Stock BALD B BALDER
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Financials Balder

Equities

BALD B

SE0017832488

Real Estate Development & Operations

Market Closed - Nasdaq Stockholm
Other stock markets
 11:29:57 2024-04-26 am EDT 		5-day change 1st Jan Change
67.1 SEK +3.10% Intraday chart for Balder +0.48% -6.18%
Apr. 17 Vår Energi Makes Oil Find in Central North Sea MT
Mar. 26 Swedish real estate group Balder proposes new board chair RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 77,976 79,990 121,561 55,992 82,534 78,641 - -
Enterprise Value (EV) 1 156,316 164,511 236,463 182,220 209,336 206,327 199,771 195,855
P/E ratio 8.7 x 11.7 x 6.57 x 5.34 x -12.2 x 15 x 13.2 x 11.5 x
Yield - - - - - - - -
Capitalization / Revenue 10.2 x 9.83 x 13.6 x 5.32 x 6.91 x 6.15 x 5.9 x 5.72 x
EV / Revenue 20.5 x 20.2 x 26.4 x 17.3 x 17.5 x 16.1 x 15 x 14.3 x
EV / EBITDA 31.4 x 29.7 x 39.9 x 26.9 x 24.3 x 24.4 x 22.6 x 21.4 x
EV / FCF -13.2 x -15.7 x -8.34 x -23.2 x -155 x 52.1 x 53.9 x -
FCF Yield -7.58% -6.37% -12% -4.32% -0.65% 1.92% 1.85% -
Price to Book 1.57 x 1.37 x 1.57 x 0.62 x 1 x 0.89 x 0.84 x 0.78 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 67.10 67.10 67.10
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 12,792 13,322 13,741
EBITDA 1 4,979 5,540 5,927 6,777 8,624 8,453 8,836 9,142
EBIT 1 5,863 5,169 6,480 6,760 8,608 8,414 8,788 9,066
Operating Margin 77.05% 63.55% 72.35% 64.25% 72.07% 65.77% 65.96% 65.98%
Earnings before Tax (EBT) 1 14,185 9,083 22,781 12,988 -8,954 7,527 8,730 11,172
Net income 1 8,958 6,641 18,508 10,175 -6,746 4,527 5,246 7,115
Net margin 117.73% 81.64% 206.65% 96.71% -56.48% 35.39% 39.38% 51.78%
EPS 2 8.295 6.132 16.54 9.090 -5.850 4.470 5.070 5.820
Free Cash Flow 1 -11,846 -10,473 -28,353 -7,865 -1,352 3,963 3,704 -
FCF margin -155.68% -128.76% -316.58% -74.76% -11.32% 30.98% 27.8% -
FCF Conversion (EBITDA) - - - - - 46.88% 41.92% -
FCF Conversion (Net income) - - - - - 87.54% 70.61% -
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 Q3 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
Net sales 1 2,286 2,421 2,507 2,550 2,659 2,805 2,895 2,943 3,017 3,089 2,965 3,190 3,213 3,254 -
EBITDA 1 1,612 1,563 1,520 1,661 1,778 1,806 1,834 1,927 2,092 1,194 2,020 2,168 2,268 2,160 -
EBIT 1,620 2,178 1,520 1,812 671 - - 1,651 1,319 1,181 - - - - -
Operating Margin 70.87% 89.96% 60.63% 71.06% 25.24% - - 56.1% 43.72% 38.23% - - - - -
Earnings before Tax (EBT) 7,123 9,066 6,972 4,118 1,036 862 -283 -1,454 -1,109 -6,107 - - 643.2 1,244 2,600
Net income 1 6,243 7,388 5,261 3,456 612 846 -51 -867 -1,060 -4,768 -1,223 -198.6 447.5 865.8 1,911
Net margin 273.1% 305.16% 209.85% 135.53% 23.02% 30.16% -1.76% -29.46% -35.13% -154.35% -41.25% -6.22% 13.93% 26.6% -
EPS 5.578 6.602 4.702 3.090 0.5500 0.7600 -0.0400 - - -4.130 - - - - -
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 11/11/21 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 - - - - -
1SEK in Million2SEK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 78,340 84,521 114,902 126,228 126,802 127,686 121,130 117,214
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 15.73 x 15.26 x 19.39 x 18.63 x 14.7 x 15.11 x 13.71 x 12.82 x
Free Cash Flow 1 -11,846 -10,473 -28,353 -7,865 -1,352 3,963 3,704 -
ROE (net income / shareholders' equity) 19.8% 12.4% 27.3% 12.1% -7.8% 5.97% 6.76% 8.03%
ROA (Net income/ Total Assets) 6.27% 3.93% 9.02% 6.1% -2.2% 2.82% 3.59% 3.68%
Assets 1 142,969 168,982 205,168 166,803 306,636 160,654 146,128 193,233
Book Value Per Share 2 46.10 52.00 69.40 78.20 71.30 75.00 80.20 86.00
Cash Flow per Share - - - - - - - -
Capex 1 16,190 5,572 7,420 10,742 7,517 4,288 3,371 3,499
Capex / Sales 212.77% 68.5% 82.85% 102.1% 62.94% 33.52% 25.31% 25.47%
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
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
67.1 SEK
Average target price
75.6 SEK
Spread / Average Target
+12.67%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
BALDER Stock Balder
-6.18% 7.17B
MITSUI FUDOSAN CO., LTD. Stock Mitsui Fudosan Co., Ltd.
+36.16% 27.94B
SUN HUNG KAI PROPERTIES LIMITED Stock Sun Hung Kai Properties Limited
-13.74% 26.97B
DLF LIMITED Stock DLF Limited
+25.00% 26.95B
CHINA RESOURCES LAND LIMITED Stock China Resources Land Limited
-0.71% 25.32B
MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
+44.49% 22.58B
EMAAR PROPERTIES Stock Emaar Properties
+2.78% 19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
+1.45% 19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD. Stock Sumitomo Realty & Development Co., Ltd.
+28.54% 16.23B
CK ASSET HOLDINGS LIMITED Stock CK Asset Holdings Limited
-14.80% 14.98B
Other Real Estate Development & Operations
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