olivLaw · European equity research
Stenhus Fastigheter i Norden AB (publ) SFAST.ST
Sweden · Nasdaq Stockholm · ISIN SE0014956819 · Vertical: Listed companies from Sweden
Stenhus Fastigheter i Norden AB is a Swedish property owner and developer listed on Nasdaq Stockholm, focusing its portfolio on commercial, logistics and light industrial premises. In 2024 the company sold 29 properties for 746.5 mkr and bought three for 177.0 mkr, a sign of a strategy to refocus its portfolio geographically.
At the close of 05 Nov 2026, Stenhus Fastigheter i Norden AB (publ) (SFAST.ST) stock was 10.80 SEK (+1.89% on the day), with market capitalisation 3.9 bn SEK, P/E 10.4 on diluted EPS of 1.04 SEK over the last 12 months, beta 0.50, 52-week range 10.24–13.06 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)
- 49.8
- neutral
- Bollinger (20, 2)
- 10.33 – 10.83
- in the upper half of the band · %B 0.94 · band width 4.7%
- SMA 50 / 200
- 11.25 / 11.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.22
- 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 | +1.1% | −0.6% | +1.8 pp | — |
| 3 months | −10.9% | −4.2% | −6.7 pp | — |
| 6 months | −6.1% | +4.3% | −10.4 pp | — |
| Year to date | −5.4% | +7.5% | −12.9 pp | — |
| 1 year | +2.1% | +9.9% | −7.8 pp | −8.3% |
| 3 years | +50.8% | +49.8% | +1.0 pp | +12.0% |
| 5 years | −54.7% | +42.8% | −97.5 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 2-quarter history (min 11.0, median 43.7, max 76.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -413.1 m | 56.4 m | 377.1 m |
| Net income YoY | unavailable | unavailable | +568.0% |
| Diluted EPS | -1.11 | 0.15 | 1.04 |
| Diluted EPS YoY | unavailable | unavailable | +593.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 542.8 m SEK
- Financial debt
- 6.9 bn SEK
- Net debt
- 6.4 bn SEK
- Equity
- 6.0 bn SEK
- Total assets
- 14.9 bn SEK
- Debt / equity
- 1.16x
- Current ratio
- 0.49x
- 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) |
|---|---|---|---|---|
| Interest expense | 433.2 m | 454.8 m | 407.6 m | esef· 28 Oct 2026verified |
| Pre-tax income | -392.8 m | 126.4 m | 528.2 m | esef· 28 Oct 2026verified |
| Income tax | -17.0 m | 70.4 m | — | esef· 08 May 2025verified |
| Net income | -413.1 m | 56.4 m | 377.1 m | esef· 28 Oct 2026verified |
| Diluted EPS | -1.11 | 0.15 | 1.04 | esef· 28 Oct 2026verified |
| Weighted average diluted shares | 371.2 m | 371.5 m | 363.9 m | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 306.2 m | 224.9 m | 542.8 m | esef· 28 Oct 2026verified |
| Current assets | 455.1 m | 343.2 m | 725.1 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 663.0 k | 498.0 k | 416.0 k | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 4.3 m | 4.6 m | 4.9 m | esef· 28 Oct 2026verified |
| Total assets | 14.7 bn | 14.1 bn | 14.9 bn | esef· 28 Oct 2026verified |
| Long-term debt | 6.6 bn | 6.6 bn | 6.9 bn | esef· 28 Oct 2026verified |
| Current liabilities | 1.7 bn | 1.1 bn | 1.5 bn | esef· 28 Oct 2026verified |
| Total liabilities | 8.8 bn | 8.2 bn | 9.0 bn | esef· 28 Oct 2026verified |
| Equity | 5.9 bn | 5.9 bn | 6.0 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 372.2 m | 376.3 m | 362.6 m | esef· 28 Oct 2026derived |
Cash flow · SEK
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
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.9 bn SEK
Key indicators
Coverage and freshness
Score by group
21% · 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: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | 0.5x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 10.4x | 88 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.3% | 62 (on a fixed band) | 30% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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· partialunavailable · 0/3 factors with a value
- Returns· partial62/100 · 1/2 factors with a value
- Valuation· partial88/100 · 1/3 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
Stenhus Fastigheter i Norden AB (publ) (SFAST.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 16.14–35.14 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 22.13 SEK, the price of 10.80 SEK leaves a potential of 104.9% (value / price − 1) and a margin of safety of 51.2% (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 (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 10.4x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
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 SFAST.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
Stenhus Fastigheter i Norden AB is a Swedish property owner and developer listed on Nasdaq Stockholm, focusing its portfolio on commercial, logistics and light industrial premises. In 2024 the company sold 29 properties for 746.5 mkr and bought three for 177.0 mkr, a sign of a strategy to refocus its portfolio geographically.
SWOT
Strengths
- Diversified portfolio with tenants across several industries and long-term contracts with tenants of good creditworthiness.
- Most rental income is indexed to inflation, which supports cash flows.
- In-house experience in development projects and environmental certifications.
Weaknesses
- Interest costs are the largest expense, and exposure to floating rates increases sensitivity of the result.
- Reliance on bank credit because of limited access to the bond market.
- Financial covenants that, if breached, can lead to early repayment of loans.
