Heba Fastighets stock: fair value
HEBA-B.STThe fair value of Heba Fastighets under our model is $2.14, the price is 13% above.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Fairly valuedIn our model the price counts as cheap below $1.53 and expensive above $3.57 (uncertainty high, one part of the fair value is more than twice the other).
The two parts of the fair value come to $1.11 (cash-flow model) and $3.17 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 9.2%. At 10.2% the fair value would be $2.07, at 8.2% it would be $2.23.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (11.5).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 2.2%. Discounted at 9.2% (government bond yield 2.2% plus beta 1.65 times a risk premium of 4.2%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $1.11 per share: free cash flow for the next ten years, each year discounted to today at 9.2%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 9.2%) |
|---|---|---|---|---|
| 2026 | $13.57M | extrapolated at −4.6% | 0.9160 | $12.43M |
| 2027 | $13.22M | extrapolated at −2.6% | 0.8391 | $11.09M |
| 2028 | $13.07M | extrapolated at −1.2% | 0.7686 | $10.05M |
| 2029 | $13.05M | extrapolated at −0.2% | 0.7041 | $9.19M |
| 2030 | $13.12M | extrapolated at 0.5% | 0.6449 | $8.46M |
| 2031 | $13.26M | extrapolated at 1.0% | 0.5908 | $7.83M |
| 2032 | $13.44M | extrapolated at 1.4% | 0.5412 | $7.27M |
| 2033 | $13.66M | extrapolated at 1.6% | 0.4957 | $6.77M |
| 2034 | $13.9M | extrapolated at 1.8% | 0.4541 | $6.31M |
| 2035 | $14.17M | extrapolated at 1.9% | 0.4159 | $5.89M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $85.3M |
| Terminal value: cash flow 2035 × (1 + 2.2%) / (9.2% − 2.2%) | $207.15M |
| Present value of terminal value (× 0.4159) | $86.16M |
| Equity value (sum plus present value of terminal value) | $171.46M |
| Shares (diluted) | 154.42M |
| Value per share (equity value divided by shares) | $1.11 |
| Earnings per share, last twelve months | $0.28 |
| × 11.5 (industry P/E) | $3.17 |
| Fair value (average of both parts) | $2.14 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = SEK 9.9729)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral since 13 Nov 2026, previously Weak
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.