# Wihlborgs Fastigheter AB (WIHL.ST)

Canonical: https://gigainvestors.com/s/WIHL.ST

Analysis as of: 2026-10-16T07:40:42.217Z. Financial observations: FY2004–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 69.60 per share; close as of 2026-10-15.

Estimated value: low SEK 83.76 per share, central SEK 94.98 per share, high SEK 109.92 per share. Buy at or below the central value SEK 94.98 per share. Valuation as of 2026-10-16T07:40:42.217Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.72×

- FY2017: 0.72×

- FY2018: 0.70×

- FY2019: 1.20×

- FY2020: 0.97×

- FY2021: 1.40×

- FY2022: 0.99×

- FY2023: 0.69×

- FY2024: 0.70×

- FY2025: 0.69×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 71.8%

- Recent gross margin (lower of latest and 3-year median): 71.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.6%

- FY2017: 3.9%

- FY2018: 4.3%

- FY2019: 7.8%

- FY2020: 6.2%

- FY2021: 7.1%

- FY2022: 5.2%

- FY2023: 4.2%

- FY2024: 4.2%

- FY2025: 4.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 7.8B

- Net income, five-year total: SEK 9.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 2.7 pp

- Working capital / revenue, change between three-year averages: 19.8 pp

- Working capital / revenue, final three-year average: -2.9%

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

- FY2021: 0.49×

- FY2022: 0.99×

- FY2023: 1.63×

- FY2024: 0.99×

- FY2025: 0.99×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.3% vs 4.2%

- Per-share earnings: 8.35 to 5.55 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: SEK 15B

- Cumulative retained earnings: SEK 13B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.0%

- Per-share value change: SEK -2.80

- Per-share value, starting three-year median: SEK 8.35

- Per-share value, ending three-year median: SEK 5.55

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 0

- Cumulative net income, 10 years: SEK 23B

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 9.68

- FY2017: SEK 8.35

- FY2018: SEK 7.82

- FY2019: SEK 9.51

- FY2020: SEK 7.23

- FY2021: SEK 10.89

- FY2022: SEK 7.44

- FY2023: SEK -0.09

- FY2024: SEK 5.55

- FY2025: SEK 7.22

### accounting: pass

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.98×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.7%

- FY2017: 3.2%

- FY2018: 2.1%

- FY2019: 2.7%

- FY2020: 0.8%

- FY2021: 3.2%

- FY2022: 0.6%

- FY2023: -3.4%

- FY2024: 0.1%

- FY2025: 0.1%

## Holders

## Price story

Down 41% since Sep 2024 · sales +4.3%

Story as of 2026-10-16T10:00:11.619Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.1% a year for ten years

