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Swedish real estate company owning residential, commercial and hotel properties across the Nordics and Europe.
Swedish real estate company owning residential, commercial and hotel properties across the Nordics and Europe.
Rent from apartments and offices carries the income, and Swedish apartment rents are set in annual negotiations with the tenants' union, so they rise slowly and predictably. It adds to the portfolio by developing and buying property. Founder Erik Selin is the controlling shareholder and chief executive.
In one line: A Swedish diversified REIT-style property company.
Moat: narrow (installed base, scale). Large, diversified Nordic property portfolio built through active acquisition and development.
Headquarters: Gothenburg, Sweden · Founded: 2005 · Employees: 1,151
Size Fastighets AB Balder (BALD-B.ST) is a Sweden Real Estate company (Real Estate Development) with a market value of $6.43B, the 40th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 52.92 on 6 Nov 2026.
Performance Over six months the shares fell 1.6%, against -7.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +9.1%); the operating margin is 66.0% (peer median 25.3%).
Valuation It trades at 12.2× forward earnings against a peer median of 14.9× (6th cheapest of 17).
Credit Fastighets AB Balder has 6 bonds outstanding ($3.32B), rated BBB by the agencies and trading like BB at a weighted spread of 185 bp.
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 14.1B | SEK 13.7B | SEK 12.9B | SEK 11.9B | SEK 10.5B |
| Revenue growth | — | +7% | +8% | +14% | — |
| Gross profit | SEK 10.5B | SEK 10.3B | SEK 9.61B | SEK 8.91B | SEK 7.79B |
| EBITDA | SEK 9.42B | SEK 9.25B | SEK 8.62B | SEK 7.89B | SEK 6.81B |
| Net income | SEK 6.73B | SEK 7.41B | SEK 3.69B | -SEK 5.75B | SEK 10.2B |
| Free cash flow | SEK 4.55B | SEK 5.32B | SEK 5.80B | SEK 4.99B | SEK 5.53B |
| Capital expenditure | SEK 67.0M | SEK 53.0M | SEK 54.0M | SEK 187M | SEK 138M |
| Total debt | SEK 157B | SEK 146B | SEK 141B | SEK 137B | SEK 137B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fastighets AB Balder BALD-B.ST | $6.43B | -2% | +4% | 66% | 12.2× | n/a |
| Castellum CAST.ST | $5.94B | +10% | -3% | 67% | 16.1× | n/a |
| AB Sagax SAGA-A.ST | $6.96B | +5% | +5% | 78% | 15.7× | n/a |
| Vonovia VNA.DE | $16.1B | -24% | -17% | 40% | 9.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BALD-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.4% | +5.1% | 3rd highest of 21 |
| 6-month return | -1.6% | -7.1% | 9th highest of 21 |
| Distance from 52-week high | -26.1% | -23.2% | 10th lowest of 21 |
| Revenue growth (TTM) | +3.8% | +9.1% | 8th lowest of 21 |
| Operating margin | 66.0% | 25.3% | 4th highest of 21 |
| Forward P/E | 12.2× | 14.9× | 6th cheapest of 17 |
| Bond spread | 185 bp | 145 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fastighets AB Balder BALD-B.ST | Sweden | $6.43B | -2% | +4% | 66% | 12.2× | n/a | n/a |
| FirstService FSV.TO | Canada | $6.46B | +18% | +3% | 6% | 23.6× | n/a | n/a |
| NEPI Rockcastle NRP.AS | Netherlands | $6.34B | +9% | +20% | 62% | 12.1× | n/a | n/a |
| Oberoi Realty OBEROIRLTY.NS | India | $6.66B | +4% | +16% | 57% | 20.0× | n/a | n/a |
| Cpi Property O5G.DE | Germany | $6.85B | -1% | -8% | 41% | n/a | n/a | n/a |
| Castellum CAST.ST | Sweden | $5.94B | +10% | -3% | 67% | 16.1× | n/a | n/a |
| AB Sagax SAGA-A.ST | Sweden | $6.96B | +5% | +5% | 78% | 15.7× | n/a | n/a |
| Deutsche Wohnen DWNI.DE | Germany | $7.05B | -20% | 0% | 48% | 11.0× | n/a | n/a |
| Daito Trust Construction 1878.T | Japan | $7.10B | -7% | +6% | 7% | 9.7× | n/a | n/a |
| Godrej Properties GODREJPROP.NS | India | $5.77B | -4% | +17% | 21% | 24.5× | n/a | n/a |
| Shanghai Zhangjiang Hi-Tech Park Development 600895.SS | China | $5.71B | -33% | +89% | 26% | 36.4× | n/a | n/a |
| Tokyu Fudosan Holdings Corporat 3289.T | Japan | $5.69B | -7% | +6% | 14% | 8.6× | n/a | n/a |
| Prestige Estates Projects PRESTIGE.NS | India | $7.42B | +10% | +66% | 24% | 38.5× | n/a | n/a |
| Ctp CTPNV.AS | Netherlands | $7.43B | -18% | +12% | 67% | 13.0× | n/a | n/a |
| China Vanke 000002.SZ | China | $5.36B | -17% | -32% | -24% | n/a | n/a | n/a |
| Compass COMP | United States | $7.84B | +17% | +68% | 0% | n/a | n/a | n/a |
| Tsim Sha Tsui Properties 0247.HK | Hong Kong | $5.24B | -20% | +15% | 34% | n/a | n/a | n/a |
| UOL U14.SI | Singapore | $5.23B | -23% | +2% | 25% | 13.8× | n/a | n/a |
| Wharf (Holdings) 0004.HK | Hong Kong | $7.92B | -32% | -1% | 41% | 15.7× | n/a | n/a |
| Nomura Real Estate 3231.T | Japan | $5.17B | -12% | +19% | 14% | 8.8× | n/a | n/a |
| City Developments C09.SI | Singapore | $5.13B | -11% | +36% | 14% | 14.1× | n/a | n/a |
Fastighets AB Balder has 6 bonds outstanding with $3.32B face value. The agencies rate it BBB; its bonds trade like BB. Weighted yield 4.86%, a spread of 185 bp over government bonds.