Financials Hufvudstaden AB

Equities

HUFV A

SE0000170375

Real Estate Development & Operations

Market Closed - Nasdaq Stockholm Other stock markets 11:29:31 2024-05-13 am EDT			5-day change	1st Jan Change
128.3 ^SEK	+0.08%		-1.08%	-9.71%

May. 08	Hufvudstaden AB Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 25	Hufvudstaden, Yeppo & Soonsoo Agree to Lease Deal in Gothenburg, Sweden	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	32,773	56,508	27,554	27,352	30,002	25,936	25,936	-
Enterprise Value (EV) ¹	40,123	65,619	35,421	36,086	39,261	38,495	35,733	36,033
P/E ratio	6.54 x	12.1 x	-19.1 x	9.25 x	41.5 x	-14.9 x	26.7 x	20.8 x
Yield	2.7%	2.11%	1.84%	1.92%	1.82%	1.9%	2.19%	2.28%
Capitalization / Revenue	18.2 x	28.5 x	15 x	10.4 x	10.2 x	9.71 x	8.39 x	8.27 x
EV / Revenue	22.3 x	33.1 x	19.3 x	13.7 x	13.3 x	13 x	11.6 x	11.5 x
EV / EBITDA	30.8 x	46.6 x	27.9 x	27.9 x	30.1 x	27 x	23.9 x	23.2 x
EV / FCF	162 x	150 x	287 x	98.6 x	6,040 x	457 x	129 x	178 x
FCF Yield	0.62%	0.67%	0.35%	1.01%	0.02%	0.22%	0.77%	0.56%
Price to Book	0.97 x	1.22 x	0.96 x	0.88 x	0.96 x	1 x	0.91 x	0.88 x
Nbr of stocks (in thousands)	206,266	206,266	202,307	202,307	202,307	202,307	202,307	-
Reference price ²	136.9	185.1	136.2	135.2	148.3	128.2	128.2	128.2
Announcement Date	2/14/19	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,797	1,981	1,840	2,641	2,946	2,962	3,090	3,137
EBITDA ¹	1,302	1,409	1,271	1,292	1,304	1,424	1,498	1,556
EBIT ¹	1,293	1,356	1,192	1,286	1,298	1,416	1,495	1,533
Operating Margin	71.95%	68.45%	64.82%	48.68%	44.06%	47.81%	48.38%	48.87%
Earnings before Tax (EBT) ¹	4,820	3,968	-1,833	3,726	904.3	-2,535	1,232	1,384
Net income ¹	4,320	3,146	-1,462	2,955	722	-1,927	970.5	1,197
Net margin	240.4%	158.81%	-79.46%	111.91%	24.51%	-65.07%	31.4%	38.15%
EPS ²	20.94	15.25	-7.130	14.61	3.570	-9.530	4.795	6.158
Free Cash Flow ¹	247.7	438.9	123.3	366	6.5	84.3	276	203
FCF margin	13.78%	22.15%	6.7%	13.86%	0.22%	2.85%	8.93%	6.47%
FCF Conversion (EBITDA)	19.03%	31.15%	9.7%	28.34%	0.5%	5.92%	18.43%	13.05%
FCF Conversion (Net income)	5.73%	13.95%	-	12.38%	0.9%	-	28.44%	16.96%
Dividend per Share ²	3.700	3.900	2.500	2.600	2.700	2.700	2.813	2.925
Announcement Date	2/14/19	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-

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	747.3	643.8	684	721.2	795.6	714.7	726	722	798.5	771	763.8	750.3	814.8	-	-
EBITDA ¹	322.6	310.9	347.2	343.7	343.1	351.3	370	370.7	361.8	367.9	380	381	372	359	392
EBIT ¹	321.2	290.3	335.2	330.7	341.7	331.3	357.8	368.1	358.8	345.6	389.7	391.4	379	366.3	398.3
Operating Margin	42.98%	45.09%	49.01%	45.85%	42.95%	46.36%	49.28%	50.98%	44.93%	44.82%	51.02%	52.17%	46.51%	-	-
Earnings before Tax (EBT) ¹	2,128	479.3	474.1	373.6	-422.7	-627.3	-1,097	-270.6	-539.9	-496.8	351.7	191.8	382.5	273.2	302.9
Net income ¹	1,684	380	376.1	296.5	-330.6	-499	-873.1	-212.4	-342.3	-396.1	278.7	122.4	304.3	279.4	303.4
Net margin	225.37%	59.02%	54.99%	41.11%	-41.55%	-69.82%	-120.26%	-29.42%	-42.87%	-51.37%	36.49%	16.32%	37.35%	-	-
EPS ²	8.330	1.880	1.860	1.460	-1.630	-2.470	-4.310	-1.050	-1.690	-1.960	1.350	1.360	1.330	2.008	2.131
Dividend per Share ²	2.600	-	-	-	2.700	-	-	-	2.700	-	-	-	1.450	-	-
Announcement Date	2/17/22	5/5/22	8/24/22	11/10/22	2/16/23	5/11/23	8/24/23	11/9/23	2/15/24	5/8/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	7,350	9,110	7,866	8,734	9,259	9,747	9,797	10,097
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.647 x	6.466 x	6.189 x	6.763 x	7.102 x	6.846 x	6.542 x	6.49 x
Free Cash Flow ¹	248	439	123	366	6.5	84.3	276	203
ROE (net income / shareholders' equity)	14.1%	10.4%	-4.9%	9.9%	2.3%	-6.4%	3.01%	3.77%
ROA (Net income/ Total Assets)	10.1%	6.57%	-2.99%	6%	2.32%	-3.87%	2.44%	2.6%
Assets ¹	42,815	47,858	48,870	49,255	31,161	49,840	39,806	46,098
Book Value Per Share ²	141.0	152.0	141.0	154.0	155.0	142.0	141.0	146.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	755	928	949	628	1,018	1,238	1,090	1,034
Capex / Sales	42.03%	46.85%	51.58%	23.79%	34.55%	41.81%	35.27%	32.97%
Announcement Date	2/14/19	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-

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 Hufvudstaden AB

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

128.2 SEK

Average target price

130 SEK

Spread / Average Target

+1.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office Real Estate Development

	1st Jan change	Capi.
HUFVUDSTADEN AB	-9.71%	2.39B
CA IMMOBILIEN ANLAGEN AG	-7.61%	3.17B
ENTRA ASA	-5.20%	1.83B
HYSAN DEVELOPMENT COMPANY LIMITED	-17.55%	1.61B
PLATZER FASTIGHETER HOLDING AB	+12.95%	1.05B
HEIWA REAL ESTATE CO., LTD.	+4.77%	910M
CROMWELL PROPERTY GROUP	-5.95%	683M
BEIJING ELECTRONIC ZONE HIGH-TECH GROUP CO., LTD.	-13.20%	613M
EMPERADOR PROPERTIES SOCIMI, S.A.	0.00%	462M
TKP CORPORATION	-18.41%	393M

Office Real Estate Development