### Sales · FY2024–2025

sales +4.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 2.0B 

- FY2017: SEK 2.3B 

- FY2018: SEK 2.7B 

- FY2019: SEK 3.0B 

- FY2020: SEK 3.1B 

- FY2021: SEK 3.1B 

- FY2022: SEK 3.3B 

- FY2023: SEK 3.9B 

- FY2024: SEK 4.2B 

- FY2025: SEK 4.4B 

### Gross margin · FY2025

gross margin 71.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 74.6% 

- FY2017: 74.8% 

- FY2018: 72.3% 

- FY2019: 71.7% 

- FY2020: 72.3% 

- FY2021: 71.7% 

- FY2022: 69.9% 

- FY2023: 71.3% 

- FY2024: 71.8% 

- FY2025: 71.4% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are SEK 4.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2025: revenue 4354000000; grossProfit 3107000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 71.3% to 71.8% during 2023–25; it earns 4.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2023: grossProfit / revenue = 71.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2024: grossProfit / revenue = 71.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2025: grossProfit / revenue = 71.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); 10-year return on capital observations [[2016,0.0464223121500124],[2017,0.03877644035901471],[2018,0.042879059877695566],[2019,0.07756742719936931],[2020,0.061765176247742144],[2021,0.07063633750128659],[2022,0.05193314097665065],[2023,0.04239262702228251],[2024,0.04182940050611848],[2025,0.040209425411879794]]; median 0.04465068601385398. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 70% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); Gross margin observations: [[2021,0.7174126102580856],[2022,0.6989505247376312],[2023,0.7134802665299846]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2016: growth capex 0; upkeep 31000000; owner earnings 1033000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2017: growth capex 0; upkeep 3000000; owner earnings 1296000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2018: growth capex 0; upkeep 12000000; owner earnings 1477000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2019: growth capex 5298116.015695583; upkeep 13701883.984304417; owner earnings 1635498116.0156956. Growth capex / owner earnings = 0.0032394510050568217.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2020: growth capex 0; upkeep 5000000; owner earnings 1796600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2021: growth capex 0; upkeep 6000000; owner earnings 1654200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2022: growth capex 0; upkeep 6000000; owner earnings 2270200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2024: growth capex 0; upkeep 3000000; owner earnings 1683600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); FY2025: growth capex 0; upkeep 2000000; owner earnings 2193800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); Dividend observations: [[2016,403000000],[2017,442000000],[2018,480000000],[2019,576000000],[2020,692000000],[2021,807000000],[2022,922000000],[2023,953000000],[2024,968000000],[2025,984000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 11.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIHL.ST SharesStats.PercentInsiders = 11.684999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.1% yearly over ten years; actual decline was 0.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.217Z); Ten-year compound average after fade. Initial solved rate -0.056793081750873886. Price 69.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.244555078584755 → FY2025 7.13600301860279. Closing-price date 2026-10-15.

