Financials Balder

Equities

BALD B

SE0017832488

Real Estate Development & Operations

Real-time Estimate Cboe Europe Other stock markets 07:53:16 2024-05-15 am EDT			5-day change	1st Jan Change
74.47 ^SEK	+1.37%		+5.97%	+4.22%

May. 13	Kistos posts decline in earnings but highlights Mime potential	AN
May. 03	Fastighets AB Balder Announces Board Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,976	79,990	121,561	55,992	82,534	86,095	-	-
Enterprise Value (EV) ¹	156,316	164,511	236,463	182,220	209,336	215,989	213,601	211,544
P/E ratio	8.7 x	11.7 x	6.57 x	5.34 x	-12.2 x	22.8 x	14.8 x	13 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	10.2 x	9.83 x	13.6 x	5.32 x	6.91 x	6.77 x	6.49 x	6.29 x
EV / Revenue	20.5 x	20.2 x	26.4 x	17.3 x	17.5 x	17 x	16.1 x	15.4 x
EV / EBITDA	31.4 x	29.7 x	39.9 x	26.9 x	24.3 x	25.8 x	24.3 x	23.3 x
EV / FCF	-13.2 x	-15.7 x	-8.34 x	-23.2 x	-155 x	176 x	80 x	55.2 x
FCF Yield	-7.58%	-6.37%	-12%	-4.32%	-0.65%	0.57%	1.25%	1.81%
Price to Book	1.57 x	1.37 x	1.57 x	0.62 x	1 x	0.98 x	0.93 x	0.87 x
Nbr of stocks (in thousands)	1,080,000	1,119,000	1,119,000	1,154,000	1,154,000	1,172,000	-	-
Reference price ²	72.20	71.48	108.6	48.52	71.52	73.46	73.46	73.46
Announcement Date	2/27/20	2/11/21	2/11/22	2/10/23	2/9/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,609	8,134	8,956	10,521	11,944	12,710	13,267	13,695
EBITDA ¹	4,979	5,540	5,927	6,777	8,624	8,387	8,798	9,097
EBIT ¹	5,863	5,169	6,480	6,760	8,608	8,302	9,481	9,790
Operating Margin	77.05%	63.55%	72.35%	64.25%	72.07%	65.32%	71.46%	71.48%
Earnings before Tax (EBT) ¹	14,185	9,083	22,781	12,988	-8,954	5,148	8,406	9,507
Net income ¹	8,958	6,641	18,508	10,175	-6,746	2,304	5,874	6,548
Net margin	117.73%	81.64%	206.65%	96.71%	-56.48%	18.13%	44.27%	47.81%
EPS ²	8.295	6.132	16.54	9.090	-5.850	3.219	4.977	5.658
Free Cash Flow ¹	-11,846	-10,473	-28,353	-7,865	-1,352	1,224	2,670	3,830
FCF margin	-155.68%	-128.76%	-316.58%	-74.76%	-11.32%	9.63%	20.12%	27.97%
FCF Conversion (EBITDA)	-	-	-	-	-	14.6%	30.34%	42.11%
FCF Conversion (Net income)	-	-	-	-	-	53.14%	45.45%	58.5%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/27/20	2/11/21	2/11/22	2/10/23	2/9/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,421	2,507	2,550	2,659	2,805	2,895	2,943	3,017	3,089	3,129	3,169	3,190	3,222	3,315	3,319
EBITDA ¹	1,563	1,520	1,661	1,778	1,806	1,834	1,927	2,092	1,194	1,992	2,125	2,213	2,097	2,131	2,222
EBIT ¹	2,178	1,520	1,812	671	-	-	1,651	1,319	1,181	1,985	2,123	2,209	2,095	2,131	2,222
Operating Margin	89.96%	60.63%	71.06%	25.24%	-	-	56.1%	43.72%	38.23%	63.44%	66.99%	69.25%	65.01%	64.28%	66.95%
Earnings before Tax (EBT) ¹	9,066	6,972	4,118	1,036	862	-283	-1,454	-1,109	-6,107	-307	1,116	1,540	1,169	1,763	1,902
Net income ¹	7,388	5,261	3,456	612	846	-51	-867	-1,060	-4,768	-595	818.8	1,042	929.8	1,304	1,413
Net margin	305.16%	209.85%	135.53%	23.02%	30.16%	-1.76%	-29.46%	-35.13%	-154.35%	-19.02%	25.84%	32.67%	28.85%	39.34%	42.57%
EPS ²	6.602	4.702	3.090	0.5500	0.7600	-0.0400	-	-	-4.130	-	1.130	1.220	1.000	1.030	1.100
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/11/22	5/12/22	7/15/22	10/28/22	2/10/23	5/11/23	7/18/23	10/27/23	2/9/24	5/3/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	78,340	84,521	114,902	126,228	126,802	129,894	127,506	125,449
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	15.73 x	15.26 x	19.39 x	18.63 x	14.7 x	15.49 x	14.49 x	13.79 x
Free Cash Flow ¹	-11,846	-10,473	-28,353	-7,865	-1,352	1,225	2,670	3,831
ROE (net income / shareholders' equity)	19.8%	12.4%	27.3%	12.1%	-7.8%	3.64%	6.25%	6.44%
ROA (Net income/ Total Assets)	6.27%	3.93%	9.02%	6.1%	-2.2%	1.69%	2.7%	2.8%
Assets ¹	142,969	168,982	205,168	166,803	306,636	136,543	217,179	233,656
Book Value Per Share ²	46.10	52.00	69.40	78.20	71.30	74.80	79.40	84.50
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	16,190	5,572	7,420	10,742	7,517	4,558	3,387	3,510
Capex / Sales	212.77%	68.5%	82.85%	102.1%	62.94%	35.86%	25.53%	25.63%
Announcement Date	2/27/20	2/11/21	2/11/22	2/10/23	2/9/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Balder

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

73.46 SEK

Average target price

76 SEK

Spread / Average Target

+3.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
BALDER	+2.71%	7.96B
CHINA RESOURCES LAND LIMITED	+10.00%	28.11B
MITSUI FUDOSAN CO., LTD.	+25.23%	26.41B
SUN HUNG KAI PROPERTIES LIMITED	-7.82%	27.28B
DLF LIMITED	+14.29%	24.87B
MITSUBISHI ESTATE CO., LTD.	+43.67%	22.93B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+9.88%	21.18B
EMAAR PROPERTIES	+0.76%	19.18B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+23.84%	16.19B
CK ASSET HOLDINGS LIMITED	-10.20%	15.82B

Other Real Estate Development & Operations