olivLaw · European equity research
EIK fasteignafélag hf. EIK.IC
Iceland · Nasdaq Iceland · ISIN IS0000020709 · Vertical: Listed companies from Iceland
EIK fasteignafélag hf. is an owner and operator of commercial property in Iceland, also active in running a hotel. In fiscal 2025 its rental income reached 10865 million ISK, and profit for the year was 5493 million ISK, showing how much the result depends on portfolio valuation.
At the close of 04 Nov 2026, EIK fasteignafélag hf. (EIK.IC) stock was 14.20 ISK (+3.65% on the day), with beta 0.19, 52-week range 13.55–14.90 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)
- 50.2
- neutral
- Bollinger (20, 2)
- 13.80 – 14.47
- in the upper half of the band · %B 0.60 · band width 4.8%
- SMA 50 / 200
- 14.39 / 14.23
- mixed trend
- MACD (12, 26, 9)
- -0.08 / -0.08
- MACD below 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 | +2.2% | −1.5% | +3.7 pp | — |
| 3 months | −3.4% | −5.3% | +1.9 pp | — |
| 6 months | +1.4% | +4.7% | −3.3 pp | — |
| Year to date | +2.9% | +6.0% | −3.1 pp | — |
| 1 year | +6.8% | +8.2% | −1.4 pp | −11.1% |
| 3 years | +24.6% | +47.2% | −22.6 pp | +7.2% |
| 5 years | +13.6% | +41.8% | −28.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 11.2 bn | 11.5 bn | 12.6 bn |
| Revenue YoY | unavailable | +2.4% | +9.5% |
| Net income | 7.3 bn | 6.5 bn | 5.5 bn |
| Net income YoY | unavailable | −11.0% | −15.2% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 64.9% | 56.3% | 43.6% |
| Free cash flow | 4.0 bn | 4.8 bn | 4.9 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.8 bn ISK
- Financial debt
- unavailable ISK
- Net debt
- unavailable ISK
- Equity
- 54.8 bn ISK
- Total assets
- 182.4 bn ISK
- Debt / equity
- unavailable
- Current ratio
- 0.29x
- ROE
- 10.2%
- ROA
- 3.2%
- FCF margin
- 38.7%
Financial statements (source on every figure)
Revenue and net income (ISK)
Margins
Income statement · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 11.2 bn | 11.5 bn | 12.6 bn | esef· 18 Mar 2026verified |
| Operating income | 14.9 bn | 14.5 bn | 13.2 bn | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 50.0 m | 176.0 m | 188.0 m | esef· 18 Mar 2026verified |
| EBITDA | 15.0 bn ≈ | 14.7 bn ≈ | 13.4 bn ≈ | esef· 18 Mar 2026derived |
| Interest expense | 7.7 bn | 6.6 bn | 6.6 bn | esef· 18 Mar 2026verified |
| Pre-tax income | 7.3 bn | 8.1 bn | 6.9 bn | esef· 18 Mar 2026verified |
| Income tax | 1.5 bn | 1.6 bn | 1.4 bn | esef· 18 Mar 2026verified |
| Net income | 7.3 bn | 6.5 bn | 5.5 bn | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 984.0 m | 3.6 bn | 2.8 bn | esef· 18 Mar 2026verified |
| Receivables | 698.0 m | 694.0 m | 926.0 m | esef· 18 Mar 2026verified |
| Current assets | 1.7 bn | 4.3 bn | 3.7 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 6.0 bn | 5.9 bn | 5.4 bn | esef· 18 Mar 2026verified |
| Goodwill | 351.0 m | 351.0 m | 351.0 m | esef· 18 Mar 2026verified |
| Total assets | 141.6 bn | 156.3 bn | 182.4 bn | esef· 18 Mar 2026verified |
| Accounts payable | 1.8 bn | 1.8 bn | 3.0 bn | esef· 18 Mar 2026verified |
| Current liabilities | 10.2 bn | 7.9 bn | 12.8 bn | esef· 18 Mar 2026verified |
| Total liabilities | 92.6 bn | 103.6 bn | 127.6 bn | esef· 18 Mar 2026verified |
