Want to see SE:EAST full AI Analyst Report?
Top Page
Eastnine AB
(EAST)
Select Model
Select Model
Rating:59Neutral
Price Target:
kr44.00
▼(-3.72% Downside)
Action:Reiterated
Date:10/27/26
The score is primarily held back by financial quality risks—especially the swing to negative TTM free cash flow, a TTM revenue decline, and higher leverage—despite strong reported margins. Valuation is supportive (P/E ~12.23 and ~2.93% dividend yield), and the earnings call was constructive with clear leasing progress and earnings-capacity uplift, but near-term cash outflows and upcoming refinancings add execution and funding risk. Technicals are slightly negative, reflecting a softer trend.
Positive Factors
Contracted earnings growth
Extensive long-term leasing at The Bridge provides visibility into future rental income and supports a substantial earnings-capacity increase as tenants move in. This contracted uplift can strengthen recurring profitability over the next several quarters and reduce vacancy risk.
Negative Factors
Negative cash generation
The shift from consistently positive free cash flow to negative generation weakens the company’s ability to fund investment, debt service and distributions internally. If sustained, weaker cash conversion could increase reliance on refinancing or asset sales to meet obligations.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted earnings growth
Extensive long-term leasing at The Bridge provides visibility into future rental income and supports a substantial earnings-capacity increase as tenants move in. This contracted uplift can strengthen recurring profitability over the next several quarters and reduce vacancy risk.
Read all positive factors
Eastnine AB (EAST) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.11B
Dividend Yield2.95%
Average Volume (3M)139.43K
Price to Earnings (P/E)12.3
Beta (1Y)0.48
Revenue Growth2.27%
EPS Growth-18.57%
CountrySE
Employees30
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.31
Shares Outstanding98,241,730
10 Day Avg. Volume195,276
30 Day Avg. Volume139,434
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.97
Price to Sales (P/S)7.72
P/FCF Ratio84.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.31
Revenue Forecast (FY)kr64.00M
Eastnine AB Business Overview & Revenue Model
Company Description
Eastnine AB (publ), formerly known as East Capital Explorer AB, is a specialized firm dedicated to real estate investments. Founded in November 2007, the company underwent a strategic transformation at the start of 2017, shifting its investment st...
Eastnine AB Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 09, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported record like-for-like occupancy, continued portfolio and property-value growth, a strategically important Warsaw acquisition and substantial future earnings capacity from The Bridge. The main challenges were temporary: The Bridge's 57% occupancy, lower current profit from property management, higher costs, elevated LTV and upcoming cash outflows and refinancing needs. Management presented these issues as manageable and linked much of the near-term pressure to the staged lease-up and integration of The Bridge.Positive Updates
Strategic Acquisition of The Bridge
Eastnine completed the acquisition of The Bridge in Central Warsaw during the quarter, a 40-storey, 55,000-square-meter landmark property with an underlying value of $285 million and an acquisition price of EUR 240 million. The property was 98% leased and 100% booked, with remaining tenants expected to move in during 2027.
Negative Updates
Lower Net Operating Income
Net operating income was slightly lower than in previous periods. Management attributed the decline to higher energy costs earlier in the year and the buildup of Eastnine's own organization in Poland, with some of the costs expected to decrease after management is fully insourced.
Read all updates
Q3-2026 Updates
Positive
Negative
Strategic Acquisition of The Bridge
Eastnine completed the acquisition of The Bridge in Central Warsaw during the quarter, a 40-storey, 55,000-square-meter landmark property with an underlying value of $285 million and an acquisition price of EUR 240 million. The property was 98% leased and 100% booked, with remaining tenants expected to move in during 2027.
