olivLaw · European equity research
Hemnet Group AB (publ) HEM.ST
Sweden · Nasdaq Stockholm · ISIN SE0015671995 · Vertical: Listed companies from Sweden
Hemnet Group operates Sweden's most visited digital property platform, bringing together a large share of the country's home listings in one place. For the company, its role as a meeting point between buyers, sellers and estate agents is central to the housing market, and its market value at the end of 2025 was 16.6 billion SEK.
At the close of 05 Nov 2026, Hemnet Group AB (publ) (HEM.ST) stock was 76.60 SEK (+3.23% on the day), with market capitalisation 7.3 bn SEK, P/E 14.0 on diluted EPS of 5.48 SEK over the last 12 months, dividend yield 2.22%, beta 0.31, 52-week range 63.50–204.20 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)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 66.43 – 78.62
- in the upper half of the band · %B 0.83 · band width 16.8%
- SMA 50 / 200
- 74.52 / 96.64
- mixed trend
- MACD (12, 26, 9)
- 0.05 / -0.45
- 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 | +14.5% | −0.6% | +15.1 pp | — |
| 3 months | −5.8% | −4.2% | −1.6 pp | — |
| 6 months | −34.1% | +4.3% | −38.5 pp | — |
| Year to date | −55.8% | +7.5% | −63.3 pp | — |
| 1 year | −63.0% | +9.9% | −72.9 pp | −8.3% |
| 3 years | −63.1% | +49.8% | −113.0 pp | +12.0% |
| 5 years | −57.6% | +42.8% | −100.4 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 31.6, median 67.2, max 69.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 338.7 m | 481.4 m | 520.6 m |
| Net income YoY | unavailable | +42.1% | +8.1% |
| Diluted EPS | 3.47 | 5.00 | 5.48 |
| Diluted EPS YoY | unavailable | +44.1% | +9.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 388.6 m | 565.0 m | 596.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 103.3 m SEK
- Financial debt
- 596.9 m SEK
- Net debt
- 493.6 m SEK
- Equity
- 1.1 bn SEK
- Total assets
- 2.1 bn SEK
- Debt / equity
- 0.56x
- Current ratio
- 1.20x
- ROE
- 44.9%
- ROA
- 24.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 448.2 m | 633.8 m | 673.8 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 77.3 m | 86.0 m | 93.7 m | esef· 26 Oct 2026verified |
| EBITDA | 525.5 m ≈ | 719.8 m ≈ | 767.5 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 24.0 m | 30.0 m | 18.8 m | esef· 26 Oct 2026verified |
| Pre-tax income | 427.4 m | 607.1 m | 656.3 m | esef· 26 Oct 2026verified |
| Income tax | 88.7 m | 125.7 m | 135.7 m | esef· 26 Oct 2026verified |
| Net income | 338.7 m | 481.4 m | 520.6 m | esef· 26 Oct 2026verified |
| Diluted EPS | 3.47 | 5.00 | 5.48 | esef· 26 Oct 2026verified |
| Dividend per share | 1.00 | 1.20 | 1.70 | esef· 26 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 102.6 m | 111.7 m | 103.3 m | esef· 26 Oct 2026verified |
| Current assets | 211.6 m | 308.7 m | 279.8 m | esef· 26 Oct 2026verified |
| Goodwill | 902.8 m | 902.8 m | 902.8 m | esef· 26 Oct 2026verified |
| Total assets | 2.2 bn | 2.2 bn | 2.1 bn | esef· 26 Oct 2026verified |
| Accounts payable | 14.4 m | 14.9 m | — | esef· 08 May 2025verified |
| Long-term debt | 497.1 m | 468.5 m | 596.9 m | esef· 26 Oct 2026verified |
| Current liabilities | 160.1 m | 257.2 m | 232.9 m | esef· 26 Oct 2026verified |
| Equity | 1.3 bn | 1.2 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 97.6 m | 96.1 m | 94.8 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 395.9 m | 566.9 m | 598.1 m | esef· 26 Oct 2026verified |
| Capex | 7.3 m | 1.9 m | 2.1 m | esef· 26 Oct 2026verified |
| Free cash flow | 388.6 m ≈ | 565.0 m ≈ | 596.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -38.8 m | -23.5 m | -25.7 m | esef· 26 Oct 2026verified |
| Financing cash flow | -354.9 m | -534.3 m | -580.7 m | esef· 26 Oct 2026verified |
| Dividends paid | 98.0 m | 115.2 m | 161.6 m | esef· 26 Oct 2026verified |
| Share repurchases | 418.5 m | 427.7 m | 566.6 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: 81 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.3 bn SEK
Key indicators
Coverage and freshness
Score by group
- Valuation75
- Balance sheet67
- Returns100
- Quality100
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
