Fastighets AB Balder (publ) (BALDF)

Fastighets AB Balder (publ) (BALDF) — VMCI valuation read

Headline read on BALDF: VMCI of 58/100 versus a Real Estate sector median of 50. The 8-point above-median position is what makes Fastighets AB Balder (publ) a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on BALDF: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on BALDF: value (BALDF trades at 27.0x earnings, 50% above the Real Estate median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -0.9x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.

BALDF rose 2.1% over the trailing 7 days, with a -14.8% read on a 30-day basis.