| Equity | 49.0 bn | 52.7 bn | 54.8 bn | esef· 18 Mar 2026verified |
Cash flow · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.1 bn | 4.9 bn | 4.9 bn | esef· 18 Mar 2026verified |
| Capex | 80.0 m | 53.0 m | 46.0 m | esef· 18 Mar 2026verified |
| Free cash flow | 4.0 bn ≈ | 4.8 bn ≈ | 4.9 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -4.0 bn | -5.5 bn | -8.0 bn | esef· 18 Mar 2026verified |
| Financing cash flow | -2.1 bn | 3.2 bn | 2.2 bn | esef· 18 Mar 2026verified |
| Dividends paid | 2.0 bn | 2.5 bn | 3.4 bn | esef· 18 Mar 2026verified |
| Share repurchases | 0 | 299.0 m | 0 | esef· 18 Mar 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: 5 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · 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: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 43.6% | 89 (vs peers) | 23% |
| FCF conversion · Quality | 88.7% | 84 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 69.6% | 72 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality86/100 · 2/3 factors with a value
- Returns· partial72/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
EIK FASTEIGNAFÉLAG HF. (EIK.IC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 12.6 bn ISK in 2025; YoY growth 9.5%; net margin 43.6%; ROE 10.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 43.6%
- FCF conversion: 88.7%
- Payout ratio (FCF): 69.6%
What contradicts it
- Interest coverage: 2.0x
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Iceland · same country · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HAGA.ICHagar hf. | 131.4 bn | 20.2 | 18.2% | 3.8% | +9.3% | +6% / +80% |
| FESTI.ICFesti hf. | 90.6 bn | 22.7 | 10.1% | 2.6% | +13.4% | −8% / +66% |
| HEIMAR.ICHeimar hf. | 62.0 bn | 7.5 | 13.5% | 55.5% | +7.7% | −5% / +51% |
| BERA.ICÖlgerðin Egill Skallagríms hf. | 37.6 bn | 17.6 | 13.7% | 5.9% | +7.7% | −22% / +2% |
| NOVA.ICNova Klúbburinn hf | 12.2 bn | 15.1 | 8.5% | 6.1% | +2.8% | −24% / −15% |
| ALVO.ICAlvotech | — | — | — | 9.0% | +43.4% | −14% / −59% |
| ASAR.ICSíminn hf. | — | 17.7 | — | — | +3.0% | −18% / +29% |
| BRIM.ICBrim hf. | — | — | 11.9% | 14.6% | +5.2% | +18% / +12% |
| EIK.ICEik Fasteignafélag Hf. | — | — | 10.2% | 43.6% | +9.5% | +1% / +23% |
| EIM.ICEimskipafélag Íslands hf. | — | — | 3.2% | 1.2% | −4.7% | +8% / −34% |
| HAMP.ICHampiðjan hf | — | — | 1.7% | 1.2% | +15.7% | −26% / −37% |
1- and 3-year price returns: for EIK.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
EIK fasteignafélag hf. is an owner and operator of commercial property in Iceland, also active in running a hotel. In fiscal 2025 its rental income reached 10865 million ISK 1, and profit for the year was 5493 million ISK 1, showing how much the result depends on portfolio valuation.
SWOT
Strengths
- Large commercial property portfolio with stable rental income and operating cash generation.
- Financial statements audited by an external auditor and prepared under IFRS.
- Substantial equity supporting the balance sheet.
Weaknesses
- High dependence on property revaluations for profit growth.
- Large interest-bearing debt with substantial financing costs.
- Concentrated exposure to the Icelandic market.
Opportunities
- Developing or modernising existing properties could increase rental income.
