olivLaw · European equity research
Fabege AB FABG.ST
Sweden · Nasdaq Stockholm · ISIN SE0011166974 · Vertical: Listed companies from Sweden
Fabege is one of Sweden's largest property companies, owning, developing and managing commercial properties concentrated in the Stockholm region. For 2026 management sees a stronger financing position, but the office market remains difficult, with vacancy at around 14 percent of the portfolio and leasing still slow.
At the close of 05 Nov 2026, Fabege AB (FABG.ST) stock was 67.20 SEK (+0.90% on the day), with market capitalisation 21.1 bn SEK, dividend yield 2.91%, beta 0.40, 52-week range 62.90–85.25 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.7
- strong (55–70)
- Bollinger (20, 2)
- 62.72 – 66.71
- above the upper band · %B 1.12 · band width 6.2%
- SMA 50 / 200
- 67.20 / 75.28
- mixed trend
- MACD (12, 26, 9)
- -0.28 / -0.77
- 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 | +2.3% | −0.6% | +2.9 pp | — |
| 3 months | −11.2% | −4.2% | −7.0 pp | — |
| 6 months | −14.8% | +4.3% | −19.2 pp | — |
| Year to date | −18.6% | +7.5% | −26.1 pp | — |
| 1 year | −17.7% | +9.9% | −27.6 pp | −8.5% |
| 3 years | −24.9% | +49.8% | −74.8 pp | +12.3% |
| 5 years | −55.2% | +42.8% | −98.0 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.9 bn | 3.7 bn | 3.8 bn |
| Revenue YoY | unavailable | −6.6% | +2.4% |
| Net income | -5.5 bn | -213.0 m | -348.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -17.54 | -0.68 | -1.11 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -140.4% | -5.8% | -9.3% |
| Free cash flow | unavailable | 1.6 bn | 1.7 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.0 m SEK
- Financial debt
- 34.4 bn SEK
- Net debt
- 34.4 bn SEK
- Equity
- 37.5 bn SEK
- Total assets
- 83.1 bn SEK
- Debt / equity
- 0.92x
- Current ratio
- 0.16x
- ROE
- -0.9%
- ROA
- -0.4%
- FCF margin
- 46.1%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.9 bn | 3.7 bn | 3.8 bn | esef· 26 Oct 2026verified |
| Gross profit | 2.5 bn | 2.5 bn | 2.6 bn | esef· 26 Oct 2026verified |
| Operating income | 1.5 bn | 1.3 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Pre-tax income | -7.4 bn | -89.0 m | -508.0 m | esef· 26 Oct 2026verified |
| Income tax | 1.0 m | 0 | 0 | esef· 26 Oct 2026verified |
| Net income | -5.5 bn | -213.0 m | -348.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | -17.54 | -0.68 | -1.11 | esef· 26 Oct 2026verified |
| Dividend per share | 2.80 | 2.00 | 1.96 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 85.0 m | 64.0 m | 30.0 m | esef· 26 Oct 2026verified |
| Current assets | 1.7 bn | 2.2 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 30.0 m | 34.0 m | 32.0 m | esef· 26 Oct 2026verified |
| Goodwill | 205.0 m | 205.0 m | 205.0 m | esef· 26 Oct 2026verified |
| Total assets | 83.2 bn | 84.1 bn | 83.1 bn | esef· 26 Oct 2026verified |
| Short-term debt | 7.2 bn | 2.7 bn | 9.1 bn | esef· 26 Oct 2026verified |
| Long-term debt | 25.8 bn | 31.7 bn | 25.3 bn | esef· 26 Oct 2026verified |
| Current liabilities | 8.5 bn | 3.8 bn | 10.2 bn | esef· 26 Oct 2026verified |
| Equity | 39.2 bn | 38.4 bn | 37.5 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 314.6 m | 313.2 m | 313.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.6 bn | 1.6 bn | 1.7 bn | esef· 26 Oct 2026verified |
| Capex | — | 17.0 m | 11.0 m | esef· 26 Oct 2026verified |
| Free cash flow | — | 1.6 bn ≈ | 1.7 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -332.0 m | -2.5 bn | -1.2 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -1.2 bn | 805.0 m | -589.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 881.0 m | 613.0 m | 613.0 m | esef· 26 Oct 2026verified |
| Share repurchases | 0 | 0 | — | esef· 08 May 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 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: 21.1 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 | 1.7% | 17 (vs peers) | 26% |
| Net margin · Quality | -9.3% | 14 (vs peers) | 16% |
| 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 | 0.2x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.2% | 100 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 2.9% | 42 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 35.4% | 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
- Quality16/100 · 2/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation· partial100/100 · 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
Fabege AB (FABG.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.8 bn SEK in 2025; YoY growth 2.4%; net margin -9.3%; ROE -0.9%.
The estimated value range is 19.18–23.69 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.20 SEK, the price of 67.20 SEK leaves a potential of -68.5% (value / price − 1) and a margin of safety of -217.0% (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
- FCF yield: 8.2%
- Payout ratio (FCF): 35.4%
What contradicts it
- ROIC: 1.7%
- Net margin: -9.3%
- Current ratio: 0.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 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 | |
|---|---|---|---|---|---|---|
| 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% |
| FABG.STFabege AB | 21.1 bn | — | -0.9% | -9.3% | +2.4% | −18% / −28% |
| 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% |
1- and 3-year price returns: for FABG.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Fabege is one of Sweden's largest property companies, owning, developing and managing commercial properties concentrated in the Stockholm region. For 2026 management sees a stronger financing position, but the office market remains difficult, with vacancy at around 14 percent of the portfolio and leasing still slow.
