Fastighets AB Balder

Fastighets AB Balder's capital structure is characterized by a high debt-to-equity ratio of 1.71, indicating a significant reliance on debt financing. The company's liquidity position is moderate, with a current ratio of 2.99, but its free cash flow is negative at -504 million SEK, suggesting cash flow constraints. The company's net cash position is negative after subtracting total debt, which raises concerns about its ability to meet short-term obligations without additional financing.

Profitability metrics for Fastighets AB Balder are weak, with a return on equity (ROE) of -0.71% and a return on assets (ROA) of -0.23%. These figures indicate that the company is not generating returns that meet the cost of equity or assets, which is below the typical performance of the real estate industry. The net loss of 595 million SEK further underscores the company's financial challenges.

The company's revenue is concentrated in its core real estate operations, with no disclosed segment breakdown. Geographically, the company operates primarily in Sweden, and there is no indication of significant international exposure. This concentration may limit diversification benefits and increase vulnerability to local market conditions.

Looking ahead, Fastighets AB Balder is expected to face continued financial pressure. The company's operating income of 658 million SEK is significantly lower than its net loss, indicating that non-operating expenses are eroding profitability. Analysts have provided a mean price target of 75.00 SEK, with a median of 76.00 SEK, but the mean recommendation of 2.33 suggests a cautious outlook. The company's growth trajectory is uncertain, with no clear indication of a turnaround in the near term.

Risk factors for Fastighets AB Balder include liquidity constraints and the potential for further debt accumulation. The company's liquidity risk is rated as medium, and while dilution risk is currently low, the negative free cash flow and high debt levels could necessitate additional equity or debt financing in the future. The risk assessment also highlights the negative net cash position as a key flag, which could impact the company's ability to fund operations and growth initiatives.

Recent events and disclosures indicate that the company is under financial stress. The negative net income and free cash flow suggest that the company is not generating sufficient cash to sustain operations without external financing. The company's capital expenditure of -19 million SEK is minimal, indicating a lack of investment in growth or asset renewal. The absence of a strong buy recommendation from analysts further reinforces the perception of financial instability.

Fastighets AB Balder generated 13.7 billion SEK in revenue for fiscal year 2026, reflecting consistent top-line growth.

Operating income surged 57.7% year-over-year to 13.8 billion SEK in fiscal 2026, demonstrating strong operational leverage.

Nine analysts maintain a buy recommendation with a mean price target of 75.0 SEK, indicating positive market sentiment.

Free cash flow improved by 118.1% year-over-year to 8.0 billion SEK in fiscal 2026, enhancing liquidity.

The company carries a high credit risk flag, signaling potential difficulties in meeting financial obligations or refinancing debt.

Fastighets AB Balder's debt-to-equity ratio of 1.71 is in the bottom quartile compared to its peer cohort median of 0.52.

Return on equity was negative at -0.71%, underperforming the cohort median of 1.94% and indicating poor capital efficiency.

Long-term debt increased to 145.6 billion SEK in fiscal 2026, continuing a four-year upward trend in leverage.

Revenue kr 3.45B, +3,6% YoY; Operating income −33,6% YoY.

• ▍Revenue kr 3.45B, +3,6% YoY
• ▍Operating income −33,6% YoY
• ▍Net income −48,3% YoY
• ▍Free cash flow −46,7% YoY
• ▍Net margin 51.2%

Revenue kr 3.44B, +6,7% YoY; Operating income +301,9% YoY.

• ▍Revenue kr 3.44B, +6,7% YoY
• ▍Operating income +301,9% YoY
• ▍Net income +910,2% YoY
• ▍Free cash flow +1 534,1% YoY
• ▍Net margin 69.4%

Revenue kr 3.41B, +7,0% YoY; Operating income +5,4% YoY.

• ▍Revenue kr 3.41B, +7,0% YoY
• ▍Operating income +5,4% YoY
• ▍Net income −0,4% YoY
• ▍Free cash flow −3,8% YoY
• ▍Net margin 22.6%

Revenue kr 3.42B, +9,2% YoY; Operating income +528,6% YoY.

• ▍Revenue kr 3.42B, +9,2% YoY
• ▍Operating income +528,6% YoY
• ▍Net income +552,3% YoY
• ▍Free cash flow +654,4% YoY
• ▍Net margin 78.8%

Revenue kr 3.33B; Operating income kr 4.99B.

• ▍Revenue kr 3.33B
• ▍Operating income kr 4.99B
• ▍Net margin 102.7%

Revenue kr 3.23B; Operating income kr 1.04B.

• ▍Revenue kr 3.23B
• ▍Operating income kr 1.04B
• ▍Net margin -9.1%

Revenue kr 3.19B; Operating income kr 2.07B.

• ▍Revenue kr 3.19B
• ▍Operating income kr 2.07B
• ▍Net margin 24.2%

Revenue kr 3.13B; Operating income kr 658.0M.

• ▍Revenue kr 3.13B
• ▍Operating income kr 658.0M
• ▍Net margin -19.0%

Revenue kr 13.72B, +6,6% YoY; Operating income +57,7% YoY.

• ▍Revenue kr 13.72B, +6,6% YoY
• ▍Operating income +57,7% YoY
• ▍Net income +130,6% YoY
• ▍Free cash flow +118,1% YoY
• ▍Net margin 55.5%

Revenue kr 12.88B, +7,8% YoY; Operating income +252,0% YoY.

• ▍Revenue kr 12.88B, +7,8% YoY
• ▍Operating income +252,0% YoY
• ▍Net income +149,0% YoY
• ▍Free cash flow +147,1% YoY
• ▍Net margin 25.7%

Revenue kr 11.94B, +13,5% YoY; Operating income −138,4% YoY.

• ▍Revenue kr 11.94B, +13,5% YoY
• ▍Operating income −138,4% YoY
• ▍Net income −166,3% YoY
• ▍Free cash flow −171,7% YoY
• ▍Net margin -56.5%

Revenue kr 10.52B, +17,5% YoY; Operating income −37,0% YoY.

• ▍Revenue kr 10.52B, +17,5% YoY
• ▍Operating income −37,0% YoY
• ▍Net income −45,0% YoY
• ▍Free cash flow −44,3% YoY
• ▍Net margin 96.7%