olivLaw · European equity research
Genova Property Group AB GPG.ST
Sweden · Nasdaq Stockholm · ISIN SE0007184189 · Vertical: Listed companies from Sweden
Genova Property Group AB is a Swedish property developer and manager focused on Stockholm, the Uppsala region and western Sweden. It creates building rights from its own income-producing properties and is working through the Viby development, while the management portfolio was valued at 8 303 Mkr at the end of 2025.
At the close of 05 Nov 2026, Genova Property Group AB (GPG.ST) stock was 30.50 SEK (+0.99% on the day), with beta 0.20, 52-week range 29.60–42.70 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)
- 37.1
- weak (30–45)
- Bollinger (20, 2)
- 29.36 – 33.29
- in the lower half of the band · %B 0.29 · band width 12.6%
- SMA 50 / 200
- 34.44 / 37.67
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.21 / -1.26
- 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 | −5.9% | −0.6% | −5.2 pp | — |
| 3 months | −19.1% | −4.2% | −14.9 pp | — |
| 6 months | −19.1% | +4.3% | −23.4 pp | — |
| Year to date | −23.8% | +7.5% | −31.3 pp | — |
| 1 year | −26.5% | +9.9% | −36.4 pp | −8.3% |
| 3 years | −13.6% | +49.8% | −63.4 pp | +12.0% |
| 5 years | −76.5% | +42.8% | −119.4 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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -450.8 m | 124.0 m | 233.0 m |
| Net income YoY | unavailable | unavailable | +87.9% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 74.8 m | 80.0 m | 88.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 185.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 4.2 bn SEK
- Total assets
- 12.3 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 0.32x
- ROE
- 5.6%
- ROA
- 1.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 60.6 m | 140.0 m | 131.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -478.7 m | 219.0 m | 357.0 m | esef· 26 Oct 2026verified |
| Income tax | -62.7 m | 62.0 m | 83.0 m | esef· 26 Oct 2026verified |
| Net income | -450.8 m | 124.0 m | 233.0 m | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 45.5 m | 45.6 m | 45.7 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 285.0 m | 152.0 m | 185.0 m | esef· 26 Oct 2026verified |
| Current assets | 523.0 m | 410.0 m | 514.0 m | esef· 26 Oct 2026verified |
| Goodwill | 202.9 m | 203.0 m | 203.0 m | esef· 26 Oct 2026verified |
| Total assets | 11.6 bn | 11.7 bn | 12.3 bn | esef· 26 Oct 2026verified |
| Short-term debt | 14.0 m | 51.9 m | — | esef· 08 May 2025verified |
| Current liabilities | 1.5 bn | 2.3 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Equity | 4.3 bn | 4.1 bn | 4.2 bn | esef· 26 Oct 2026verified |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 75.3 m | 83.0 m | 95.0 m | esef· 26 Oct 2026verified |
| Capex | 500.0 k | 3.0 m | 7.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 74.8 m ≈ | 80.0 m ≈ | 88.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -119.2 m | -606.0 m | -774.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | 70.7 m | 390.0 m | 712.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 85.2 m | 70.0 m | 75.0 m | esef· 26 Oct 2026verified |
| Share repurchases | 0 | 30.0 m | 0 | 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: 3 of at least 6
- score weight coverage: 14.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
15% · 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: 14.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 37.8% | 11 (on a fixed band) | 43% |
| 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 | 0.3x | 0 (on a fixed band) | 29% |
| 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 | 85.2% | 50 (on a fixed band) | 29% |
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· partial11/100 · 1/3 factors with a value
- Returns· partial50/100 · 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
Genova Property Group AB (GPG.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 5.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 14.6% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: 37.8%
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 GPG.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
Genova Property Group AB is a Swedish property developer and manager focused on Stockholm, the Uppsala region and western Sweden. It creates building rights from its own income-producing properties and is working through the Viby development, while the management portfolio was valued at 8 303 Mkr at the end of 2025 1.