SWOT
Strengths
- Solid position in the Stockholm region, good relationships with Nordic banks, and access to capital markets on favourable terms.
- Sustainability-certified portfolio that attracts tenants pursuing climate objectives.
- Long experience in managing and developing properties, with a prudent growth strategy.
Weaknesses
- High vacancy in the office portfolio, which directly affects rental income.
- Dependence on the Stockholm office market, making the company sensitive to a single region.
- Long leasing processes that delay the filling of vacant space and the flow of income.
Opportunities
- A return of demand for modern space could reduce vacancy if employees continue returning to the office.
- Lower interest rates could reduce the cost of debt when refinancing.
- Urban and housing development projects could create new value if they are pre-let.
Threats
- A weak economy could prolong tenant decisions and pressure on rents.
- Further declines in property values could affect the company's assets and capital.
- Construction costs and market risks could slow new investment.
Risks
- High office vacancyhigh
A high level of unlet space could keep pressure on rental income in the coming period.
- Property valuationhigh
Portfolio values are sensitive to the transaction market, and further adjustments could affect reported results.
- Refinancing and interest ratesmedium
Fixed-rate debt that expires could raise financing costs if market conditions change.
- Geographic concentrationmedium
Activity concentrated in Stockholm could amplify the effects of a regional fall in demand.
- Construction costslow
Changes in material and labour prices could affect the margin on new projects.
Investment thesis
What would need to be true (bull case)
- If vacancy falls and tenants continue returning to the office, rental income could grow on a sustainable basis.
- Cheaper financing and good access to capital could support new projects and debt refinancing.
- Sustainability certifications could keep the buildings attractive over the long term.
What would break the thesis
- If the economy remains weak, demand for office space could stay low and vacancy high.
- A further fall in property values could reduce assets and affect reported results.
- Concentration on one region could amplify the impact of any local slowdown.
What to watch
- Vacancy level in the office portfolioQ1 2027
- Net leasing result in the coming quarters2027
- Development of the average cost of debt after refinancing2027
- Progress of the Haga Norra project and launch of the new residential projectnext 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
Fabege presents itself as one of Sweden's largest property companies, active only in the Stockholm area, which the company regards as the country's most important growth region 1. It owns, develops and manages commercial properties in attractive locations with good transport links, and describes itself as an urban developer, meaning it also builds housing and the spaces between buildings 1. Rental income was 3 480 million SEK in 2025 1.
Fabege's growth model is stable and long-term, focusing on efficient management of existing properties and building rights rather than rapid expansion 1. The company says it creates shareholder value through entrepreneurship and customer focus, and sustainability is built into its commercial strategy, with all properties and projects certified 1.
Segments
Commercial property management
Fabege's core segment is leasing and managing office and commercial buildings in Stockholm, which generated rental income of 3 480 million SEK in 2025 1. Reducing the vacancy of around 14 percent is the main priority, with management targeting a 95 percent occupancy rate 1.
Urban development and housing
Fabege develops housing and urban spaces, including the Birgers Bostad project in Haga Norra with 288 apartments, whose completion stretches over most of 2026 1. The company says it is ready to start a new residential project in the same area once the current one is finished 1.
Market context
The Stockholm commercial property market remains difficult, with high vacancy and long decision processes for tenants, but management sees signs of stabilisation, such as more viewings and positive net leasing in the third and fourth quarters of 2025 1. Financing through capital markets and banks has improved significantly, and the average cost of debt was 2.82 percent at year-end 2025 1. Property values have fallen about 15 percent from the 2022 peak, and management hopes this period is over 1.
Property transactions rose in 2025 but volumes remain low, and a recovery depends mainly on confidence in the economy and the rental market rather than on access to capital 1. The company values around 40 to 50 percent of its portfolio externally each quarter, which gives transparency against the market 1.
Trends
- Stabilising office markettailwind
Management observes that employees are returning to the office and many companies have completed space reductions, which could support demand for modern buildings in good locations if the trend continues 1.
- Cheaper financingtailwind
Capital markets are strong, banks maintain their confidence, and central bank rate cuts could lower refinancing costs, although older fixed-rate debt has the opposite effect 1.
- High vacancy and slow demandheadwind
Vacancy of around 14 percent and long tenant decisions could prolong pressure on rental income if they do not improve quickly 1.
- Economic uncertaintymixed
Management says the main uncertainty for transactions is the general economy and the rental market, which could delay investment if it remains fragile 1. High sustainability standards can support demand but also raise construction costs 1.
Competitive position
Fabege competes with other property managers and developers in Stockholm for office tenants and urban projects, and its stated advantage is its position in central locations and close relationships with Nordic banks 1. The source does not provide a detailed list of competitors, so no quantitative comparison is presented.
Beyond financing and location, the company's differentiation rests on energy-efficient and certified buildings that attract tenants pursuing their own sustainability goals 1. Competitive risk remains high in a market with high vacancy, where tenants can choose from many available spaces 1.
- Other Stockholm commercial property managers and developers
Competitors in the office market and urban projects in the same region, referred to implicitly in the source without names.
- Urban residential project developers
Companies active in residential projects in Stockholm, competing with Fabege for land and customers.
- Flexible office space operators
Providers of flexible space that can attract tenants reducing their floor area amid changing demand.
- Institutional property investors
Funds and investors competing for property acquisitions in Stockholm as transaction volumes rise.
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 / Fabege 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.