olivLaw · European equity research
Wihlborgs Fastigheter AB WIHL.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
Wihlborgs Fastigheter is a property owner and developer active in the Öresund region linking Sweden and Denmark. The company matters now because the region is growing fast and the office and logistics market in Malmö, Lund and Helsingborg shows signs of recovery, with a portfolio concentrated in four cities and income tied to rents.
At the close of 05 Nov 2026, Wihlborgs Fastigheter AB (WIHL.ST) stock was 72.30 SEK (+2.77% on the day), with market capitalisation 22.2 bn SEK, P/E 10.0 on diluted EPS of 7.22 SEK over the last 12 months, dividend yield 4.43%, beta 0.40, 52-week range 66.65–95.70 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)
- 60.5
- strong (55–70)
- Bollinger (20, 2)
- 66.00 – 71.34
- above the upper band · %B 1.18 · band width 7.8%
- SMA 50 / 200
- 72.13 / 81.09
- mixed trend
- MACD (12, 26, 9)
- -0.44 / -1.04
- 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 | +4.9% | −0.6% | +5.6 pp | — |
| 3 months | −8.1% | −4.2% | −4.0 pp | — |
| 6 months | −13.4% | +4.3% | −17.7 pp | — |
| Year to date | −20.8% | +7.5% | −28.3 pp | — |
| 1 year | −21.3% | +9.9% | −31.2 pp | −8.3% |
| 3 years | −8.1% | +49.8% | −58.0 pp | +12.0% |
| 5 years | −31.1% | +42.8% | −73.9 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 12.6, median 15.8, max 18.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -27.0 m | 1.7 bn | 2.2 bn |
| Net income YoY | unavailable | unavailable | +30.1% |
| Diluted EPS | -0.09 | 5.55 | 7.22 |
| Diluted EPS YoY | unavailable | unavailable | +30.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 1.9 bn | 1.6 bn | 2.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 263.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 24.3 bn SEK
- Total assets
- 65.9 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 0.14x
- ROE
- 9.4%
- ROA
- 3.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 346.0 m | 412.0 m | 263.0 m | esef· 26 Oct 2026verified |
| Current assets | 557.0 m | 725.0 m | 562.0 m | esef· 26 Oct 2026verified |
| Total assets | 57.4 bn | 60.8 bn | 65.9 bn | esef· 26 Oct 2026verified |
| Current liabilities | 6.4 bn | 2.3 bn | 4.1 bn | esef· 26 Oct 2026verified |
| Equity | 22.4 bn | 23.2 bn | 24.3 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 300.0 m | 307.4 m | 307.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.9 bn | 1.6 bn | 2.2 bn | esef· 26 Oct 2026verified |
| Capex | 5.0 m | 3.0 m | 2.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 1.9 bn ≈ | 1.6 bn ≈ | 2.2 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -2.0 bn | -2.3 bn | -5.2 bn | esef· 26 Oct 2026verified |
| Financing cash flow | 253.0 m | 766.0 m | 2.9 bn | 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
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 22.2 bn SEK
Key indicators
Coverage and freshness
Score by group
29% · 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: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 98.2% | 97 (on a fixed band) | 21% |
| 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) | 14% |
| P/E (TTM) · Valuation | 10.0x | 88 (vs peers) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.8% | 100 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| 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· partial97/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation94/100 · 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
Wihlborgs Fastigheter AB (WIHL.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 9.4%.
The estimated value range is 71.72–141.36 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 94.15 SEK, the price of 72.30 SEK leaves a potential of 30.2% (value / price − 1) and a margin of safety of 23.2% (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: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 98.2%
- P/E (TTM): 10.0x
- FCF yield: 9.8%
What contradicts it
- Current ratio: 0.1x
- The valuation methods diverge
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, Shareholder yield (distributions), 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 WIHL.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
Wihlborgs Fastigheter is a property owner and developer active in the Öresund region linking Sweden and Denmark. The company matters now because the region is growing fast and the office and logistics market in Malmö, Lund and Helsingborg shows signs of recovery, with a portfolio concentrated in four cities and income tied to rents.
SWOT
Strengths
- A portfolio concentrated in the Öresund region, with local presence and in-house management that eases tenant relationships.
- High recognition in sustainability assessments and a climate strategy approved by SBTi.
- Occupancy and net rental growth reported over a long period, suggesting solid demand for the company's properties.
Weaknesses
- Geographic concentration makes the company vulnerable to the economic development of a single region.
- Portfolio value depends heavily on valuations and yield requirements, and changes in them can strongly affect profit before tax.
- A high level of property debt can limit financial flexibility during periods of falling values.
Opportunities
- If the Öresund region keeps growing, demand for modern offices and logistics space could support new projects.
- New transport links, such as the Fehmarn Belt tunnel, could strengthen the region's position as a logistics hub.
- Demand for sustainable buildings and digital services could open new sources of income.
Threats
- Geopolitical uncertainty and trade tariffs can slow the economy and property investment.
- Cyberattacks and system failures can disrupt operations and tenant data.
- Climate change and extreme weather can generate unexpected maintenance and adaptation costs.
Risks
- Property valuationhigh
Portfolio values are sensitive to capitalisation rates and local market developments, and a correction in values could affect results and leverage.