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

- 2016-11: SEK 41.90 per share

- 2016-12: SEK 42.35 per share

- 2017-01: SEK 41.75 per share

- 2017-02: SEK 44.88 per share

- 2017-03: SEK 42.47 per share

- 2017-04: SEK 43.15 per share

- 2017-05: SEK 44.45 per share

- 2017-06: SEK 44.50 per share

- 2017-07: SEK 49.10 per share

- 2017-08: SEK 48.22 per share

- 2017-09: SEK 49.80 per share

- 2017-10: SEK 49.70 per share

- 2017-11: SEK 48.72 per share

- 2017-12: SEK 49.08 per share

- 2018-01: SEK 47.92 per share

- 2018-02: SEK 47.88 per share

- 2018-03: SEK 48.35 per share

- 2018-04: SEK 50.90 per share

- 2018-05: SEK 47.92 per share

- 2018-06: SEK 51.82 per share

- 2018-07: SEK 52.34 per share

- 2018-08: SEK 55.13 per share

- 2018-09: SEK 53.46 per share

- 2018-10: SEK 51.72 per share

- 2018-11: SEK 51.80 per share

- 2018-12: SEK 51.20 per share

- 2019-01: SEK 58.88 per share

- 2019-02: SEK 61.34 per share

- 2019-03: SEK 63.36 per share

- 2019-04: SEK 63.15 per share

- 2019-05: SEK 69.00 per share

- 2019-06: SEK 67.30 per share

- 2019-07: SEK 70.60 per share

- 2019-08: SEK 78.95 per share

- 2019-09: SEK 80.00 per share

- 2019-10: SEK 72.95 per share

- 2019-11: SEK 80.20 per share

- 2019-12: SEK 86.25 per share

- 2020-01: SEK 92.30 per share

- 2020-02: SEK 91.75 per share

- 2020-03: SEK 69.15 per share

- 2020-04: SEK 69.90 per share

- 2020-05: SEK 75.65 per share

- 2020-06: SEK 76.25 per share

- 2020-07: SEK 73.40 per share

- 2020-08: SEK 69.15 per share

- 2020-09: SEK 88.75 per share

- 2020-10: SEK 80.30 per share

- 2020-11: SEK 94.55 per share

- 2020-12: SEK 92.70 per share

- 2021-01: SEK 86.10 per share

- 2021-02: SEK 81.70 per share

- 2021-03: SEK 82.85 per share

- 2021-04: SEK 86.50 per share

- 2021-05: SEK 93.05 per share

- 2021-06: SEK 92.85 per share

- 2021-07: SEK 100.30 per share

- 2021-08: SEK 104.90 per share

- 2021-09: SEK 87.20 per share

- 2021-10: SEK 101.60 per share

- 2021-11: SEK 107.00 per share

- 2021-12: SEK 102.70 per share

- 2022-01: SEK 95.65 per share

- 2022-02: SEK 93.90 per share

- 2022-03: SEK 98.65 per share

- 2022-04: SEK 85.80 per share

- 2022-05: SEK 82.65 per share

- 2022-06: SEK 71.55 per share

- 2022-07: SEK 86.10 per share

- 2022-08: SEK 76.75 per share

- 2022-09: SEK 67.35 per share

- 2022-10: SEK 72.40 per share

- 2022-11: SEK 81.55 per share

- 2022-12: SEK 78.50 per share

- 2023-01: SEK 85.80 per share

- 2023-02: SEK 87.30 per share

- 2023-03: SEK 79.35 per share

- 2023-04: SEK 82.70 per share

- 2023-05: SEK 77.60 per share

- 2023-06: SEK 78.00 per share

- 2023-07: SEK 82.30 per share

- 2023-08: SEK 84.25 per share

- 2023-09: SEK 76.45 per share

- 2023-10: SEK 72.15 per share

- 2023-11: SEK 85.15 per share

- 2023-12: SEK 94.25 per share

- 2024-01: SEK 93.45 per share

- 2024-02: SEK 83.40 per share

- 2024-03: SEK 99.20 per share

- 2024-04: SEK 93.00 per share

- 2024-05: SEK 99.70 per share

- 2024-06: SEK 97.90 per share

- 2024-07: SEK 108.50 per share

- 2024-08: SEK 107.90 per share

- 2024-09: SEK 117.20 per share

- 2024-10: SEK 111.60 per share

- 2024-11: SEK 110.60 per share

- 2024-12: SEK 104.80 per share

- 2025-01: SEK 109.80 per share

- 2025-02: SEK 104.70 per share

- 2025-03: SEK 98.75 per share

- 2025-04: SEK 100.00 per share

- 2025-05: SEK 96.35 per share

- 2025-06: SEK 102.30 per share

- 2025-07: SEK 96.30 per share

- 2025-08: SEK 93.95 per share

- 2025-09: SEK 92.05 per share

- 2025-10: SEK 92.30 per share

- 2025-11: SEK 92.00 per share

- 2025-12: SEK 91.25 per share

- 2026-01: SEK 92.10 per share

- 2026-02: SEK 95.70 per share

- 2026-03: SEK 86.05 per share

- 2026-04: SEK 81.50 per share

- 2026-05: SEK 85.10 per share

- 2026-06: SEK 75.20 per share

- 2026-07: SEK 77.35 per share

- 2026-08: SEK 77.00 per share

- 2026-09: SEK 70.60 per share

- 2026-10: SEK 67.40 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 56.56 per share, central SEK 80.50 per share, high SEK 94.44 per share

- FY2017: low SEK 116.22 per share, central SEK 165.84 per share, high SEK 194.73 per share

- FY2018: low SEK 52.93 per share, central SEK 60.17 per share, high SEK 69.81 per share

- FY2019: low SEK 59.08 per share, central SEK 67.13 per share, high SEK 77.84 per share

- FY2020: low SEK 60.61 per share, central SEK 68.91 per share, high SEK 79.95 per share

- FY2021: low SEK 60.72 per share, central SEK 68.97 per share, high SEK 79.96 per share

- FY2022: low SEK 65.55 per share, central SEK 74.55 per share, high SEK 86.52 per share

- FY2023: low SEK 76.93 per share, central SEK 87.42 per share, high SEK 101.38 per share

- FY2024: low SEK 81.27 per share, central SEK 92.32 per share, high SEK 107.04 per share

- FY2025: low SEK 78.57 per share, central SEK 89.32 per share, high SEK 103.64 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

Prior published observations retained from 2026-10-15T06:46:29.927Z where newer inputs omit a numeric field or fiscal period.

## 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.

Wihlborgs Fastigheter AB

WIHL · ST

STOXX Europe 600

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: SEK 69.60
Buy up to: SEK 94.98
Expected / yr: 12.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 27.5% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 72.3%
Worst year: 68.9%
Latest · 2025: 69.3%

Capital return excluding acquisitions: median 4.5% (minimum 15%), and the second-worst year 4% (minimum 10%).

