olivLaw · European equity research
Heimar hf. HEIMAR.IC
Iceland · Nasdaq Iceland · ISIN IS0000021301 · Vertical: Listed companies from Iceland
Heimar hf. is an Icelandic property owner that earns its revenue from leasing space, with a portfolio of investment properties making up almost all of the company's assets. For 2024 the annual report shows a profit of 8,233 million ISK, supported largely by rising property values.
At the close of 05 Nov 2026, Heimar hf. (HEIMAR.IC) stock was 34.00 ISK (−1.16% on the day), with market capitalisation 61.3 bn ISK, P/E 7.5 on diluted EPS of 4.56 ISK over the last 12 months, dividend yield 0.00%, beta 0.19, 52-week range 32.20–38.20 ISK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.4
- strong (55–70)
- Bollinger (20, 2)
- 31.71 – 34.48
- in the upper half of the band · %B 0.83 · band width 8.4%
- SMA 50 / 200
- 33.61 / 35.03
- mixed trend
- MACD (12, 26, 9)
- 0.20 / -0.01
- MACD above 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 | +2.4% | +0.4% | +2.0 pp | — |
| 3 months | −2.9% | −3.3% | +0.4 pp | — |
| 6 months | −0.6% | +4.0% | −4.5 pp | — |
| Year to date | −8.6% | +8.1% | −16.7 pp | — |
| 1 year | −6.1% | +10.7% | −16.8 pp | −10.7% |
| 3 years | +53.2% | +50.1% | +3.1 pp | +6.7% |
| 5 years | +4.3% | +43.6% | −39.3 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 8.6, median 11.4, max 17.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 12.2 bn | 13.8 bn | 14.8 bn |
| Revenue YoY | unavailable | +13.0% | +7.7% |
| Net income | 2.9 bn | 3.8 bn | 8.2 bn |
| Net income YoY | unavailable | +31.0% | +115.6% |
| Diluted EPS | 1.61 | 2.11 | 4.56 |
| Diluted EPS YoY | unavailable | +31.1% | +116.1% |
| net % | 23.9% | 27.7% | 55.5% |
| Free cash flow | 4.9 bn | 5.4 bn | 5.8 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.8 bn ISK
- Financial debt
- 117.7 bn ISK
- Net debt
- 113.9 bn ISK
- Equity
- 64.5 bn ISK
- Total assets
- 202.9 bn ISK
- Debt / equity
- 1.82x
- Current ratio
- 0.65x
- ROE
- 13.5%
- ROA
- 4.2%
- FCF margin
- 39.2%
Financial statements (source on every figure)
Revenue and net income (ISK)
Margins
Income statement · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 12.2 bn | 13.8 bn | 14.8 bn | esef· 25 Feb 2025verified |
| Operating income | 14.5 bn | 15.8 bn | 18.4 bn | esef· 25 Feb 2025verified |
| Interest expense | 11.1 bn | 11.8 bn | 9.6 bn | esef· 25 Feb 2025verified |
| Pre-tax income | 3.7 bn | 4.8 bn | 10.0 bn | esef· 25 Feb 2025verified |
| Income tax | 787.0 m | 1.0 bn | 1.8 bn | esef· 25 Feb 2025verified |
| Net income | 2.9 bn | 3.8 bn | 8.2 bn | esef· 25 Feb 2025verified |
| Diluted EPS | 1.61 | 2.11 | 4.56 | esef· 25 Feb 2025verified |
| Dividend per share | 0.83 | 0.00 | — | esef· 20 Feb 2024derived |
Balance sheet · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 3.2 bn | 3.8 bn | esef· 25 Feb 2025verified |
| Receivables | 905.0 m | 1.1 bn | 927.0 m | esef· 25 Feb 2025verified |
| Current assets | 2.3 bn | 4.3 bn | 4.7 bn | esef· 25 Feb 2025verified |
| Property, plant & equipment, net | 246.0 m | 294.0 m | 752.0 m | esef· 25 Feb 2025verified |
| Total assets | 181.3 bn | 192.9 bn | 202.9 bn | esef· 25 Feb 2025verified |
| Accounts payable | 1.2 bn | 1.6 bn | 1.7 bn | esef· 25 Feb 2025verified |
| Short-term debt | 7.8 bn | 3.8 bn | 5.3 bn | esef· 25 Feb 2025verified |
| Long-term debt | 101.3 bn | 112.6 bn | 112.4 bn | esef· 25 Feb 2025verified |
| Current liabilities | 9.2 bn | 5.5 bn | 7.3 bn | esef· 25 Feb 2025verified |
| Total liabilities | 127.4 bn | 135.1 bn | 138.3 bn | esef· 25 Feb 2025verified |
| Equity | 54.0 bn | 57.8 bn | 64.5 bn | esef· 25 Feb 2025verified |
| Shares outstanding at year end | 1.8 bn | 1.8 bn | 1.8 bn | esef· 25 Feb 2025derived |
Cash flow · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.9 bn | 5.5 bn | 5.9 bn | esef· 25 Feb 2025verified |
