NP3 Fastigheter (OM:NP3) On Fresh Deals And Strong Results Still Looks Cheap

NP3 Fastigheter (OM:NP3) just paired its nine month 2026 earnings release with fresh industrial property deals, giving investors new data on both current profitability and how the real estate portfolio is evolving.

Despite the upbeat nine month 2026 results and fresh industrial acquisitions, NP3 Fastigheter’s recent price action has been mixed, with the share price down around 16% over the past quarter, while the 3 year total shareholder return of about 62% still reflects a much stronger longer term journey.

See how NP3 Fastigheter compares with other real estate stocks that combine earnings power with balance sheet support in our curated list of 223 resilient stocks with low risk scores.

NP3 Fastigheter now trades at a double discount, both to analyst price targets and to an estimate of fair value, even after the recent slide. Is the market being prudently cautious or overly wary of this earnings story and portfolio shift?

Price-to-Earnings of 8.7x: Is it justified?

On simple numbers, NP3 Fastigheter trades on a P/E of 8.7x, which lines up with a share price of SEK224.5 that sits below both analyst targets and an internal fair value estimate.

The P/E ratio compares what investors are paying for each unit of current earnings, so it matters a lot for an income generating landlord like NP3 Fastigheter. For a property owner with SEK2,453m in rental income and SEK1,583m in net profit over the last twelve months, this multiple is effectively the market's verdict on those earnings, including the impact of recent industrial property deals.

Context matters though. Management has booked a large one off gain of SEK672m in the last twelve months, earnings have declined by 9.4% per year over the past five years, and analysts expect profits to fall by an average of 14% per year over the next three years. That combination means the current earnings base may overstate the underlying run rate, so the seemingly low P/E could reflect investors pricing in weaker profitability ahead rather than offering a clear bargain.

Compared with peers, the discount is still clear. NP3 Fastigheter trades on a P/E of 8.7x against a Swedish Real Estate industry average of 9.6x and a peer group average of 13.9x, and it is also judged to be good value versus a fair P/E of 9x that regression analysis suggests the market could move toward.

Explore the SWS fair ratio for NP3 Fastigheter.

Result: Price-to-Earnings of 8.7x (UNDERVALUED)

Still, NP3 Fastigheter faces pressure if earnings continue to decline or if higher funding costs hit property values and prompt investors to reassess the apparent discount.

Find out about the key risks to this NP3 Fastigheter narrative.

Another view on NP3 Fastigheter’s value

A second lens matters here. Our DCF model points to a future cash flow value of SEK276.55 per share, compared with the current SEK224.5 price, which suggests NP3 Fastigheter trades at a discount. The question is whether those projected cash flows can hold up as earnings are expected to decline.

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out NP3 Fastigheter for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 196 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

Mixed signals around NP3 Fastigheter can feel unsettling, so act promptly, review the full data set, and weigh both sides using our breakdown of 4 key rewards and 4 important warning signs

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