Neutral profile · Score 81/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.7% | 100 (vs peers) | 14% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 114.5% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.6x | 60 (vs peers) | 14% |
| Interest coverage · Balance sheet | 35.8x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 14.0x | 85 (vs peers) | 14% |
| EV/EBITDA · Valuation | 10.1x | 44 (on a fixed band) | 14% |
| FCF yield · Valuation | 8.2% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 10.0% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 27.1% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet67/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation75/100 · 3/3 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
Hemnet Group AB (publ) (HEM.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 44.9%; net debt/EBITDA 0.6x.
The estimated value range is 31.41–55.58 SEK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 37.84 SEK, the price of 76.60 SEK leaves a potential of -50.6% (value / price − 1) and a margin of safety of -102.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 81/100, methodological classification: neutral 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
- ROIC: 33.7%
- FCF conversion: 114.5%
- Interest coverage: 35.8x
- P/E (TTM): 14.0x
- FCF yield: 8.2%
- Shareholder yield (distributions): 10.0%
- Payout ratio (FCF): 27.1%
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y.
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 HEM.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
Hemnet Group operates Sweden's most visited digital property platform, bringing together a large share of the country's home listings in one place. For the company, its role as a meeting point between buyers, sellers and estate agents is central to the housing market, and its market value at the end of 2025 was 16.6 billion SEK 1.
SWOT
Strengths
- The platform holds the position of Sweden's most visited digital property site, with a large audience and broad coverage of home listings 1.
- The digital model without local servers keeps the environmental footprint small and simplifies operations 1.
- In 2025 the company was recognised for digital inclusion and as an excellent employer, which supports its reputation 1.
Weaknesses
- Dependence on the Swedish property market makes revenue sensitive to the country's transaction cycles 1.
- Staff turnover rose in 2025 and the share of women in technical roles fell, pointing to retention and recruitment problems 1.
- Scope 3 emissions calculations partly rely on cost-based methods, which could overstate the real impact 1.
Opportunities
- Growing interest in energy-efficient homes could extend the platform's role through its energy labelling features 1.
- Participation in ESG rankings could attract investors interested in sustainability 1.
- Continued digitalisation of the property market could strengthen the platform's position as a centre for transactions 1.
Risks
- Dependence on the Swedish markethigh
Revenue depends on activity in the Swedish property market, and a decline in transactions could affect results 1.
- Dependence on estate agentsmedium
The relationship with agencies and industry commissions is important to the model, and a change in their behaviour could affect demand for the platform 1.
- Staff turnovermedium
Turnover rose in 2025, which could affect continuity of product development if the trend persists 1.
- Data protection regulationmedium
Publishing data about homes and people requires compliance with personal data law, and regulatory changes could bring restrictions 1.
- Reporting of indirect emissionslow
Scope 3 calculation methods rely on estimates, which could make reporting less precise 1.
Investment thesis
What would need to be true (bull case)
- The platform holds a central position in the Swedish property market, and if transaction volumes recover, revenue could benefit from stronger demand for listings 1.
- Recognition through ESG rankings and 2025 awards could support long-term investor confidence 1.
- The digital model with low operating costs could support attractive margins if the platform's scale keeps growing 1.
What would break the thesis
- Dependence on a single market and on property cycles could make results volatile if transactions decline 1.
