Fabege AB (publ) FABG
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Full analysis: 6 Apr 2026
Latest news check: 6 Aug 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Maintain the position; consider adding only if upcoming quarters show continued positive net letting and more stable valuation/yield assumptions. The next key checkpoint is the Q2 report on 6 July 2026.
Stronger property management result and new lease agreements reduce downside risk but negative value changes and leasing uncertainty still warrant a wait-and-see stance.
Market sentiment
6/10
→
Trend: Stable
Sentiment remains cautious to neutral with focus on leasing progress and value stabilization.
Price context
The share trades around 76.85 SEK, about 13.7 % below the 52-week high yet 4.8 % above the low. The level reflects ongoing market caution around office vacancies despite solid finances.
Risk assessment
7/10
Dilution:
Low
No equity raise indicated; LTV within targets
Jurisdiction:
Low
Sweden, strong rule of law
Execution:
Medium
Project and valuation uncertainty; management transition
Recent changes
- Q1 showed stronger earnings from property management and positive net letting, while property value changes remained negative but less so than last year. EPRA NRV was broadly unchanged.
About the company
Fabege owns, manages, and develops commercial properties, primarily offices, in the Stockholm region. The company is operationally profitable with strong net operating income, but reported earnings are heavily affected by unrealised property value changes. The focus is on urban development projects such as Arenastaden and Haga Norra while navigating a rate-sensitive market environment.
Sector:
Commercial real estate (office) in Stockholm
Type:
Developer
Next report
21 Oct 2026
Q3
Catalysts
Unknown
SEK 100m contribution to Arenastaden metro
Medium
Horizon:
Bull case
Improved property management result and new DNB leases strengthen revenue stability.
Bear case
Negative net leasing and continued value write-downs may keep the NAV discount in place.
Signal rationale (informational)
Stronger property management result and new lease agreements reduce downside risk but negative value changes and leasing uncertainty still warrant a wait-and-see stance.
Recent news
- Fabege has signed an extended and expanded lease agreement with DNB Carnegie and DNB Sverige in the Bocken block. The company has also started construction of 132 residential apartments in Haga Norra and announced that Strawberry will take over operations of Hotel Giò.
Price & valuation
Last close
SEK 75.75
1 week
-0.3 %
3 months
-3.3 %
12 months
-9.8 %
From 52w high
-15.0 %
From 52w low
+3.3 %
Exchange
Stockholm
Type
Developer
Sector
Commercial real estate (office) in Stockholm
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.