Sagax SAGA-B.ST
SwedenReal Estate · Real Estate ServicesNasdaq Estocolmo · SEK
183.83 SEK (+16.1%)
6 analysts
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Sagax AB is a Swedish real estate company that owns, manages, and develops industrial and storage properties, primarily in Northern Europe, with a focus on long-term leasing.
Listed on Nasdaq Estocolmo · Symbol SAGA-B.ST · STO: SAGA-B · Currency SEK
Key points
from its scores- ✓Strong growth7.3
- ✕Little or no dividend2.6
- ✕Poor share-price trend3.0
- ✕Demanding valuation4.0
AI analysis
bottom line, main risk, context and newsHigh leverage and sensitivity to interest rates limit the appeal despite strong growth.
Sagax AB shows exceptional earnings growth (176.40%) and a very high gross margin (81.21%), but its financial health is fragile due to extreme leverage (Net Debt/EBITDA of 9.90) and its valuation is demanding (EV/EBITDA of 28.24), making it vulnerable to the rising interest rate environment.
The main risk is the high financial leverage (Net Debt/EBITDA of 9.90), which in a rising interest rate environment could make debt refinancing more expensive and pressure the valuation of its assets.
Context and risks
Sagax AB is a Swedish REIT with very high leverage (Net Debt/EBITDA of 9.90). The rise in long-term interest rates, reflected in the increase in the 10-year US Treasury yield, pressures its financing costs and the valuation of its long-duration real estate assets. Although the ECB is raising rates, the main effect for this company is the global increase in the cost of credit and the higher return requirement on long-duration assets.
Is Sagax stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 15% below the Real Estate median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 10.5 | 21.6 | −51% |
| EV / EBITDA | 28.2 | 18.5 | +53% |
| Price / book | 1.7 | 1.4 | +21% |
| Price / sales | 14.3 | 6.3 | +127% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.0 out of 10 (median for Real Estate: 4.9).
Average analyst target: 183.83 SEK, +16.1% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 4.1 (sector 5.5), Growth 7.3 (sector 5.7).
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 10.5
- Forward P/E
- 12.4
- EV / EBITDA
- 28.2
- Price / book
- 1.7
- Price / sales
- 14.3
- PEG
- 0.36
- Market cap
- 78.3B SEK
- Enterprise value
- 120.8B SEK
Profitability
- ROE
- 12.5%
- ROA
- 3.0%
- ROIC (approx.)
- 4.9%
- Gross margin
- 81.2%
- Operating margin
- 78.5%
- Net margin
- 98.3%
- Free cash flow
- 1.9B SEK
- FCF yield
- 2.5%
- Cash conversion
- 45%
Solvency
- Total debt
- 42.4B SEK
- Net debt
- 42.3B SEK
- Cash
- 22.0M SEK
- EBITDA
- 4.3B SEK
- Net debt / EBITDA
- 9.90
- Debt / equity
- 93.34
- Current ratio
- 0.11
- Quick ratio
- 0.01
Growth
- Revenue growth
- +4.6%
- Earnings growth
- +176.4%
- EPS (TTM)
- 15.08 SEK
Dividend
- Dividend yield
- 2.3%
- Payout
- 24.5%
Risk and market
- Beta
- 1.41
- Analyst consensus
- Buy (6)
- Target price
- 183.83 SEK
- 52-week range
- 143.70 – 226.80
Recent news
All SAGA-B.ST news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about Sagax
Is Sagax stock cheap or expensive?
On P/E and Price / book, it trades 15% below the Real Estate median on average. Valuation score: 4.0 out of 10 (median for Real Estate: 4.9). Average analyst target: 183.83 SEK, +16.1% versus the price. This is not investment advice.
What score does Sagax get on MeridIAn Screener?
It scores 4.1 out of 10, rank 1,959 of 2,130 (better than 8% of the companies analysed). Its strongest category is Growth (7.3) and its weakest, Dividend (2.6). Analysis of 08/10/2026.
What is Sagax's P/E ratio?
Its P/E is 10.5: the share price equals 10.5 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 12.4.
How much is Sagax worth on the stock market?
Its market capitalisation is 78.3B SEK.
Does Sagax pay a dividend?
Yes: its dividend yield is 2.34% and it pays out 25% of its earnings.
How has Sagax stock performed over the last year?
It has fallen 20.2% over the last year, excluding dividends. Over the last 52 weeks it has traded between 143.70 and 226.80 SEK. Past performance does not guarantee future results.
What do analysts think of Sagax?
6 analysts cover it; their average recommendation is “Buy” and their average target is 183.83 SEK (+16.1% versus the price). It is an estimate, not market data.