Heba Fastighets AB (publ)

HEBA-B.ST

Real Estate - Services · 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

Exceptional

Cash Flow

Mixed

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Heba Fastighets AB is a Swedish real estate company that owns and manages residential apartment buildings. Its main product is rental housing, and its customers are ordinary people who pay monthly rent to live in its apartments. The company operates almost entirely in the Stockholm region of Sweden, one of Europe's most supply-constrained housing markets.

Heba makes money by collecting rent from tenants, a steady and recurring revenue stream. With a gross margin above 70%, the business is efficient at converting rent into profit, though its low ROIC of around 2% reflects the capital-heavy nature of owning physical property. Sweden's regulated rental market provides stability but also limits how much Heba can raise rents, and rising interest rates are a key risk since property companies carry significant debt to finance their portfolios.

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

+4.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+44.7% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

62.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

kr 15.1B cash & investments at current burn rate

Growth context

Heba Fastighets AB (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

75.8%

Premium pricing power — 75.8% gross margin

Profit after running costs

Operating Margin

69.3%

Excellent — 69.3% operating margin

Return on the money invested

ROCE

3.0%

Weak — 3.0% 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

+5.1%

Slow sales growth (+5.1% YoY)

Profit growth

EPS YoY

+63.9%

Earnings growing fast (+63.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

48%

Weak — only 48% of profit becomes cash

Spare cash per sale

FCF Margin

8.3%

Modest free cash flow (8.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.09

Elevated debt (1.09)

Covers its interest

Interest Cover

2.16x

Tight — interest eats into profit (2.2x)

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)

10.2x

no trend

Attractive valuation — P/E 10.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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