olivLaw · European equity research
John Mattson Fastighetsföretagen AB (publ) JOMA.ST
Sweden · Nasdaq Stockholm · ISIN SE0012481364 · Vertical: Listed companies from Sweden
John Mattson Fastighetsföretagen manages, develops and acquires residential and public-interest buildings, concentrated in the Stockholm region. In 2025 rental revenue reached 673.0 Mkr, and an occupancy rate of 97.6 percent points to a stable portfolio, which makes the company relevant for investors interested in Swedish residential property.
At the close of 05 Nov 2026, John Mattson Fastighetsföretagen AB (publ) (JOMA.ST) stock was 53.50 SEK (+0.94% on the day), with market capitalisation 4.0 bn SEK, P/E 10.2 on diluted EPS of 5.22 SEK over the last 12 months, dividend yield 0.00%, beta 0.43, 52-week range 51.70–72.60 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)
- 46.1
- neutral
- Bollinger (20, 2)
- 51.53 – 55.54
- in the lower half of the band · %B 0.49 · band width 7.5%
- SMA 50 / 200
- 55.72 / 59.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.90 / -0.97
- 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 | −5.6% | −0.6% | −5.0 pp | — |
| 3 months | −9.5% | −4.2% | −5.3 pp | — |
| 6 months | −10.2% | +4.3% | −14.6 pp | — |
| Year to date | −23.6% | +7.5% | −31.1 pp | — |
| 1 year | −18.9% | +9.9% | −28.9 pp | −8.3% |
| 3 years | +28.9% | +49.8% | −21.0 pp | +12.0% |
| 5 years | −62.0% | +42.8% | −104.8 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 2-quarter history (min 10.8, median 12.1, max 13.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -1.3 bn | 429.0 m | 394.8 m |
| Net income YoY | unavailable | unavailable | −8.0% |
| Diluted EPS | -31.75 | 5.66 | 5.22 |
| Diluted EPS YoY | unavailable | unavailable | −7.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 141.2 m | 175.3 m | 228.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 70.7 m SEK
- Financial debt
- 6.7 bn SEK
- Net debt
- 6.7 bn SEK
- Equity
- 6.5 bn SEK
- Total assets
- 15.2 bn SEK
- Debt / equity
- 1.04x
- Current ratio
- 0.09x
- ROE
- 6.3%
- ROA
- 2.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | -1.4 bn | 484.2 m | 507.4 m | esef· 26 Oct 2026verified |
| Net income | -1.3 bn | 429.0 m | 394.8 m | esef· 26 Oct 2026verified |
| Diluted EPS | -31.75 | 5.66 | 5.22 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | — | 75.8 m | 75.7 m | esef· 26 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.00 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 433.7 m | 61.0 m | 70.7 m | esef· 26 Oct 2026verified |
| Current assets | 538.3 m | 208.3 m | 199.7 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 11.8 m | 10.5 m | 8.3 m | esef· 26 Oct 2026verified |
| Total assets | 14.6 bn | 14.8 bn | 15.2 bn | esef· 26 Oct 2026verified |
| Short-term debt | 1.1 bn | 473.2 m | 1.9 bn | esef· 26 Oct 2026verified |
| Long-term debt | 6.1 bn | 6.3 bn | 4.8 bn | esef· 26 Oct 2026verified |
| Current liabilities | 1.3 bn | 741.1 m | 2.2 bn | esef· 26 Oct 2026verified |
| Equity | 5.6 bn | 6.1 bn | 6.5 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 39.6 m | 75.8 m | 75.6 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 145.7 m | 175.6 m | 230.4 m | esef· 26 Oct 2026verified |
| Capex | 4.5 m | 300.0 k | 2.1 m | esef· 26 Oct 2026verified |
| Free cash flow | 141.2 m ≈ | 175.3 m ≈ | 228.3 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | 766.3 m | -169.6 m | -126.7 m | esef· 26 Oct 2026verified |
| Financing cash flow | -526.0 m | -378.7 m | -94.1 m | esef· 26 Oct 2026verified |
| Dividends paid | — | 0 | 0 | esef· 26 Oct 2026verified |
| Share repurchases | — | 0 | 52.6 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 weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn SEK
Key indicators
Coverage and freshness
Score by group
40% · 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: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 57.8% | 40 (on a fixed band) | 16% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 10.2x | 88 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.6% | 71 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial40/100 · 1/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation80/100 · 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
John Mattson Fastighetsföretagen AB (publ) (JOMA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 6.4%.