ROIC excluding acquisitions

10y median: 4.5%
Worst year: 3.9%
Latest · 2025: 4.0%

Each $1 of profit left $0.81 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.81×
Annual median: 0.99×
Latest · 2025: 0.99×

Per-share value fell from 8.35 to 5.55, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: SEK 7.63
Worst year: SEK -0.09
Latest · 2025: SEK 7.22

Profits were backed by cash: accruals were 0.1% of assets (limit 10%).

Sloan accruals

10y median: 1.5%
Worst year: 5.7%
Latest · 2025: 0.1%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 87.9%, three-year average owner earnings per share 4.16 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price SEK 41.90 · Value 80.50 · Buy at or below 80.50; 2016-12 · Price SEK 42.35 · Value 80.50 · Buy at or below 80.50; 2017-01 · Price SEK 41.75 · Value 80.50 · Buy at or below 80.50; 2017-02 · Price SEK 44.88 · Value 165.84 · Buy at or below 165.84; 2017-03 · Price SEK 42.47 · Value 165.84 · Buy at or below 165.84; 2017-04 · Price SEK 43.15 · Value 165.84 · Buy at or below 165.84; 2017-05 · Price SEK 44.45 · Value 165.84 · Buy at or below 165.84; 2017-06 · Price SEK 44.50 · Value 165.84 · Buy at or below 165.84; 2017-07 · Price SEK 49.10 · Value 165.84 · Buy at or below 165.84; 2017-08 · Price SEK 48.22 · Value 165.84 · Buy at or below 165.84; 2017-09 · Price SEK 49.80 · Value 165.84 · Buy at or below 165.84; 2017-10 · Price SEK 49.70 · Value 165.84 · Buy at or below 165.84; 2017-11 · Price SEK 48.72 · Value 165.84 · Buy at or below 165.84; 2017-12 · Price SEK 49.08 · Value 165.84 · Buy at or below 165.84; 2018-01 · Price SEK 47.92 · Value 165.84 · Buy at or below 165.84; 2018-02 · Price SEK 47.88 · Value 60.17 · Buy at or below 60.17; 2018-03 · Price SEK 48.35 · Value 60.17 · Buy at or below 60.17; 2018-04 · Price SEK 50.90 · Value 60.17 · Buy at or below 60.17; 2018-05 · Price SEK 47.92 · Value 60.17 · Buy at or below 60.17; 2018-06 · Price SEK 51.82 · Value 60.17 · Buy at or below 60.17; 2018-07 · Price SEK 52.34 · Value 60.17 · Buy at or below 60.17; 2018-08 · Price SEK 55.13 · Value 60.17 · Buy at or below 60.17; 2018-09 · Price SEK 53.46 · Value 60.17 · Buy at or below 60.17; 2018-10 · Price SEK 51.72 · Value 60.17 · Buy at or below 60.17; 2018-11 · Price SEK 51.80 · Value 60.17 · Buy at or below 60.17; 2018-12 · Price SEK 51.20 · Value 60.17 · Buy at or below 60.17; 2019-01 · Price SEK 58.88 · Value 60.17 · Buy at or below 60.17; 2019-02 · Price SEK 61.34 · Value 67.13 · Buy at or below 67.13; 2019-03 · Price SEK 63.36 · Value 67.13 · Buy at or below 67.13; 2019-04 · Price SEK 63.15 · Value 67.13 · Buy at or below 67.13; 2019-05 · Price SEK 69.00 · Value 67.13 · Buy at or below 67.13; 2019-06 · Price SEK 67.30 · Value 67.13 · Buy at or below 67.13; 2019-07 · Price SEK 70.60 · Value 67.13 · Buy at or below 67.13; 2019-08 · Price SEK 78.95 · Value 67.13 · Buy at or below 67.13; 2019-09 · Price SEK 80.00 · Value 67.13 · Buy at or below 67.13; 2019-10 · Price SEK 72.95 · Value 67.13 · Buy at or below 67.13; 2019-11 · Price SEK 80.20 · Value 67.13 · Buy at or below 67.13; 2019-12 · Price SEK 86.25 · Value 67.13 · Buy at or below 67.13; 2020-01 · Price SEK 92.30 · Value 67.13 · Buy at or below 67.13; 2020-02 · Price SEK 91.75 · Value 68.91 · Buy at or below 68.91; 2020-03 · Price SEK 69.15 · Value 68.91 · Buy at or below 68.91; 2020-04 · Price SEK 69.90 · Value 68.91 · Buy at or below 68.91; 2020-05 · Price SEK 75.65 · Value 68.91 · Buy at or below 68.91; 2020-06 · Price SEK 76.25 · Value 68.91 · Buy at or below 68.91; 2020-07 · Price SEK 73.40 · Value 68.91 · Buy at or below 68.91; 2020-08 · Price SEK 69.15 · Value 68.91 · Buy at or below 68.91; 2020-09 · Price SEK 88.75 · Value 68.91 · Buy at or below 68.91; 2020-10 · Price SEK 80.30 · Value 68.91 · Buy at or below 68.91; 2020-11 · Price SEK 94.55 · Value 68.91 · Buy at or below 68.91; 2020-12 · Price SEK 92.70 · Value 68.91 · Buy at or below 68.91; 2021-01 · Price SEK 86.10 · Value 68.91 · Buy at or below 68.91; 2021-02 · Price SEK 81.70 · Value 68.97 · Buy at or below 68.97; 2021-03 · Price SEK 82.85 · Value 68.97 · Buy at or below 68.97; 2021-04 · Price SEK 86.50 · Value 68.97 · Buy at or below 68.97; 2021-05 · Price SEK 93.05 · Value 68.97 · Buy at or below 68.97; 2021-06 · Price SEK 92.85 · Value 68.97 · Buy at or below 68.97; 2021-07 · Price SEK 100.30 · Value 68.97 · Buy at or below 68.97; 2021-08 · Price SEK 104.90 · Value 68.97 · Buy at or below 68.97; 2021-09 · Price SEK 87.20 · Value 68.97 · Buy at or below 68.97; 2021-10 · Price SEK 101.60 · Value 68.97 · Buy at or below 68.97; 2021-11 · Price SEK 107.00 · Value 68.97 · Buy at or below 68.97; 2021-12 · Price SEK 102.70 · Value 68.97 · Buy at or below 68.97; 2022-01 · Price SEK 95.65 · Value 68.97 · Buy at or below 68.97; 2022-02 · Price SEK 93.90 · Value 74.55 · Buy at or below 74.55; 2022-03 · Price SEK 98.65 · Value 74.55 · Buy at or below 74.55; 2022-04 · Price SEK 85.80 · Value 74.55 · Buy at or below 74.55; 2022-05 · Price SEK 82.65 · Value 74.55 · Buy at or below 74.55; 2022-06 · Price SEK 71.55 · Value 74.55 · Buy at or below 74.55; 2022-07 · Price SEK 86.10 · Value 74.55 · Buy at or below 74.55; 2022-08 · Price SEK 76.75 · Value 74.55 · Buy at or below 74.55; 2022-09 · Price SEK 67.35 · Value 74.55 · Buy at or below 74.55; 2022-10 · Price SEK 72.40 · Value 74.55 · Buy at or below 74.55; 2022-11 · Price SEK 81.55 · Value 74.55 · Buy at or below 74.55; 2022-12 · Price SEK 78.50 · Value 74.55 · Buy at or below 74.55; 2023-01 · Price SEK 85.80 · Value 74.55 · Buy at or below 74.55; 2023-02 · Price SEK 87.30 · Value 87.42 · Buy at or below 87.42; 2023-03 · Price SEK 79.35 · Value 87.42 · Buy at or below 87.42; 2023-04 · Price SEK 82.70 · Value 87.42 · Buy at or below 87.42; 2023-05 · Price SEK 77.60 · Value 87.42 · Buy at or below 87.42; 2023-06 · Price SEK 78.00 · Value 87.42 · Buy at or below 87.42; 2023-07 · Price SEK 82.30 · Value 87.42 · Buy at or below 87.42; 2023-08 · Price SEK 84.25 · Value 87.42 · Buy at or below 87.42; 2023-09 · Price SEK 76.45 · Value 87.42 · Buy at or below 87.42; 2023-10 · Price