# Fastighets AB Balder Series B (0H2Z.LSE)

Canonical: https://gigainvestors.com/s/0H2Z.LSE

Analysis as of: 2026-10-16T07:33:25.747Z. Financial observations: FY2005–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 45.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.48×

Chart: Operating margin; fiscal year observations.

- FY2016: 1.62×

- FY2017: 1.69×

- FY2018: 1.96×

- FY2019: 0.65×

- FY2020: 1.26×

- FY2021: 0.66×

- FY2022: 0.64×

- FY2023: 0.66×

- FY2024: 0.66×

- FY2025: 0.67×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.2%

- ROIC, second-lowest year: 2.6%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 74.3%

- Recent gross margin (lower of latest and 3-year median): 74.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 5.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.2%

- FY2017: 9.6%

- FY2018: 10.5%

- FY2019: 3.1%

- FY2020: 5.7%

- FY2021: 2.5%

- FY2022: 2.6%

- FY2023: 2.9%

- FY2024: 3.0%

- FY2025: 3.3%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 31B

- Net income, five-year total: SEK 33B

- Return on incremental invested capital: 15.6%

- Working capital / revenue, annual change: 7.8 pp

- Working capital / revenue, change between three-year averages: 45.4 pp

- Working capital / revenue, final three-year average: 49.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 0.96×

- FY2023: 1.06×

- FY2024: 0.86×

- FY2025: 0.95×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 3.0%

- Per-share earnings: 5.07 to 2.63 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.0%

- Ordinary dilution, 5-year annual growth: 3.1%

- Market cap gain: SEK 53B

- Cumulative retained earnings: SEK 61B

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: 3.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.9%

- Per-share value change: SEK -2.44

- Per-share value, starting three-year median: SEK 5.07

- Per-share value, ending three-year median: SEK 2.63

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 4.6%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 211B

- Cumulative net income, 10 years: SEK 70B

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 5.07

- FY2017: SEK 6.59

- FY2018: SEK 8.62

- FY2019: SEK 8.29

- FY2020: SEK 6.13

- FY2021: SEK 16.54

- FY2022: SEK 9.09

- FY2023: SEK -5.85

- FY2024: SEK 2.63

- FY2025: SEK 6.03

### accounting: pass

- Sloan accruals: 0.8%

- Receivables to sales index (DSRI): 1.31×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.8%

- FY2017: 4.4%

- FY2018: 4.4%

- FY2019: 3.6%

- FY2020: 0.1%

- FY2021: 7.4%

- FY2022: 1.9%

- FY2023: -4.6%

- FY2024: -0.5%

- FY2025: 0.8%

## Holders

## Price story

Down 93% since Nov 2021 · sales +6.6%

Story as of 2026-10-16T09:59:56.129Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +6.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 5.4B 

- FY2017: SEK 5.9B 

- FY2018: SEK 6.7B 

- FY2019: SEK 7.6B 

- FY2020: SEK 8.1B 

- FY2021: SEK 9.0B 

- FY2022: SEK 11B 

- FY2023: SEK 12B 

- FY2024: SEK 13B 

- FY2025: SEK 14B 

### Gross margin · FY2025

gross margin 74.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 68.5% 

- FY2017: 71.3% 

- FY2018: 72.8% 

- FY2019: 74.2% 

- FY2020: 76.4% 

- FY2021: 75.3% 

- FY2022: 74.1% 

- FY2023: 74.6% 

- FY2024: 74.7% 

- FY2025: 74.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate diversified; annual sales are SEK 13.7 billion.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2025-12-31 (filed 2026-10-16T07:33:25.747Z); FY2025: revenue 13721000000; grossProfit 10219000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0H2Z.LSE: Fastighets AB Balder (publ) owns, manages, and develops properties in Sweden, Denmark, Finland, Norway, Germany, and the United Kingdom. Its property portfolio comprises offices, shops, warehouses, restaurants, schools, and others, as well as hotel properties. The company was incorporated in 1995 and is headquartered in Gothenburg, Sweden.

