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Hufvudstaden AB (publ)

HUFV-A.ST
63
Real Estate - Development · Real Estate
Price
kr 120.60
+0.50 (+0.42%)
Market Cap
kr 22.48B
Exchange
Stockholm Stock Exchange
Winston Score
63
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
Good
Growth
Strong
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Mixed

Share count falling — buybacks

1.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 202.3M (2021) → 200.1M (2025)

Winston Score History

The full picture

Hufvudstaden is a Swedish real estate company that owns and rents out high-end office buildings and retail spaces in the centers of Stockholm and Gothenburg. Its tenants are businesses — think law firms, banks, fashion retailers, and restaurants — that want a prestigious address in Sweden's two largest cities. The company owns some of Sweden's most recognized commercial properties, including buildings along Biblioteksgatan, one of Stockholm's most exclusive shopping streets.

Hufvudstaden makes money by collecting rent from its tenants under long-term lease agreements. It operates entirely within Sweden, and its competitive advantage comes from owning irreplaceable properties in prime city-center locations that cannot easily be replicated. The company is majority-owned by the Lundberg family through investment company L E Lundbergföretagen, giving it a stable, long-term ownership structure. The main risk the business faces is a slowdown in demand for premium office and retail space, particularly as remote work trends and e-commerce continue to pressure traditional tenants.

Growth Profile

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

Revenue Growth

+8.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+71.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

58.3%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 48.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Hufvudstaden AB (publ) is growing revenue at 8% 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
48.6%
Healthy — 48.6% gross margin
Profit after running costs
Operating Margin
47.1%
Excellent — 47.1% operating margin
Return on the money invested
ROCE
4.3%
Weak — 4.3% 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
+3.5%
Slow sales growth (+3.5% YoY)
Profit growth
EPS YoY
+22.7%
Earnings growing fast (+22.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
110%
Turns 110% of profit into real cash
Spare cash per sale
FCF Margin
8.9%
Modest free cash flow (8.9%)

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
0.42
Conservative — low debt load (0.42)
Covers its interest
Interest Cover
4.52x
Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.3x
Growth-priced — P/E 20.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+1.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
2.40%
Moderate income — 2.40% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-12.6%
Dividend cut (-12.6% YoY) — warning sign

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