Intea Fastigheter AB (publ) (INTEA-B.ST) fair value

ACCE thesis

Intea Fastigheter owns and manages commercial and residential property in Sweden, with its income coming from long-term rental contracts on those buildings rather than from development sales. The 80% operating margin and 83% gross margin reflect that rental model, which keeps costs low once a property is let and gives the company room to absorb interest expense. Revenue grew 26.6% over the period in the data, which points to acquisitions and rent increases feeding through rather than a one-off. The stock trades at a trailing P/E of 9.3 against a 13.2% ROE, a combination that is worth a closer look at the portfolio, debt maturities and how much of that growth came from buying assets rather than from the existing buildings. No forward earnings estimate is available, so the valuation case rests on the trailing numbers alone.