### Why customers stay

Margins ranged from 74.5% to 74.7% during 2023–25; it earns 3.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2023-12-31 (filed 2026-10-16T07:33:25.747Z); FY2023: grossProfit / revenue = 74.6%.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2024-12-31 (filed 2026-10-16T07:33:25.747Z); FY2024: grossProfit / revenue = 74.7%.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2025-12-31 (filed 2026-10-16T07:33:25.747Z); FY2025: grossProfit / revenue = 74.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.747Z); 10-year return on capital observations [[2016,0.09165994701412727],[2017,0.09627117086702676],[2018,0.10473496905110147],[2019,0.031020862270931426],[2020,0.05704185804257924],[2021,0.024703596093110246],[2022,0.02592503233347635],[2023,0.028809246725195744],[2024,0.029675503262765805],[2025,0.03301859549293391]]; median 0.03201972888193266. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 74% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.747Z); Gross margin observations: [[2021,0.753014738722644],[2022,0.7409942020720464],[2023,0.7463161419959813]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 2 of 10 years; bought back SEK 267 million of shares.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2016-12-31 (filed 2026-10-16T07:33:25.747Z); FY2016: growth capex 15000000; upkeep 26000000; owner earnings 5474000000. Growth capex / owner earnings = 0.002740226525392766.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2017-12-31 (filed 2026-10-16T07:33:25.747Z); FY2017: growth capex 8000000; upkeep 19000000; owner earnings 7118000000. Growth capex / owner earnings = 0.00112391121101433.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2018-12-31 (filed 2026-10-16T07:33:25.747Z); FY2018: growth capex 23134260.935354352; upkeep 20865739.064645648; owner earnings 9307134260.935354. Growth capex / owner earnings = 0.0024856481368766017.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2019-12-31 (filed 2026-10-16T07:33:25.747Z); FY2019: growth capex 43000000; upkeep 42000000; owner earnings 8649400000. Growth capex / owner earnings = 0.004971443105880177.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2021-12-31 (filed 2026-10-16T07:33:25.747Z); FY2021: growth capex 25000000; upkeep 45000000; owner earnings 18186800000. Growth capex / owner earnings = 0.0013746233532012228.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2022-12-31 (filed 2026-10-16T07:33:25.747Z); FY2022: growth capex 86000000; upkeep 52000000; owner earnings 9797600000. Growth capex / owner earnings = 0.008777659835061648.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2024-12-31 (filed 2026-10-16T07:33:25.747Z); FY2024: growth capex 0; upkeep 54000000; owner earnings 2828400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2025-12-31 (filed 2026-10-16T07:33:25.747Z); FY2025: growth capex 0; upkeep 53000000; owner earnings 7204000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.747Z); Dividend observations: [[2016,200000000],[2017,150000000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/BALD-B.ST.json#2025-12-31 (filed 2026-10-16T07:33:25.747Z); FY2025: cash repurchases 267000000 SEK.

### Are managers owners

Insiders own 37.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0H2Z.LSE SharesStats.PercentInsiders = 37.756 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:25.747Z); Closing price 45.5 SEK; reporting-to-trading FX 1; FY2025 annual sales per share 10.858520309967584; price multiple 4.190257852926172. FY2025 cash earnings/share 5.701099068071313. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 202.96 per share

