingmixed
Concern for biodiversity and light pollution could reshape specifications for infrastructure projects, with mixed effects for manufacturers 1.
Competitive position
The sources provided do not name the group's competitors or give market shares, so the competitive analysis remains limited to the environment the company describes 1. The company stresses that it can be market leader in specific niches, supported by its diversified brand portfolio 1.
Competition is not detailed in the sources provided, so the group's position against other professional lighting makers cannot be assessed from these documents alone 1.
- No competitors named in the sources provided
The company documents do not name competitors; no shares or comparisons are available from the given sources.
- Other professional lighting manufacturers
General category; no specific competitors are named in the sources provided.
- Smart city solution providers
General category of offerings with sensors and smart poles; no names from the sources.
- Industrial luminaire producers
General category for the infrastructure and industry segment; no names from the sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Fagerhult Group AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.