- Geographic concentrationmedium
The company's activity is limited to a few cities in the Öresund region, so a local fall in demand could have a significant impact.
- Cyber securitymedium
IT systems and building management systems are exposed to attacks and failures, with possible consequences for operations and tenants.
- Climate and adaptation risksmedium
Extreme weather and rising water levels may require adaptation investment and unplanned repairs, and new regulation could add costs.
- Attracting and retaining talentlow
If the organisation does not develop its skills, it could struggle to attract and keep qualified staff for complex projects.
Investment thesis
What would need to be true (bull case)
- If the Öresund region keeps growing and demand for modern space stays solid, a well-located portfolio could sustain rents and stable values.
- Occupancy and sustained net rental growth could signal good tenant relationships and an ability to win new leases.
- Its leading position in sustainability assessments could help attract tenants who demand efficient and certified buildings.
What would break the thesis
- If capitalisation rates rise or the local market cools, portfolio values could fall and affect profit before tax.
- Concentration in a few cities of the Öresund region could leave the company exposed to a local economic slowdown without offsetting gains elsewhere.
- Climate adaptation and compliance costs could exceed budgets if regulation tightens quickly.
What to watch
- Development of portfolio values and the capitalisation rates used in external valuations2026
- Occupancy and rent trends in Malmö, Lund and HelsingborgQ1 2026
- Pace of climate target implementation and renovation costsnext annual report
- Transaction activity in the regional office and logistics markets2026
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
Wihlborgs builds its business on owning, developing and managing office, commercial and logistics properties in four cities of the Öresund region: Malmö, Lund, Helsingborg and the Copenhagen area. According to the annual report for 2025, the portfolio is geographically concentrated but diversified by property type and tenant segment. The company combines in-house management with development projects and strategic acquisitions, and occupancy and rents drive its results.
The business model relies on close tenant relationships, a strong local presence and direct property management. The report says customer satisfaction and loyalty are tracked through a new survey system introduced in 2025. These relationships are seen as essential for picking up space needs quickly and adapting the offer.
Environmental and sustainability work is part of the model: the company received five out of five stars in the GRESB assessment and aims for net zero carbon by 2045. The report also covers operational, IT security and compliance risks, which the company manages through procedures and insurance.
Segments
Offices
The office segment includes buildings in urban centres and near public transport hubs in Malmö, Lund and Helsingborg. The report stresses that tenants increasingly ask for flexibility, outdoor workspaces, nearby services and hybrid solutions.
Logistics and commercial space
The logistics segment benefited from accelerating transaction activity toward the end of 2025, especially in the harbour area of Helsingborg and Landskrona. Logistics and commercial properties are seen as more sensitive to transport demand and shifts in flows.
Development and projects
Development activity covers new projects, conversion of existing buildings and the installation of batteries and solar panels. The company pursues energy efficiency and material reuse, but projects are exposed to construction costs and delay risk.
Market context
The Öresund region market is supported by economic integration between Sweden and Denmark, a population of 4.2 million and a labour market described as the largest contiguous one in the Nordics. The report notes that prime rents in Malmö rose and that Swedish property transaction volume grew 28 percent in 2025, after a long slowdown.
The macro outlook in the report is cautious but improving: cited forecasts point to Swedish GDP growth of 2.6 percent in 2026, and the Riksbank cut its policy rate during the year. If these trends firm up, demand for space and property values could benefit, though geopolitical and tariff uncertainty remains high.
Trends
- Recovery in office and transaction marketstailwind
Signals from Malmö and Lund show a recovery in construction and occupancy, and office and logistics deals picked up toward the end of 2025. If this continues, property values could support the company's results.
- Flexible work and demand for attractive officesmixed
Employees ask for flexibility, pleasant workplaces and nearby services, which could favour modern, well-connected buildings. At the same time, changing behaviour can reduce demand for older, less adaptable space.
- Climate transition and compliance costsheadwind
Reporting obligations, EU taxonomy requirements and pressure to cut building emissions can raise renovation costs. The company aims to halve emissions by 2030, but the investment needed is considerable.
- Digitalisation and electrificationmixed
Connected buildings, battery storage and solar panels open new business models, for example energy data for tenants. However, these require new skills and ongoing investment, and their value remains uncertain.
Competitive position
Wihlborgs competes with other office and logistics owners and developers in Malmö, Lund, Helsingborg and Copenhagen, but the sources analysed do not identify direct competitors in detail. The company differentiates through geographic focus, local presence and direct management, and competition may intensify when acquisitions in the area increase.
Institutional investors and pension funds appear in regional transactions, having bought office and logistics assets in 2025. These players could become competitors for properties and tenants, especially when prices are contested.
- Institutional investors in the Öresund region
Pension funds and investors that bought offices and logistics in Copenhagen and Malmö in 2025, competing for assets and tenants.
- Logistics developers
Developers active in the harbour area of Helsingborg and Landskrona, competing for land and logistics properties.
- Local office owners
Owners and managers of office buildings in Malmö and Lund offering similar space to the same tenant categories.
- Coworking and flexible office operators
Operators offering flexible and hybrid space, an alternative for tenants seeking temporary or scalable solutions.
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 / Wihlborgs Fastigheter AB · 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.