Read all positive updates
Company Guidance
Management said the bridge has signed 10-year leases for 98% of the lettable area, is expected to be fully occupied by Q4 next year, and profit from Property Management is expected to reach €0.36 per share, an increase of almost 70% compared to Q2; there will be no more moves in during 2026, most of Visa will move in during 2027, with the first move in expected at the end of somewhere intersection Q1, Q2 for half of the premises and the second half expected in November. The yield is expected to be 6.2% in earnings capacity; LTV will not go over 60% and may stay between 55% and 57% in the foreseeable future, while cash will decrease by approximately €50 million during next 1.5 years. The main focus for the next coming 3 to 5 years will be strengthening its position in Warsaw and Poznan and Vilnius, with a priority on building more portfolio in Poland to reach 75% of EBITDA generated from developed markets.Eastnine AB Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
55
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.04M | 58.65M | 41.52M | 36.17M | 30.30M | 21.53M |
| Gross Profit | 57.45M | 58.65M | 41.52M | 36.17M | 30.30M | 21.53M |
| EBITDA | 59.15M | 58.72M | 0.00 | 191.00K | 183.00K | 174.00K |
| Net Income | 30.75M | 42.52M | 5.91M | -72.05M | 108.56M | 72.33M |
Balance Sheet | ||||||
| Total Assets | 1.37B | 1.03B | 982.64M | 713.12M | 837.47M | 652.52M |
| Cash, Cash Equivalents and Short-Term Investments | 95.31M | 50.65M | 31.18M | 128.62M | 19.82M | 29.20M |
| Total Debt | 788.76M | 512.28M | 454.85M | 286.44M | 329.10M | 242.42M |
| Total Liabilities | 881.64M | 562.81M | 545.38M | 312.94M | 358.97M | 276.52M |
| Stockholders Equity | 485.60M | 467.90M | 437.26M | 400.18M | 478.51M | 375.99M |
Cash Flow | ||||||
| Free Cash Flow | -2.61M | 5.37M | 24.71M | 16.70M | 19.52M | 17.39M |
| Operating Cash Flow | -1.25M | 5.79M | 24.73M | 16.73M | 19.55M | 17.49M |
| Investing Cash Flow | -198.03M | -2.13M | -324.88M | 141.33M | -108.26M | -75.45M |
| Financing Cash Flow | 254.92M | -4.57M | 202.69M | -49.27M | 79.28M | 62.94M |
Eastnine AB Technical Analysis
Negative
45.70
Price Trends
43.70
Negative
44.54
Negative
45.15
Negative
Market Momentum
-0.32
Negative
44.89
Neutral
23.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EAST, the sentiment is Negative. The current price of 45.7 is above the 20-day moving average (MA) of 42.09, above the 50-day MA of 43.70, and above the 200-day MA of 45.15, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 44.89 is Neutral, neither overbought nor oversold. The STOCH value of 23.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:EAST.
Eastnine AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | kr20.81B | 8.71 | 9.72% | 4.87% | 6.80% | 7.08% | |
67 Neutral | kr15.06B | 12.86 | 6.96% | 3.72% | -2.40% | 118.68% | |
63 Neutral | kr7.30B | 8.86 | 6.16% | 3.61% | 0.51% | 16.31% | |
59 Neutral | kr4.11B | 12.25 | ― | 2.95% | 2.27% | -18.57% | |
57 Neutral | kr19.24B | 19.60 | 2.75% | 3.33% | 26.56% | 260.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:EAST
Eastnine AB
42.05
-6.65
-13.66%
SE:FABG
Fabege AB
64.50
-16.78
-20.64%
SE:WIHL
Wihlborgs Fastigheter AB
67.70
-21.11
-23.77%
SE:PLAZ.B
Platzer Fastigheter Holding AB
60.90
-9.80
-13.86%
SE:ALTRA
Nyfosa AB
78.05
0.50
0.64%
Eastnine AB Corporate Events
Eastnine boosts Warsaw footprint with flagship The Bridge acquisition
Oct 22, 2026
Eastnine AB’s third‑quarter report shows a 27 percent expansion of its property portfolio, driven by the strategic acquisition of The Bridge office building in Warsaw and rising local property values. The underlying value of the new fl...
Eastnine Appoints Nomination Committee Ahead of 2027 AGM
Oct 19, 2026
Eastnine AB has appointed the members of its Nomination Committee for the 2027 Annual General Meeting, based on the ownership structure as of the last banking day in August 2026. The committee includes representatives of the three largest sharehol...
Eastnine Sets Webcast to Present Q3 2026 Interim Results
Oct 15, 2026
Eastnine has announced that it will present its interim report for the period January to September 2026 on October 22, with the report scheduled for publication at 14:00 CET. The company’s CEO Kestutis Sasnauskas and CFO Adela Colakovic will...
Eastnine Retains Top GRESB Sustainability Rating in 2026
Oct 6, 2026
Eastnine AB has secured the highest possible five-star rating in the 2026 GRESB global sustainability benchmark for real estate, with a score of 91.5 out of 100 that places it among the top 20 per cent of participants worldwide. The company posted...
Eastnine boosts Warsaw presence with acquisition of landmark office tower The Bridge
Sep 24, 2026
Eastnine has completed the acquisition of The Bridge, a 40‑storey, 174‑metre office tower in Warsaw’s central business district, at an underlying property value of EUR 285m and a purchase price of EUR 240m. The newly developed, h...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.