olivLaw · European equity research
Kaldalón hf. KALD.IC
Iceland · Nasdaq Iceland · ISIN IS0000035632 · Vertical: Listed companies from Iceland
Kaldalón hf. is an Icelandic real estate company that mainly holds rented investment properties, which make up almost all of its assets. With rental income rising and a profit in 2024, its financial position depends largely on how these properties are valued and on its level of debt.
At the close of 05 Nov 2026, Kaldalón hf. (KALD.IC) stock was 23.20 ISK (+0.00% on the day), with market capitalisation 25.7 bn ISK, P/E 8.3 on diluted EPS of 2.81 ISK over the last 12 months, beta 0.27, 52-week range 22.80–28.00 ISK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 22.82 – 23.60
- in the lower half of the band · %B 0.49 · band width 3.4%
- SMA 50 / 200
- 24.44 / 25.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.31 / -0.40
- 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 | −0.9% | +0.4% | −1.2 pp | — |
| 3 months | −11.5% | −3.3% | −8.2 pp | — |
| 6 months | −14.1% | +4.0% | −18.0 pp | — |
| Year to date | −14.7% | +8.1% | −22.8 pp | — |
| 1 year | −10.8% | +10.7% | −21.5 pp | −7.8% |
| 3 years | +46.8% | +50.1% | −3.3 pp | +13.1% |
| 5 years | +23.4% | +43.6% | −20.2 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 67 percentile of its own 3-quarter history (min 6.5, median 6.8, max 9.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 2.1 bn | 3.2 bn | 3.2 bn |
| Net income YoY | unavailable | +50.7% | +2.2% |
| Diluted EPS | 2.40 | 2.69 | 2.81 |
| Diluted EPS YoY | unavailable | +12.1% | +4.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | 838.0 m | 2.1 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.7 bn ISK
- Financial debt
- 42.1 bn ISK
- Net debt
- 40.4 bn ISK
- Equity
- 25.9 bn ISK
- Total assets
- 75.8 bn ISK
- Debt / equity
- 1.62x
- Current ratio
- 0.44x
- ROE
- 13.1%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (ISK)
Income statement · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 3.8 bn | 6.3 bn | 7.3 bn | esef· 11 Mar 2025verified |
| Depreciation & amortisation | — | 0 | 230.0 m | esef· 11 Mar 2025verified |
| EBITDA | — | 6.3 bn ≈ | 7.5 bn ≈ | esef· 11 Mar 2025derived |
| Interest expense | 1.3 bn | 2.4 bn | 3.4 bn | esef· 11 Mar 2025verified |
| Pre-tax income | 2.6 bn | 4.0 bn | 4.3 bn | esef· 11 Mar 2025verified |
| Income tax | 513.0 m | 809.0 m | 1.1 bn | esef· 11 Mar 2025verified |
| Net income | 2.1 bn | 3.2 bn | 3.2 bn | esef· 11 Mar 2025verified |
| Diluted EPS | 2.40 | 2.69 | 2.81 | esef· 11 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.3 bn | 1.8 bn | 1.7 bn | esef· 11 Mar 2025verified |
| Receivables | 825.0 m | 1.0 bn | 624.0 m | esef· 11 Mar 2025verified |
| Current assets | 3.1 bn | 2.9 bn | 2.4 bn | esef· 11 Mar 2025verified |
| Property, plant & equipment, net | — | 0 | 202.0 m | esef· 11 Mar 2025verified |
| Total assets | 45.5 bn | 60.7 bn | 75.8 bn | esef· 11 Mar 2025verified |
| Short-term debt | 1.1 bn | 7.3 bn | 4.4 bn | esef· 11 Mar 2025verified |
| Long-term debt | 18.8 bn | 22.7 bn | 37.7 bn | esef· 11 Mar 2025verified |
| Current liabilities | 3.0 bn | 10.3 bn | 5.3 bn | esef· 11 Mar 2025verified |
| Total liabilities | 24.8 bn | 37.5 bn | 49.9 bn | esef· 11 Mar 2025verified |
| Equity | 20.7 bn | 23.2 bn | 25.9 bn | esef· 11 Mar 2025verified |
| Shares outstanding at year end | 873.8 m | 1.1 bn | 1.1 bn | esef· 11 Mar 2025derived |
Cash flow · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 386.0 m | 838.0 m | 2.1 bn | esef· 11 Mar 2025verified |
| Capex | — | 0 | 1.0 m | esef· 11 Mar 2025verified |
| Free cash flow | — | 838.0 m ≈ | 2.1 bn ≈ | esef· 11 Mar 2025derived |
| Investing cash flow | -9.8 bn | -10.6 bn | -11.2 bn | esef· 11 Mar 2025verified |
| Financing cash flow | 10.4 bn | 9.3 bn | 9.0 bn | esef· 11 Mar 2025verified |
| Share repurchases | — | 0 | 613.0 m | esef· 11 Mar 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: 49 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 25.7 bn ISK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality58
- Balance sheet3
- Valuation79
- Returns34
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 49/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.3% | 63 (vs peers) | 14% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 65.8% | 51 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.4x | 0 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | 2.2x | 10 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 8.3x | 83 (vs peers) | 14% |
| EV/EBITDA · Valuation | 8.8x | 57 (on a fixed band) | 14% |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality58/100 · 2/3 factors with a value
- Returns· partial34/100 · 1/2 factors with a value
- Valuation79/100 · 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
Kaldalón hf. (KALD.IC). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 13.1%; net debt/EBITDA 5.4x.
