olivLaw · European equity research
NP3 Fastigheter AB NP3.ST
Sweden · Nasdaq Stockholm · ISIN SE0006342333 · Vertical: Listed companies from Sweden
NP3 Fastigheter AB owns and manages commercial property, mainly industrial, logistics and retail, concentrated in northern Sweden, with a portfolio valued at 26087 mkr at year-end 2025. For 2026 the company expects a management result of 1180 mkr, so rent and vacancy trends are worth watching.
At the close of 05 Nov 2026, NP3 Fastigheter AB (NP3.ST) stock was 232.50 SEK (+0.87% on the day), with beta 0.51, 52-week range 217.50–293.00 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)
- 58.5
- strong (55–70)
- Bollinger (20, 2)
- 216.32 – 230.53
- above the upper band · %B 1.14 · band width 6.4%
- SMA 50 / 200
- 232.94 / 255.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.91 / -2.69
- 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 | +4.0% | −0.6% | +4.7 pp | — |
| 3 months | −10.9% | −4.2% | −6.8 pp | — |
| 6 months | −11.9% | +4.3% | −16.3 pp | — |
| Year to date | −10.2% | +7.5% | −17.7 pp | — |
| 1 year | −7.6% | +9.9% | −17.5 pp | −8.3% |
| 3 years | +47.8% | +49.8% | −2.0 pp | +12.0% |
| 5 years | −28.1% | +42.8% | −71.0 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 | -61.0 m | 914.0 m | 1.3 bn |
| Net income YoY | unavailable | unavailable | +40.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 291.0 m SEK
- Financial debt
- 14.1 bn SEK
- Net debt
- 13.8 bn SEK
- Equity
- 10.7 bn SEK
- Total assets
- 27.5 bn SEK
- Debt / equity
- 1.31x
- Current ratio
- 0.33x
- ROE
- 12.7%
- ROA
- 4.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Interest expense | 617.0 m | 599.0 m | 582.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -3.0 m | 1.2 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Income tax | 68.0 m | 75.0 m | 83.0 m | esef· 26 Oct 2026verified |
| Net income | -61.0 m | 914.0 m | 1.3 bn | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 57.9 m | 62.0 m | 62.0 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 183.0 m | 97.0 m | 291.0 m | esef· 26 Oct 2026verified |
| Receivables | 118.0 m | 112.0 m | 133.0 m | esef· 26 Oct 2026verified |
| Current assets | 894.0 m | 490.0 m | 642.0 m | esef· 26 Oct 2026verified |
| Total assets | 21.9 bn | 24.6 bn | 27.5 bn | esef· 26 Oct 2026verified |
| Short-term debt | 1.6 bn | 1.9 bn | 1.0 bn | esef· 26 Oct 2026verified |
| Long-term debt | 10.3 bn | 10.7 bn | 13.0 bn | esef· 26 Oct 2026verified |
| Current liabilities | 2.3 bn | 2.8 bn | 1.9 bn | esef· 26 Oct 2026verified |
| Equity | 7.8 bn | 9.6 bn | 10.7 bn | esef· 26 Oct 2026verified |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 563.0 m | 864.0 m | 1.0 bn | esef· 26 Oct 2026verified |
| Investing cash flow | -632.0 m | -2.5 bn | -2.2 bn | esef· 26 Oct 2026verified |
| Financing cash flow | 48.0 m | 1.6 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Dividends paid | 276.0 m | 208.0 m | 370.0 m | esef· 26 Oct 2026verified |
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: 1 of at least 6
- score weight coverage: 4.2% 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
4% · 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: 1 of at least 6; score weight coverage: 4.2% 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 | 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 | 0.3x | 0 (on a fixed band) | 100% |
| 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 | 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· partialunavailable · 0/2 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
NP3 Fastigheter AB (NP3.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 12.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% 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
- Current ratio: 0.3x
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, P/E (TTM), EV/EBITDA, FCF yield, 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 NP3.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
NP3 Fastigheter AB owns and manages commercial property, mainly industrial, logistics and retail, concentrated in northern Sweden, with a portfolio valued at 26087 mkr at year-end 2025 1. For 2026 the company expects a management result of 1180 mkr 1, so rent and vacancy trends are worth watching.