- 2016-11: SEK 191.66 per share

- 2016-12: SEK 182.90 per share

- 2017-01: SEK 178.69 per share

- 2017-02: SEK 197.36 per share

- 2017-03: SEK 183.55 per share

- 2017-04: SEK 197.37 per share

- 2017-05: SEK 217.78 per share

- 2017-06: SEK 218.91 per share

- 2017-08: SEK 209.30 per share

- 2017-09: SEK 211.10 per share

- 2017-10: SEK 218.01 per share

- 2017-11: SEK 214.96 per share

- 2017-12: SEK 218.76 per share

- 2018-01: SEK 210.60 per share

- 2018-02: SEK 205.60 per share

- 2018-03: SEK 209.60 per share

- 2018-04: SEK 225.99 per share

- 2018-05: SEK 228.80 per share

- 2018-06: SEK 233.60 per share

- 2018-07: SEK 256.20 per share

- 2018-08: SEK 259.20 per share

- 2018-09: SEK 246.60 per share

- 2018-10: SEK 230.60 per share

- 2018-11: SEK 250.80 per share

- 2018-12: SEK 252.60 per share

- 2019-01: SEK 284.60 per share

- 2019-02: SEK 273.40 per share

- 2019-03: SEK 297.20 per share

- 2019-04: SEK 300.40 per share

- 2019-05: SEK 308.80 per share

- 2019-06: SEK 311.00 per share

- 2019-07: SEK 333.40 per share

- 2019-08: SEK 369.40 per share

- 2019-09: SEK 372.00 per share

- 2019-10: SEK 374.00 per share

- 2019-11: SEK 399.00 per share

- 2019-12: SEK 434.20 per share

- 2020-01: SEK 457.60 per share

- 2020-02: SEK 451.80 per share

- 2020-03: SEK 357.60 per share

- 2020-04: SEK 386.80 per share

- 2020-05: SEK 383.30 per share

- 2020-06: SEK 355.10 per share

- 2020-07: SEK 359.50 per share

- 2020-08: SEK 352.00 per share

- 2020-09: SEK 456.10 per share

- 2020-10: SEK 419.90 per share

- 2020-11: SEK 432.70 per share

- 2020-12: SEK 429.30 per share

- 2021-01: SEK 418.00 per share

- 2021-02: SEK 404.20 per share

- 2021-03: SEK 432.60 per share

- 2021-04: SEK 487.70 per share

- 2021-05: SEK 521.56 per share

- 2021-06: SEK 537.57 per share

- 2021-07: SEK 594.80 per share

- 2021-08: SEK 616.80 per share

- 2021-09: SEK 527.82 per share

- 2021-10: SEK 622.29 per share

- 2021-11: SEK 676.31 per share

- 2021-12: SEK 651.15 per share

- 2022-01: SEK 609.72 per share

- 2022-02: SEK 593.20 per share

- 2022-03: SEK 621.40 per share

- 2022-04: SEK 491.67 per share

- 2022-05: SEK 71.07 per share

- 2022-06: SEK 49.08 per share

- 2022-07: SEK 64.05 per share

- 2022-08: SEK 59.08 per share

- 2022-09: SEK 44.29 per share

- 2022-10: SEK 41.50 per share

- 2022-11: SEK 46.07 per share

- 2022-12: SEK 49.28 per share

- 2023-01: SEK 53.99 per share

- 2023-02: SEK 51.38 per share

- 2023-03: SEK 42.53 per share

- 2023-04: SEK 47.59 per share

- 2023-05: SEK 36.20 per share

- 2023-06: SEK 39.34 per share

- 2023-07: SEK 48.95 per share

- 2023-08: SEK 51.84 per share

- 2023-09: SEK 48.57 per share

- 2023-10: SEK 45.24 per share

- 2023-11: SEK 62.28 per share

- 2023-12: SEK 71.67 per share

- 2024-01: SEK 70.32 per share

- 2024-02: SEK 64.32 per share

- 2024-03: SEK 77.99 per share

- 2024-04: SEK 70.92 per share

- 2024-05: SEK 70.66 per share

- 2024-06: SEK 72.07 per share

- 2024-07: SEK 78.82 per share

- 2024-08: SEK 80.96 per share

- 2024-09: SEK 89.22 per share

- 2024-10: SEK 82.42 per share

- 2024-11: SEK 84.25 per share

- 2024-12: SEK 76.40 per share

- 2025-01: SEK 78.82 per share

- 2025-02: SEK 76.08 per share

- 2025-03: SEK 62.39 per share

- 2025-04: SEK 69.20 per share

- 2025-05: SEK 67.18 per share

- 2025-06: SEK 71.05 per share

- 2025-07: SEK 67.54 per share

- 2025-08: SEK 67.26 per share

- 2025-09: SEK 66.55 per share

- 2025-10: SEK 70.17 per share

- 2025-11: SEK 67.66 per share

- 2025-12: SEK 68.00 per share

- 2026-01: SEK 67.57 per share

- 2026-02: SEK 67.93 per share

- 2026-03: SEK 55.14 per share

- 2026-04: SEK 54.08 per share

- 2026-05: SEK 53.02 per share

- 2026-06: SEK 51.72 per share

- 2026-07: SEK 52.16 per share

- 2026-08: SEK 53.40 per share

- 2026-09: SEK 47.01 per share

- 2026-10: SEK 45.50 per share

## Annual estimated value (SEK per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.