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1. Company Snapshot

1.a. Company Description

Fastighets AB Balder (publ) develops, owns, and manages residential and commercial properties in Sweden, Denmark, Finland, Norway, Germany, and the United Kingdom.The company's property portfolio comprises apartments, offices, rooms or working spaces, retail spaces, restaurants or cafés, industrial spaces, warehouses, and storage spaces, as well as garages and parking spaces.As of December 31, 2021, it owned 1,678 investment properties with a lettable area of 5,509 thousand square meters.


The company was incorporated in 1995 and is headquartered in Gothenburg, Sweden.

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1.b. Last Insights on BALD

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.01%)

6. Segments

Residential

Expected Growth: 10%

Residential segment growth of 10% driven by increasing demand for housing in Sweden, fueled by low interest rates, government incentives, and urbanization. Additionally, Balder's strategic acquisitions and development of new properties, as well as its focus on sustainable and modern living, contribute to the segment's growth.

Office

Expected Growth: 11%

Balder's 11% office segment growth is driven by Sweden's thriving economy, increasing demand for modern offices, and strategic acquisitions. The company's focus on sustainable and amenity-rich properties attracts high-quality tenants, leading to higher occupancy rates and rental growth. Additionally, Balder's efficient property management and proactive leasing strategy contribute to the segment's strong performance.

Retail

Expected Growth: 9%

Fastighets AB Balder's 9% retail growth is driven by strategic acquisitions, expanding e-commerce presence, and a strong focus on experiential retail. Additionally, the company's diversified tenant mix, proactive asset management, and favorable market conditions in Sweden contribute to its growth momentum.

Other

Expected Growth: 8%

Fastighets AB Balder's 8% growth is driven by increasing demand for rental apartments, strategic acquisitions, and effective cost management. The company's diversified property portfolio, strong brand recognition, and favorable market conditions in Sweden also contribute to its growth. Additionally, Balder's focus on sustainability and energy-efficient properties attracts environmentally conscious tenants, further boosting growth.

Industrial/Logistics

Expected Growth: 13%

Balder's Industrial/Logistics segment growth of 13% is driven by increasing e-commerce demand, urbanization, and supply chain optimization. Rising online shopping has boosted demand for logistics and warehouse spaces, while strategic locations and modern facilities have enabled efficient distribution and delivery. Additionally, the segment has benefited from the company's active asset management and value-adding initiatives.

Projects for Own Management

Expected Growth: 12%

Fastighets AB Balder's 12% growth in Projects for Own Management is driven by increasing demand for sustainable and energy-efficient properties, strategic acquisitions, and effective cost management. Additionally, the company's focus on urban development and regeneration projects, as well as its strong balance sheet, have enabled it to capitalize on growth opportunities in the Swedish real estate market.

7. Detailed Products

Residential Properties

Balder's residential properties segment offers a range of apartments and houses for rent, providing a comfortable living experience for individuals and families.

Commercial Properties

Balder's commercial properties segment provides office spaces, retail stores, and warehouses for businesses, offering flexible and convenient solutions for entrepreneurs and companies.

Property Development

Balder's property development segment focuses on acquiring, developing, and selling properties, creating new opportunities for residential and commercial use.

Property Management

Balder's property management segment offers a range of services, including property maintenance, rent collection, and tenant management, ensuring that properties are well-maintained and profitable.

8. Fastighets AB Balder (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Fastighets AB Balder (publ) is medium due to the presence of alternative investment options in the real estate industry.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong brand reputation and diversified portfolio of properties.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on a few large suppliers for construction materials and services.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the Swedish real estate market, including regulatory hurdles and high capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the Swedish real estate market, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.04%
Debt Cost 3.95%
Equity Weight 37.96%
Equity Cost 10.37%
WACC 6.39%
Leverage 163.43%

11. Quality Control: Fastighets AB Balder (publ) passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SFL

A-Score: 6.2/10

Value: 3.3

Growth: 3.6

Quality: 6.3

Yield: 6.9

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
NEPI Rockcastle

A-Score: 6.0/10

Value: 5.9

Growth: 6.4

Quality: 6.9

Yield: 10.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
PSP Swiss Property

A-Score: 5.7/10

Value: 3.1

Growth: 2.8

Quality: 6.3

Yield: 5.6

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
ImmoFinanz

A-Score: 4.5/10

Value: 5.6

Growth: 5.3

Quality: 5.7

Yield: 0.6

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Catena

A-Score: 4.4/10

Value: 3.1

Growth: 4.4

Quality: 6.4

Yield: 3.1

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Balder

A-Score: 3.8/10

Value: 4.3

Growth: 5.6

Quality: 5.8

Yield: 0.0

Momentum: 2.5

Volatility: 5.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

66.92$

Current Price

66.92$

Potential

-0.00%

Expected Cash-Flows