SWOT
Strengths
- Diversified portfolio across property types and tenant sectors.
- Relations with public tenants that add stability to revenue.
- A clear borrowing target and interest coverage objective.
Weaknesses
- Dependence on the northern Sweden region.
- Higher vacancy in some business areas, such as Skellefteå.
- Financing costs are high relative to revenue.
Opportunities
- Growth through acquisitions in Mellansverige.
- Construction projects for new tenants.
- Rising demand for logistics linked to e-commerce.
Threats
- Higher required yields could reduce portfolio value.
- Refinancing difficulties if the credit market weakens.
- Changes in tax legislation could affect earnings.
Risks
- Lower property valueshigh
If required yields rise, property values could fall, affecting the balance sheet.
- Financing and refinancinghigh
Difficulty obtaining new loans or refinancing debt could slow growth.
- Environmental risksmedium
Soil contamination and climate risks could lead to remediation costs.
- Tax changesmedium
Changes in company or property taxation could reduce earnings.
- Geopolitical environmentlow
Conflicts and tensions in the region could affect the economy and tenant activity.
Investment thesis
What would need to be true (bull case)
- A diversified portfolio and public tenants could keep revenue stable.
- If acquisitions in Mellansverige are made at suitable rents, earnings growth could accelerate.
- A moderate level of borrowing could leave room for new investment.
What would break the thesis
- If interest rates stay high, financing costs could limit earnings.
- A rise in required yields could reduce portfolio value.
- Dependence on northern Sweden could amplify a local slowdown.
What to watch
- Delivery of the management result forecast2026
- Vacancy trends in Skellefteå and Umeå2026
- Cost of financing and borrowing levelnext 10-K
- External valuation of the portfolio in the fourth quarterQ4 2026
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
NP3 Fastigheter owns and manages a portfolio of commercial buildings, with 633 properties and 2362000 sqm of lettable area at 31 December 2025 1. The company is organised into eight business areas, and the largest are Gävle, Dalarna and Östersund 1. Strategy aims to spread risk across property types and tenant sectors 1.
The portfolio is valued at fair value each quarter, with a market value of 26087 mkr at year-end 2025 1. The company targets annual growth of at least 12 percent in management result per share over five years 1.
For 2025 the board proposes a dividend of 6.40 kr per ordinary share, 509 mkr in total, about half of the management result after tax 1. The loan-to-value ceiling is 60 percent, and at year-end it stood at 51 percent 1.
Segments
Industry and logistics
Industrial property is the largest category, with 51 percent of rental value 1. Logistics is small overall but reaches 11 percent of rental value in Dalarna 1.
Market context
The market is concentrated in northern Sweden, where Östersund, Sundsvall, Gävle and Skellefteå generate the largest rental revenue 1. Demand in Gävle has in recent years been supported by public investment and space for logistics linked to e-commerce 1.
The market direct yield requirement was applied at a weighted average level, and the discount rate shows how sensitive valuation is to rates 1. If interest rates or investor yield requirements rise, valuation could fall 1.
Trends
- Public investment and logisticstailwind
Public investment and demand for logistics space linked to e-commerce have supported demand in Gävle 1.
- Interest rates and financingheadwind
Financing cost is a major component, and changes in interest rates affect cash flow and earnings 1.
- Expansion in Mellansverigetailwind
The company wants to acquire more properties in Mellansverige, a region with stable population growth 1.
- Green transition and environmental riskmixed
Climate change and soil contamination are growing risks, and remediation costs could arise 1.
Competitive position
The provided sources do not identify US-listed competitors or name specific rivals; the company operates through a local portfolio and property acquisitions in smaller and mid-sized towns in northern Sweden 1.
The company's advantage lies in geographic diversification and relations with public clients, while competitive pressure depends on the availability of land and properties 1.
- Local property owners in northern Sweden
The sources do not name competitors; the data does not allow identifying specific firms.
- Regional developers of industrial space
Competition for land and tenants in the same towns.
- Operators of logistics space
Competition for logistics and e-commerce tenants.
- Institutional property investors
Competition for the purchase of large portfolios.
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 / NP3 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.