SWOT
Strengths
- The model of creating building rights from income-producing properties allows low entry values and control over the project. The portfolio has public-sector and grocery tenants on long-term contracts 1.
- The company already realised projects and building rights in 2025, which strengthened liquidity and financial position 1.
- Focus on growth regions such as Stockholm and Uppsala provides a relatively stable demand base 1.
Weaknesses
- Portfolio value depends largely on external valuations and assumptions about future building rights, which are uncertain 1.
- Part of the portfolio remains vacant, and some properties are held for development rather than rental 1.
- The report notes that investor relations could be developed further, which may limit external understanding of the company 1.
Opportunities
- If Viby and other projects are completed on time, realising building rights could bring significant gains 1.
- Acquisitions of properties with development potential, such as those in Stockholm, could expand the revenue base 1.
- Stricter energy requirements may favour modern properties that the company can develop 1.
Risks
- Decline in portfolio valuehigh
Higher required yields or rising vacancies could reduce property values, which would affect the leverage ratio 1.
- Financinghigh
If financing agreements expire or cannot be renegotiated, the company could face liquidity problems and difficulty funding projects 1.
- Political decisions and plansmedium
Changes in regulation or municipal priorities could delay detailed plans and make projects more expensive 1.
- Project executionmedium
Delays or extra costs from contractors could affect project margins and timing 1.
- Climate and environmental riskslow
Climate change and stricter environmental requirements could raise investment, insurance and maintenance costs 1.
Investment thesis
What would need to be true (bull case)
- If the Viby project is completed and realised as planned, the value built up over time could become visible in the company's results 1.
- A portfolio with public-sector and grocery tenants can support cash flow even in weaker periods 1.
- The externally estimated excess value of building rights could be realised as detailed plans take effect and properties are sold 1.
What would break the thesis
- If interest rates stay high, new financing could become more expensive and slow development 1.
- The value of building rights depends on external valuations and assumptions that may not hold, which could limit the expected gains 1.
- Political or planning delays could postpone the realisation of projects and affect investor confidence 1.
What to watch
- Completion of Viby stage 12027
- Completion of the Stockholm building-rights sales, conditional on detailed plans2026
- Development of the economic occupancy rate, which stood at 92 percentNext annual report
- Development of financing and refinancing terms for debtNext annual report
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
Genova's model uses income-producing properties to generate stable cash flows that fund detailed planning and the creation of building rights. According to the annual report, the company does not buy expensive land; it creates its own building rights, which it says gives low entry values and more control over project economics 1. Revenue comes from commercial leases, public-sector tenants and grocery retail, and at the end of 2025 the management portfolio comprised 78 properties 1. Genova can sell building rights, finished projects, or hold them, depending on the market 1.
The Viby project in Upplands-Bro is the central example of the model. The land, bought in 2014 for 45 Mkr, was developed by extending a lease with the existing tenant and then through a new detailed plan focused on housing 1. Construction started in 2025, and stage 1 is planned for completion in the second half of 2027 1. The company also sold building rights and projects in 2025, which strengthened liquidity 1.
For 2026, management said the full focus stays on Viby with no other new project starts, as a deliberate choice of capital discipline. Genova describes its development as a controlled complement to management, typically carried out together with well-capitalised partners 1.
Segments
Management
The management portfolio comprises 78 properties with 351 Tkvm of lettable area, a significant part of which is linked to the public sector and grocery retail 1. Contracted rents from housing, public-financed tenants and grocery retail made up 60 percent of contracted rental income at the end of 2025 1.
Market context
Genova operates in growth regions such as Stockholm and Uppsala, where the report says demand has historically been stable even in weaker periods 1. Total property value, including projects and JVs, reached 12,2 Mdkr at the end of 2025, up from the prior year 1. Interest rates and inflation remain important factors for property prices and financing, as the company's risk analysis shows 1.
Recent acquisitions increased the presence in Stockholm: in December 2025 five properties with an underlying value of 634 Mkr before deferred tax were taken over 1. The Segerdal sale, at 875 Mkr, was completed in December 2025 and exceeded book value 1.