| Capex | 44.0 m | 83.0 m | 103.0 m | esef· 25 Feb 2025verified |
| Free cash flow | 4.9 bn ≈ | 5.4 bn ≈ | 5.8 bn ≈ | esef· 25 Feb 2025derived |
| Investing cash flow | -9.5 bn | -3.0 bn | -6.0 m | esef· 25 Feb 2025verified |
| Financing cash flow | 2.9 bn | -607.0 m | -5.3 bn | esef· 25 Feb 2025verified |
| Dividends paid | 1.5 bn | 0 | — | esef· 20 Feb 2024verified |
| Share repurchases | 500.0 m | 0 | 1.5 bn | esef· 25 Feb 2025verified |
≈ 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: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 61.3 bn ISK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality69
- Returns61
- Valuation100
- Balance sheet4
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
Attractive profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.7% | 57 (vs peers) | 17% |
| Net margin · Quality | 55.5% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 70.6% | 58 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.9x | 6 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 7.5x | 100 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.5% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.4% | 35 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet4/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns61/100 · 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
Heimar hf. (HEIMAR.IC). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 14.8 bn ISK in 2024; YoY growth 7.7%; net margin 55.5%; ROE 13.5%.
The estimated value range is 70.22–119.69 ISK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 85.85 ISK, the price of 34.00 ISK leaves a potential of 152.5% (value / price − 1) and a margin of safety of 60.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 55.5%
- P/E (TTM): 7.5x
- FCF yield: 9.5%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.9x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Iceland · same country · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HAGA.ICHagar hf. | 133.6 bn | 20.5 | 18.2% | 3.8% | +9.3% | +8% / +83% |
| FESTI.ICFesti hf. | 90.9 bn | 22.8 | 10.1% | 2.6% | +13.4% | −8% / +67% |
| HEIMAR.ICHeimar hf. | 61.3 bn | 7.5 | 13.5% | 55.5% | +7.7% | −6% / +49% |
| BERA.ICÖlgerðin Egill Skallagríms hf. | 37.1 bn | 17.3 | 13.7% | 5.9% | +7.7% | −24% / +0% |
| NOVA.ICNova Klúbburinn hf | 12.0 bn | 14.8 | 8.5% | 6.1% | +2.8% | −26% / −16% |
| ALVO.ICAlvotech | — | — | — | 9.0% | +43.4% | −14% / −58% |
| ASAR.ICSíminn hf. | — | 17.4 | — | — | +3.0% | −19% / +27% |
| BRIM.ICBrim hf. | — | — | 11.9% | 14.6% | +5.2% | +19% / +13% |
| EIK.ICEik Fasteignafélag Hf. | — | — | 10.2% | 43.6% | +9.5% | +1% / +23% |
| EIM.ICEimskipafélag Íslands hf. | — | — | 3.2% | 1.2% | −4.7% | +6% / −35% |
| HAMP.ICHampiðjan hf | — | — | 1.7% | 1.2% | +15.7% | −26% / −37% |
1- and 3-year price returns: for HEIMAR.IC 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (ISK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.79 Total return -39% · Per year -39% | 36.70 Total return 8% · Per year 8% | 55.20 Total return 62% · Per year 62% |
| 3 years | 21.49 Total return -37% · Per year -14% | 42.56 Total return 25% · Per year 8% | 70.10 Total return 106% · Per year 27% |
| 5 years | 22.22 Total return -35% · Per year -8% | 49.36 Total return 45% · Per year 8% | 89.03 Total return 162% · Per year 21% |
- Exit P/E± 10.64
- Net margin± 7.45
- Annual revenue growth± 5.93
- Annual dilution± 0.63
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
Heimar hf. is an Icelandic property owner that earns its revenue from leasing space, with a portfolio of investment properties making up almost all of the company's assets. For 2024 the annual report shows a profit of 8,233 million ISK, supported largely by rising property values 1.