- Refinancing debt on better terms could reduce financing costs.
- Optimising the portfolio mix could improve returns.
Threats
- A fall in property values could significantly reduce accounting profit.
- Rising interest rates could add pressure on financing costs.
- Regulatory or accounting standard changes could alter how results are presented.
Risks
- Valuation sensitivityhigh
Profit depends largely on property revaluations, which could reverse if the market shifts.
- Leveragehigh
Large debt increases vulnerability to changes in credit conditions and refinancing.
- Cost of financingmedium
Interest payments absorb a significant part of operating cash flow.
- Geographic concentrationmedium
Activity is concentrated in Iceland, exposing the company to local economic conditions.
- Standards changelow
Implementing IFRS 18 could change how results are presented without affecting estimates, but would affect comparability.
Investment thesis
What would need to be true (bull case)
- If rents stay stable and valuations hold, profit could remain solid, supported by a large portfolio.
- If debt refinancing is done on more favourable terms, pressure on profit could ease.
- Continued property investment could widen the long-term income base.
What would break the thesis
- If the property market cools, positive revaluations could disappear and profit could fall considerably.
- Large debt makes the company sensitive to rising borrowing costs.
- Concentration in a single market could amplify the effects of a local economic slowdown.
What to watch
- Development of portfolio revaluationsQ1 2027
- Level of financing costs and debt refinancing2027
- Application of IFRS 18 and effects on result presentation2027
- Trend in rental income and occupancynext 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 group's activity consists of owning, leasing and managing commercial premises, as well as holding an interest in hotel operations 1. The financial statements are prepared in Icelandic krónur and reported under IFRS, so property valuation decisions directly affect the result 1. The company is headquartered in Kópavogur, Iceland 1.
Operating cash flow was 4919 million ISK in 2025 1, but high debt, with financing costs of 3505 million ISK paid in the year 1, limits room for manoeuvre. Investment property of 172760 million ISK at 31 December 2025 1 dominates the balance sheet.
The capital structure combines long-term interest-bearing debt with a significant equity base, which stood at 54761 million ISK at year end 2025 1. Dividends paid in 2025 were 1 ISK per share 1.
Segments
Investment properties
The investment segment generated revenue of 11258 million ISK in 2025, most of it from rent, and operating result before valuation and depreciation was 8005 million ISK 1.
Hotel
The hotel segment had other operating revenue of 872 million ISK in 2025 and an operating loss before valuation and depreciation of 104 million ISK 1.
Market context
The company operates in the Icelandic commercial property market, where property values are sensitive to interest rates and financing conditions. Portfolio value growth in 2025 was supported by a revaluation gain of 5352 million ISK 1, but could be weaker if the market cools.
Trends
- Portfolio revaluationsmixed
Property revaluation gains contributed heavily to profit in 2025, yet part of the profit growth depends on valuation judgements rather than cash receipts.
- Cost of financingheadwind
Interest-bearing debt is large and financing costs remain a pressure on profit, especially if credit conditions worsen.
- Portfolio investmenttailwind
The company continued investing in properties, which could support future income if rents stay stable.
- New accounting standardsmixed
IFRS 18 takes effect in 2027 and could change how results are presented without altering accounting estimates, according to management 1.
Competitive position
The company competes with other owners of commercial premises and hotels in Iceland for tenants and investors. The sources provided do not name competitors, so direct market-share comparisons cannot be made.
Relative advantage depends on the quality and location of the portfolio and on the ability to keep premises occupied. These points are not detailed in the available sources.
- Other local commercial property owners
Compete for tenants and investors in the Icelandic market; the sources do not name them.
- Local hotel operators
Compete in the accommodation segment, where the company has limited presence.
- Institutional property investors
Compete for quality properties and for financing.
- Regional property developers
Can offer new premises that compete with the existing portfolio.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202425 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / EIK fasteignafélag hf. · 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.