The estimated value range is 48.63–57.71 ISK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 48.85 ISK, the price of 23.20 ISK leaves a potential of 110.6% (value / price − 1) and a margin of safety of 52.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 49/100, 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, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 8.3x
- FCF yield: 8.3%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 5.4x
- Interest coverage: 2.2x
- Current ratio: 0.4x
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Listed companies from Iceland · same country · compared with 11 companies
Multiples and returns vs the median
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 KALD.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
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
Kaldalón hf. is an Icelandic real estate company that mainly holds rented investment properties, which make up almost all of its assets. With rental income rising and a profit in 2024, its financial position depends largely on how these properties are valued and on its level of debt 1.
SWOT
Strengths
- Rising rental income and a portfolio of investment properties that dominates the balance sheet.
- Positive net profit in 2024, supported by higher revenue and revaluations.
- A simple business model focused on renting properties.
Weaknesses
- Very high dependence on the value of investment properties and on valuation assumptions.
- High interest-bearing debt, with financing costs that rose in 2024.
- Limited diversification of revenue, which comes almost entirely from rents.
Opportunities
- Expanding the portfolio through new property investment, if these generate stable rents.
- Optimising the funding structure, if the cost of debt falls.
- Rising demand for rented space could support future revenue.
Threats
- A fall in property values, which could reduce equity and accounting profit.
- Higher interest rates, which could weigh on debt service.
- Changes in market conditions that could reduce rents or occupancy.
Risks
- Dependence on property valuationhigh
A very large share of assets is valued at fair value, and changes in assumptions could significantly alter the result and equity.
- High leveragehigh
Total liabilities exceed half of the company's assets, which could create pressure if cash flows decline.
- Cost of financingmedium
Interest paid rose, and a further increase in rates could reduce profitability.
- Concentration in one marketmedium
Activity is concentrated in the local property market, which could amplify the effects of an economic slowdown.
- Bad debt losseslow
Losses on long-term receivables appeared in 2024, which could signal recovery problems with some debtors.
Investment thesis
What would need to be true (bull case)
- Rising rental income and a positive net profit show the rental model is working, and continued investment could expand the revenue base.
- The high share of properties in assets provides a tangible base, and positive revaluations have helped lift equity.
- If financing costs stabilise, operating margins could remain solid.
What would break the thesis
- Profit depends heavily on property revaluations, which are not cash received and could reverse if assumptions change.
- High debt and rising interest costs could erode the result in periods of economic difficulty.
- Limited revenue diversification and geographic concentration could amplify market shocks.
What to watch
- Trend in the value of investment properties and the valuation assumptions behind it2025
- Level of interest expense and interest-bearing debt2025
- Pace of new property investment and the rental yield it generates2025
- Losses on long-term receivables and their recovery2025
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
Kaldalón hf. earns most of its revenue from renting fjárfestingareignir, that is investment properties carried at fair value. Rental income rose to 4508 million ISK in 2024 from 3222 million ISK in 2023 1. The business model depends on operating these assets and financing them through long-term and short-term debt 1.
The core activity centres on rented properties, and the costs of running them along with administrative expenses are reported separately in the 2024 income statement 1. The company reports no significant revenue from other sources, which makes it sensitive to the rental market and to the cost of financing 1.
The balance sheet shows that assets are dominated by investment properties, which form the bulk of total assets, while interest-bearing debt is a major part of funding 1. This profile means the book value of the company depends on the valuation assumptions used by management 1.
Segments
Rental of investment properties
The largest segment is the rental of investment properties, which generates the main revenue and accounts for most of total assets 1.
Fasteignir til eigin nota
A smaller segment covers properties held for own use, whose value was insignificant at the end of 2023 and reached 202 million ISK at 31 December 2024 1.
Market context
The company's activity is tied to the Icelandic property market, where investment properties are valued on the basis of assumptions about the cost of capital, future rents and occupancy 1. The auditor's report names these assumptions as the most sensitive elements of the valuation 1.
Sensitivity to the cost of financing is high, because interest-bearing debt and interest payments rose in 2024 compared with the prior year 1.
Trends
- Rising rental incometailwind
Rental income grew significantly in 2024, supporting the company's operating result 1.
- Financing costsheadwind
Net financial expenses rose in 2024, which could limit profit if interest rates remain high 1.
- Property revaluationsmixed
Gains from revaluing investment properties contributed heavily to profit, but they depend on assumptions that could change 1.
- Investment in propertiesmixed
The company continued investing in investment properties in 2024, which could expand the rental base if these investments prove productive 1.
Competitive position
The sources provided do not name competitors. The company operates in a property segment where rented assets compete for tenants in the local rental market 1.
Without market share data in the sources, competitive position cannot be measured directly; the financial results show only rising rents and property values 1.
- Other owners of commercial and residential property in Iceland
Not named in the source; competition comes from other property investors in the local market.
- Local property developers
The source gives no details; they are mentioned only in the general context of the market.
- Institutional property investors
The source does not identify them; they may compete for the same properties and tenants.
- Long-term rental operators
Not described in the source; they may compete for demand in the rental segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202411 Mar 2025
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Kaldalón 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.