Opportunities
- Continued refocusing of the portfolio towards properties with better risk-adjusted returns.
- Development projects with long-term anchor tenants, such as those in Varberg and Västerås.
- Rising environmental requirements from tenants, which may favour certified properties.
Threats
- Rising interest rates or rapid changes in credit markets could increase the cost of funding.
- Regulatory and political changes could bring unforeseen costs or sanctions.
- Climate risks could cause damage and additional costs to adapt buildings.
Risks
- Cost of financinghigh
Interest is the largest expense, and developments in the credit market can affect cost and access to funding 1.
- Financial covenantshigh
Breach of financial covenants or a change of control could lead to early repayment of loans 1.
- Project riskmedium
Projects may prove more expensive or slower than planned, which could affect property values 1.
- Vacancy riskmedium
If tenants leave or rent levels fall, revenue could be reduced, although most leases are long-term 1.
- Climate riskslow
Climate change may cause physical damage and additional operating costs 1.
Investment thesis
What would need to be true (bull case)
- If the portfolio refocusing continues and indexed rents protect revenue, the company could earn a stable return from long-term properties.
- If development projects with anchor tenants are delivered on time, the value of the portfolio could increase.
- If access to funding remains good, the company could continue acquisitions and support the proposed dividend.
What would break the thesis
- If interest rates remain high, funding costs could absorb a significant part of revenue.
- If financial covenants are tight, a fall in property values could trigger funding restrictions.
- If projects are delayed or exceed budget, the expected return could be affected.
What to watch
- Development of financing costs and financial covenantsQ1 2027
- Delivery timetable of the Köpmannen 7 and Sparrhornet 3 projects2027
- Payment of the proposed dividend and the decision of the annual general meeting2027
- Results on property sales and acquisitionsnext 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 aims to build, through acquisitions, development and management of properties, a diversified portfolio that generates the highest possible risk-adjusted return for shareholders. Growth comes mainly from property acquisitions, supplemented by project development and tenant fit-outs 1. Most leases are indexed to the Swedish consumer price index 1.
Development activity includes projects such as Sparrhornet 3 in Varberg, a 3 342 sqm BTA premises leased for 15 years, and Köpmannen 7 in Västerås, where works were in progress at year end 2024 1. The portfolio also includes holdings in associated companies, such as Backaheden Fastighets AB, consolidated since Q3 2023, and Krona Public Real Estate AB, treated as an associate 1.
The company moved its listing to Nasdaq Stockholm Mid Cap on 18 December 2024, after being listed on Nasdaq First North Premier Growth Market from November 2020 1. For 2024 the board proposed for the first time a dividend of 0.20 SEK per share, paid in two instalments 1.
Segments
Retail, non-essential and daily goods
This segment includes retail premises such as those at Köpmannen 7 and Köpmannen 12 in Västerås, leased to retailers such as Motonet, Dollarstore, Lindex and Jem & Fix 1. Projects in Skiftinge and Västerås carry lease terms from 6 to 15 years 1.
Market context
The company operates in the Swedish property market, with properties in several regional towns, and its location choices led in 2024 to exits from Gävle, Falköping, Tidaholm, Avesta, Hässleholm and Växjö 1. Competition and demand for commercial premises are influenced by market rent levels, economic growth and the volume of new construction 1.
Market-related risks include the influence of credit market conditions on refinancing costs and access to funding, a factor the company explicitly names 1. The company also noted that volatility in the bond market has limited access to issuance, forcing reliance on bank credit 1.
Trends
- Geographic refocusing of the portfoliomixed
The company sold assets in several towns in 2024 to concentrate geographically, which may simplify management and strengthen the balance sheet 1. If the refocusing succeeds, it could improve the risk-adjusted return of the portfolio.
- Rent indexation to inflationtailwind
Most leases are linked to the consumer price index, which could protect revenue in periods of inflation 1. However, if inflation falls, rental income could grow more slowly.
- Financing and refinancing costsheadwind
Interest costs are the company's largest expense, and changes in credit markets can quickly alter funding costs and affect compliance with financial covenants 1. If interest rates remain high, the net margin could come under pressure.
- Sustainability and climate requirementsmixed
The company aims for all new construction to be environmentally certified and is extending BREEAM projects, which may attract tenants with green requirements 1. Costs of adapting to climate change and new regulations could, however, raise the required investment 1.
Competitive position
The analysed sources do not provide detailed information about the company's direct competitors, so its positioning relative to other market players remains unclear from the available documents 1. The company stands out through its acquisition strategy and its participation in associated companies, which differentiates it from pure project developers 1.
A further differentiating element is its in-house project experience, with an internal project organisation and rigorous supplier evaluation, which may limit the risk of cost overruns 1. Direct competition, however, is not detailed in the analysed source 1.
- Backaheden Fastighets AB (associated company)
Listed company, consolidated by Stenhus, with tenants such as Santa Maria and Region Halland; not a direct competitor 1.
- Krona Public Real Estate AB (associated company)
Listed company in which the company holds a minority stake, with Norwegian public-sector tenants 1.
- Other Swedish property developers and managers
The analysed sources do not name competitors, so the list cannot be completed from the documents.
- Institutional property investors
Shareholders and investors in the market compete for the same properties, but the source does not name them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Stenhus Fastigheter i Norden AB (publ) · 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.