Trends
- Stable demand in growth regionstailwind
The report indicates historically stable demand in Stockholm and Uppsala, where the company concentrates its activity and has public-sector tenants 1. If this demand holds, it could support rents and portfolio values.
- Interest rates and inflationheadwind
Inflation, rising interest rates and a weaker economy could raise financing costs, demand higher yields on properties and reduce values, the company warns 1. This factor could especially affect projects that depend on new credit.
- Planning and political decisionsmixed
Political and local decisions can delay or stop detailed plans, and energy and construction requirements may change during projects 1. Relations with municipalities are therefore central to the timing of building rights.
- Sustainability requirementsmixed
New energy and emissions rules for construction may raise investment costs, but could also favour properties with good energy performance, which Genova may be able to capitalise on 1.
Competitive position
The company describes competition in its annual report in limited terms, but stresses that it buys land at low entry values and creates its own building rights, unlike other actors that buy ready-made rights at high prices 1. Its advantage would depend on execution and access to capital partners.
Genova can capture margins by selling building rights, but this means competing for land and financing with other developers in Stockholm and Uppsala, where the report does not name individual competitors 1.
- Actors buying ready-made building rights
Mentioned in the report as an alternative to the Genova model, which creates building rights from its own properties 1.
- Residential developers in Stockholm
Compete for land and projects in the same regions; the report does not name them 1.
- Joint venture partners
Genova works with capital partners, such as Redito at Segerdal, and such partners can also compete for projects 1.
- Real estate investors
Compete for income-producing properties with stable public-sector and grocery tenants, unnamed in the source 1.
News & filings
In the press
- O nouă victorie pentru echipa lui Chivu: Juventus a pierdut la GenovaAdevărul · 29 Oct 2026 · RO
- Verdict după tragedia podului din Genova: fostul șef al autostrăzilor din Italia, condamnat la 12 ani. Doi români au murit în dezastruMediafax · 17 Jul 2026 · RO
- Fostul director al companiei de autostrăzi din Italia, condamnat la 12 ani de închisoare / E cea mai mare pedeapsă din dosarul prăbușirii podului Morandi, din Genova, în 2018 / 43 de persoane au decedat atunciG4Media · 16 Jul 2026 · RO
- Condamnări în dosarul prăbușirii podului Morandi din Genova: fostul director al Aspi a primit 12 ani de închisoareLibertatea.ro · 16 Jul 2026 · RO
- Ani grei de închisoare pentru responsabilii prăbușirii podului Morandi din Genova. În tragedie au murit și doi româniAdevărul · 16 Jul 2026 · RO
- Condamnare la închisoare în cazul prăbușirii podului Morandi, din Genova, soldat cu 43 de morți, inclusiv doi româniDigi24 · 16 Jul 2026 · RO
- Judecătorii italieni au anunțat verdictul în cazul prăbușirii podului Morandi, din Genova, tragedia din 2018 soldată cu 43 de morți, inclusiv doi româniHotNews.ro · 16 Jul 2026 · RO
- Tribunalul din Genova a decis: Majorarea de capital a clubului Genoa CFC este complet legalăLibertatea.ro · 25 Jun 2026 · RO
- Dan Şucu a înlăturat şi ultimul obstacol juridic în preluarea clubului de fotbal italian Genoa. Tribunalul din Genova a respins contestaţia foştilor acţionari americani la majorarea de capital de 45 de milioane de euro prin care antreprenorul român a devenit principalul acţionar al clubuluiZiarul Financiar · 24 Jun 2026 · RO
- Două camere în Genova, la prețul unei garsoniere în București: „Nu, frate, vreau să dau de la 200.000 de euro în sus, în România”Adevărul · 30 May 2026 · RO
- Tragedie în Maldive: cinci cetățeni italieni și-au pierdut viața într-o expediție de scufundări. Printre victime, o cercetătoare de la Universitatea din GenovaAdevărul · 14 May 2026 · RO
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 / Genova Property Group 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.