Hemnet Group AB

HEM.ST

Real Estate - Development · Real Estate

Price

kr 85.90

+4.20 (+5.14%)

Market Cap

kr 7.79B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−6.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 101.2M (2021) → 94.9M (2025)

Hemnet is Sweden's largest online platform for buying and selling homes. Real estate agents and private sellers list properties on the site, and home buyers use it to search for houses and apartments across Sweden. It is by far the dominant property portal in the country, attracting more visitors than all competing platforms combined.

Hemnet makes money by charging real estate agents and sellers fees to list properties and to boost the visibility of their listings. The company operates almost entirely in Sweden, which makes it a focused, single-market business. Its moat comes from a strong network effect — buyers go where the listings are, and sellers list where the buyers are — making it very hard for a competitor to break in. The main risk is that Hemnet's growth is closely tied to the health of the Swedish housing market, so a prolonged slowdown in home sales could weigh on revenue.

Winston Score History

Score breakdown

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Quality

Gross Margin

101.8%

Premium pricing power — 101.8% gross margin

Operating Margin

26.5%

Excellent — 26.5% operating margin

ROCE

3.9%

Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-1.6%

Shrinking sales (-1.6% YoY)

EPS YoY

-7.5%

Earnings shrinking (-7.5% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

117%

Turns 117% of profit into real cash

FCF Margin

36.8%

Converts sales into free cash efficiently (36.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.73

Moderate — manageable debt (0.73)

Interest Cover

49.52x

Comfortably covers interest (49.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

17.4x

Fair value — P/E 17.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+5.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.4 → 12.0)

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Dividends

Dividend Yield

1.08%

Small dividend — 1.08% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

no trend

Data not available

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