Fastighets AB Balder (publ)

BALD-B.ST

Real Estate - Development · Real Estate

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Fastighets AB Balder is a Swedish real estate company that owns and manages a large portfolio of properties across the Nordic region. Its holdings include residential apartments, commercial offices, hotels, and retail spaces, with tenants ranging from everyday renters to businesses and hotel operators. Balder is one of the largest listed property companies in the Nordic countries by asset value.

The company makes money by collecting rent from tenants across its properties, giving it a steady, recurring income stream. It operates primarily in Sweden, Denmark, Finland, and Norway, and has grown significantly through acquisitions over the past two decades. Balder's scale and diversified property mix provide some stability, but the company carries a high level of debt — common in real estate — which makes it sensitive to rising interest rates, and managing that debt load remains the central financial risk the business faces.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-26.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

42.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 276.6B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Fastighets AB Balder (publ) is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

99.4%

Premium pricing power — 99.4% gross margin

Profit after running costs

Operating Margin

66.3%

Excellent — 66.3% operating margin

Return on the money invested

ROCE

3.7%

Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+4.1%

Slow sales growth (+4.1% YoY)

Profit growth

EPS YoY

+8.2%

Earnings growing (+8.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

66%

Modest — 66% of profit becomes cash

Spare cash per sale

FCF Margin

32.4%

Converts sales into free cash efficiently (32.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.66

Elevated debt (1.66)

Covers its interest

Interest Cover

2.84x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.4x

no trend

Attractive valuation — P/E 8.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-2.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

7.47%

no trend

Healthy income — 7.47% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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