SWOT
Strengths
- A very large portfolio of investment properties makes up almost the entire asset base.
- Recurring rental income supports operating cash flow.
- Properties steadily rising in valuation generated a significant accounting gain.
Weaknesses
- High leverage, with interest-bearing debt dominating the financial structure.
- Large financing costs significantly reduce net profit.
- Profit depends heavily on accounting revaluations, not only on operating income.
Opportunities
- Lower financing costs could improve the net result.
- Selective property sales could free up capital through portfolio optimisation.
- Rent growth on existing space could support revenue.
Threats
- A decline in property values could erase accounting gains and erode equity.
- Higher interest rates could increase financing costs.
- Rising ESG reporting and compliance requirements bring additional costs.
Risks
- Dependence on valuationshigh
The large share of properties in assets makes the result sensitive to changes in valuation.
- Debt levelhigh
Interest-bearing debt is large, and refinancing could become more costly.
- Cost of financingmedium
High financial expenses can limit net profit even when rents are rising.
- Valuation assumptionsmedium
Valuation depends on assumptions about required yields and future income, which involve management judgement.
- ESG compliancelow
Sustainability reporting requirements may increase administrative costs.
Investment thesis
What would need to be true (bull case)
- If rents continue to rise and financing costs ease, operating profit could become more predictable.
- The large, diversified property portfolio provides a solid asset base.
- Share buybacks carried out in 2024 may signal confidence in the company's value.
What would break the thesis
- If property valuations fall, the accounting gain could disappear and equity could be eroded.
- High leverage and large financing costs could limit the company's flexibility.
- Net profit depends considerably on revaluations, which makes results harder to anticipate.
What to watch
- Development of the value of the investment property portfolio2025
- Level of financial expenses and debt refinancing terms2025
- Trend in rental income2025
- Sustainability report announced for 2024next annual report
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
Heimar hf. owns and manages a portfolio of investment properties, valued at 191,427 million ISK at the end of 2024, representing 94.4% of group total assets 1. Its main revenue comes from rent, which was 14,051 million ISK in 2024 1. The company also operates through interests in associated companies and assets held for own use 1.
The financial structure is dominated by interest-bearing debt, and financing costs were significant: financial expenses reached 9,624 million ISK in 2024 1. Net profit was decisively influenced by gains from revaluing properties rather than by current operating activity alone 1.
On governance, the report states that the board meets the legal requirements on gender balance, and the audit was carried out by Deloitte ehf. 1.
Segments
Leasing of investment properties
This is the company's core segment, with rental income of 14,051 million ISK in 2024, up from the prior year 1. Property operating costs were 2,744 million ISK 1.
Interests in associated companies
The company holds interests in associated companies, whose contribution to profit was positive in 2024 and included dividends received in cash 1.
Properties held for own use
Assets held for own use grew in 2024 and are reported separately from investment properties 1.
Market context
The Icelandic commercial and residential property market in which Heimar operates is presented in the annual report only through the valuation of its portfolio, without detailed sector data 1. Property valuations rest on discounted cash flows, so market yields directly influence reported results 1.
Interest rate trends and market return requirements matter for the company, because its debt is large relative to equity 1.
Trends
- Property revaluationmixed
The rise in property values contributed significantly to 2024 profit; if valuations were to fall, the accounting result could be strongly affected 1.
- Cost of financingmixed
High financial expenses weigh on profitability, and a lower cost of debt could ease pressure on results 1.
- Rent growthtailwind
Rental income rose in 2024, supporting operating cash flow 1.
- ESG reporting requirementsheadwind
Sustainability reporting and EU taxonomy obligations raise compliance costs but can improve transparency 1.
Competitive position
The annual report does not explicitly name competitors, so direct comparisons cannot be drawn from this source. Heimar operates as a property owner in Iceland, where competition comes from other commercial and residential portfolio managers 1.
Competitive position depends on property quality and location, as well as the ability to maintain rents and manage financing costs 1.
- Other commercial property managers in Iceland
Local competitors not named in the report; not US-listed.
- Regional property developers and investors
Active in the same rental market, unidentified in the source.
- Real estate financing providers
Influence the cost of debt, a key factor for the company.
- Institutional real estate investors
Compete for assets and quality tenants.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202425 Feb 2025
- Annual report 202320 Feb 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Heimar hf. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.