SEK 72.15 · Value 87.42 · Buy at or below 87.42; 2023-11 · Price SEK 85.15 · Value 87.42 · Buy at or below 87.42; 2023-12 · Price SEK 94.25 · Value 87.42 · Buy at or below 87.42; 2024-01 · Price SEK 93.45 · Value 87.42 · Buy at or below 87.42; 2024-02 · Price SEK 83.40 · Value 92.32 · Buy at or below 92.32; 2024-03 · Price SEK 99.20 · Value 92.32 · Buy at or below 92.32; 2024-04 · Price SEK 93.00 · Value 92.32 · Buy at or below 92.32; 2024-05 · Price SEK 99.70 · Value 92.32 · Buy at or below 92.32; 2024-06 · Price SEK 97.90 · Value 92.32 · Buy at or below 92.32; 2024-07 · Price SEK 108.50 · Value 92.32 · Buy at or below 92.32; 2024-08 · Price SEK 107.90 · Value 92.32 · Buy at or below 92.32; 2024-09 · Price SEK 117.20 · Value 92.32 · Buy at or below 92.32; 2024-10 · Price SEK 111.60 · Value 92.32 · Buy at or below 92.32; 2024-11 · Price SEK 110.60 · Value 92.32 · Buy at or below 92.32; 2024-12 · Price SEK 104.80 · Value 92.32 · Buy at or below 92.32; 2025-01 · Price SEK 109.80 · Value 92.32 · Buy at or below 92.32; 2025-02 · Price SEK 104.70 · Value 89.32 · Buy at or below 89.32; 2025-03 · Price SEK 98.75 · Value 89.32 · Buy at or below 89.32; 2025-04 · Price SEK 100.00 · Value 89.32 · Buy at or below 89.32; 2025-05 · Price SEK 96.35 · Value 89.32 · Buy at or below 89.32; 2025-06 · Price SEK 102.30 · Value 89.32 · Buy at or below 89.32; 2025-07 · Price SEK 96.30 · Value 89.32 · Buy at or below 89.32; 2025-08 · Price SEK 93.95 · Value 89.32 · Buy at or below 89.32; 2025-09 · Price SEK 92.05 · Value 89.32 · Buy at or below 89.32; 2025-10 · Price SEK 92.30 · Value 89.32 · Buy at or below 89.32; 2025-11 · Price SEK 92.00 · Value 89.32 · Buy at or below 89.32; 2025-12 · Price SEK 91.25 · Value 89.32 · Buy at or below 89.32; 2026-01 · Price SEK 92.10 · Value 89.32 · Buy at or below 89.32; 2026-02 · Price SEK 95.70 · Value 94.98 · Buy at or below 94.98; 2026-03 · Price SEK 86.05 · Value 94.98 · Buy at or below 94.98; 2026-04 · Price SEK 81.50 · Value 94.98 · Buy at or below 94.98; 2026-05 · Price SEK 85.10 · Value 94.98 · Buy at or below 94.98; 2026-06 · Price SEK 75.20 · Value 94.98 · Buy at or below 94.98; 2026-07 · Price SEK 77.35 · Value 94.98 · Buy at or below 94.98; 2026-08 · Price SEK 77.00 · Value 94.98 · Buy at or below 94.98; 2026-09 · Price SEK 70.60 · Value 94.98 · Buy at or below 94.98; 2026-10 · Price SEK 67.40 · Value 94.98 · Buy at or below 94.98; 2026-10 · Price SEK 69.60 · Value 94.98 · Buy at or below 94.98

SEK per share · annual estimates

Price & return math
Value range	SEK 83.76 – SEK 109.92
Buy at or below	Central value SEK 94.98
Discount to value	1 − 69.60 / 94.98 = 26.7%
Return / year	About 12.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash SEK 7.44/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash SEK 2.40/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueSEK 4.4B

Revenue

Owner earningsSEK 2.2B

Owner earnings

Operating margin69.3%

Operating margin

Net cash / debtSEK -33B

Net cash / debt

Diluted shares307M

Diluted shares

Prices 15 Oct 2026 · FY2025