The estimated value range is 81.01–176.37 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 111.05 SEK, the price of 53.50 SEK leaves a potential of 107.6% (value / price − 1) and a margin of safety of 51.8% (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: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 10.2x
- FCF yield: 5.6%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.1x
- Shareholder yield (distributions): 1.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 JOMA.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
John Mattson Fastighetsföretagen manages, develops and acquires residential and public-interest buildings, concentrated in the Stockholm region. In 2025 rental revenue reached 673.0 Mkr 1, and an occupancy rate of 97.6 percent 1 points to a stable portfolio, which makes the company relevant for investors interested in Swedish residential property.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Interest rate riskhigh
Rising market rates could increase the cost of financing and weigh on the management result 1.
- Valuation riskhigh
Property value depends on rents and the required yield, and a decline could reduce net asset value 1.
- Planning riskmedium
Approvals from local authorities could delay or reduce the volume of projects 1.
- Acquisition riskmedium
Competition for attractive land and properties could limit growth 1.
- Climate and emissions riskmedium
Climate risks and project emissions could raise costs and make the climate targets harder to reach 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Development of interest rates and the cost of financing2026
- Management result per share and whether the growth target is metQ1 2027
- Dividend policy and the actual level of distributions2027
- Vacancy and rent levels in the portfolionext 10-K
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
The company works across management, refinement, project development and property acquisition, with its own residential portfolio at the centre. According to the 2025 annual report, close tenant relationships and in-house management are central to the strategy 1. The stated aim is sustainable living environments, with a long-term dividend policy of 30 percent of the management result 1.
Operations are organised in four geographically coherent management areas, which allows efficient operation and easier integration of new properties 1. The strategy emphasises energy efficiency, for example through a framework agreement for solar panels across the portfolio 1.
The long-term return targets are growth of at least 7 percent per year in long-term net asset value per share and at least 10 percent per year in management result per share, over a business cycle 1. Both targets were exceeded in 2025 1.
Segments
Own management
Ongoing operation and maintenance of existing buildings, together with security measures, forms the base of recurring income 1.
Upgrades and development
Modernisation and densification works, as well as development projects for housing and public buildings, add value to the portfolio 1.
Acquisitions
Acquisition of properties and building rights in priority locations with long-term potential complements the growth strategy 1.
Market context
Housing demand in the Stockholm region remains the strongest, and the company notes that vacancies are low and rents are relatively secure and predictable 1. According to the report, signs of economic recovery in Sweden emerged in 2025, which could support demand and households' ability to pay for housing 1.
On the other hand, geopolitical uncertainty and possible import tariffs could lead to higher inflation and rising interest rates, affecting the cost of financing 1.
Trends
- Swedish economic recoverytailwind
Signs of recovery and better household purchasing power could support demand for housing 1.
- Rising vacancies in smaller townsmixed
Vacancies have risen in many smaller municipalities, while attractive areas in the metropolitan regions still show very low vacancy 1.
- Geopolitical uncertainty and interest ratesheadwind
Import tariffs and supply chain disruptions could lead to higher inflation and higher interest rates 1.
- Sustainability and energy requirementsmixed
Energy efficiency and emission reduction are becoming more important, and energy costs have become more volatile 1.
Competitive position
The company operates mainly in the Stockholm region, where it competes with other private companies and public housing entities for land, building rights and tenants 1. The report does not give a detailed list of competitors, and direct comparison is limited to tenant satisfaction indicators 1.
Tenant satisfaction with the area is compared with the average of private property companies and public housing companies in the region, which shows the company's relative position in the market 1.
- Other private property companies in Stockholm
Competition for acquisitions and tenants, not identified in detail in the source.
- Public housing companies in Stockholm
Reference for tenant satisfaction, cited in the report without names.
- Residential project developers
Competition for building rights and land in priority areas.
- Property funds active in Sweden
Competition in the property transaction market, without detailed data in the source.
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 / John Mattson Fastighetsföretagen 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.