- Rising staff turnover and recruitment difficulties in technical roles could slow product development 1.
- Pressure from competitors or from agencies publishing directly could reduce the platform's bargaining power 1.
What to watch
- Development of listing volume and revenue in the Swedish marketQ1 2027
- Reported results on staff turnover and the share of women in technology2027
- Progress toward cutting scope 1 and 2 emissions against the 2030 targetnext annual report
- Changes in the S&P Global CSA ranking and other ESG assessments2027
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
Hemnet Group AB (publ) operates a digital platform for property transactions in Sweden, where it gathers a major part of home sale listings and attracts the largest audience in the sector. Its business model is digital, without local server operations, and the company relies on cloud services for its IT infrastructure 1. Shares are listed on the Stockholm exchange, with 95565564 shares registered at the end of 2025 1.
The platform is financed through its property listing model, with estate agents and industry firms as its main commercial partners. The company publishes information such as prices, images of sold homes and the energy class of buildings, making it a source of transparency for the market 1.
The shareholder structure shows a large share held by foreign institutional investors, who held 58.2% of capital at the end of 2025, while Swedish investors hold a significant but smaller part 1. The company publishes sustainability reporting and is assessed by ESG raters such as Morningstar Sustainalytics, S&P Global and CDP 1.
Segments
Property listing platform
The main segment is the home listing platform in Sweden, which concentrates a large share of market offers and attracts the largest audience. Revenue depends on listing volume and estate agent activity, and the company describes the platform as an efficient and transparent marketplace 1.
Digital consumer services
The company gives users tools such as searching by energy class, marking homes with class A or B as Energismart in search results, which helps buyers identify eco-friendly options 1. These features support user engagement and the platform's role across the whole home-buying journey 1.
Market data and information
Hemnet publishes housing market data, including prices and images of sold homes, which makes the platform a source of market information too. This component supports the company's reputation for transparency, though legal limits on publishing personal data remain a point of attention 1.
Market context
Hemnet operates in the Swedish property market, where the company publishes a large share of home listings and has the largest digital audience in the country. The market is influenced by interest rate levels, transaction volumes and estate agent activity, which are also the platform's main customers 1.
The company is listed on the Stockholm exchange, and its share price and valuation are influenced by sentiment among foreign investors, who hold most of the capital 1. The company assesses its climate impact through three-scope emissions inventories, with a focus on scope 3 linked to industry commissions 1.
Trends
- Focus on sustainability and ESG reportingtailwind
In 2025 the company began actively taking part in several major ESG rankings, which increases the transparency and comparability of its activity. This trend could support investor confidence if the reported data stay consistent 1.
- Digitalisation of property transactionstailwind
The shift to digital services and online home search supports the platform's role as a central point of the market. If the share of digital transactions keeps growing, the platform's position could become even more important 1.
- Commission costs and indirect emissionsheadwind
Commission payments to the property industry are the company's largest source of indirect emissions, and rising spending could increase pressure on calculation methods. The company acknowledges that cost-based methods could overstate emissions 1.
- Staff turnover and recruitment strainmixed
Staff turnover rose in 2025, and the company reported it did not manage to increase the share of women in technical roles, which could affect the platform's development capacity 1. The effect depends on whether the company manages to stabilise its teams.
Competitive position
Hemnet competes for user attention and for estate agent listings, mainly with other digital property platforms and with agencies' direct channels. The company's advantage comes from its high listing volume and large audience, which attract both buyers and sellers 1.
Competitive pressure depends on the platform's ability to keep its central role in the market and to justify its fees to estate agents. If a competitor managed to attract a significant share of listings, the company's market position could be affected 1.
- Digital property platforms in Sweden
Regional competitors for listings and users, not named in the source.
- Estate agencies' direct channels
Agencies can publish listings through their own websites, which is an alternative for the platform's clients.
- International listing platforms
Players with wider digital reach that could enter the Swedish market, with no details given in the source.
- Local housing portals
Regional services competing for listings in certain geographic areas.
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 / Hemnet Group AB (publ) · 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.