Neobo Fastigheter AB (publ)

NEOBO.ST

Real Estate - Development · Real Estate

Price

kr 19.83

+0.09 (+0.46%)

Market Cap

kr 2.78B

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

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Neobo Fastigheter AB is a Swedish residential real estate company that owns and manages apartment buildings. Its customers are everyday renters who pay monthly rent to live in its properties. The company operates almost entirely in Sweden, where the rental housing market is heavily regulated by the government.

Neobo makes money by collecting rent from tenants across its portfolio of residential properties. It is a mid-sized landlord by Swedish standards, with a market cap of around 2.4 billion Swedish kronor, and its competitive position depends largely on owning well-located apartments in stable Swedish cities. The main risk the company faces is Sweden's rent control system, which limits how much landlords can raise rents, making it difficult to grow revenue quickly even when costs like interest rates and maintenance expenses rise.

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

+0.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-114.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

24.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 13.7B cash & investments

Quarterly Free Cash Flow

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

Growth context

Neobo Fastigheter AB (publ) is growing revenue at 0% 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.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 145.4M (2021) → 145.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

59.7%

Premium pricing power — 59.7% gross margin

Profit after running costs

Operating Margin

52.5%

Excellent — 52.5% operating margin

Return on the money invested

ROCE

3.3%

Weak — 3.3% 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

+1.8%

Nearly flat sales (+1.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

222%

Turns 222% of profit into real cash

Spare cash per sale

FCF Margin

17.9%

Converts sales into free cash efficiently (17.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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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

1.76x

Dangerous — barely covers interest (1.8x)

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)

37.4x

Pricey — P/E 37.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+25.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (37.4 → 12.1)

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Dividends

Not applicable for this business.

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