Hemnet Group stock closed at SEK81.3 on Thursday, with investors weighing a choppy three month share price path against a fresh Q3 2026 report that put revenue at SEK301.5m and net income at SEK89.4m. The headline this quarter is not the top line. The story is a clear margin squeeze, with trailing profitability now meaningfully lower than a year ago while the P/E multiple sits above the global interactive media and services average. Traders are reacting to the near term pressure. Long term holders are re running the valuation case.
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Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs. Q3 2025):SEK301.5m vs. SEK366.7m (decrease of about 17.8%)
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Net Income (Excl. Extra Items) (Q3 2026 vs. Q3 2025):SEK89.4m vs. SEK132.4m (declined meaningfully)
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Basic EPS (Q3 2026 vs. Q3 2025):SEK0.99 vs. SEK1.40 (decreased sharply)
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EBITDA Margin (Q3 2026 vs. Q3 2025):47.8% vs. 53.3% (compression of 5.5 percentage points)
Earnings tell one story, but investors who care about what they are really paying for often focus on the cash flowing through Hemnet Group's business over time. Cash generation can paint a very different picture compared with a single soft quarter.
On Hemnet Group's cash flows alone, based on a discounted cash flow model, the stock could be a whopping 39% undervalued .
Hemnet's Full‑Coverage Push Meets Softer Earnings
For the bullish view on Hemnet Group to hold, the expansion playbook around listings and new formats needs to show up in operating milestones, not just slideware.
"The move from hosting around 55% of published listings to aiming for all publicly available listings through free and automatically aggregated entry formats could lift total listings on Hemnet by more than 70%."
The Q3 print cuts both ways. Paid listings fell sharply and revenue declined 17.8%, which challenges the near term part of that ambition. At the same time, management reports 2 to 3 times normal daily listing additions right after free tiers launched and expects all publicly available listings on the platform by late October, which is a concrete step toward the full coverage goal underpinning the bullish narrative.
That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for .
Hemnet bear case on listings finds fresh support
The bearish worry centers on Hemnet Group stretching listing cycles and throttling yearly monetisation per property. That concern now looks less theoretical.
"If transaction cycles extend further as premarket activity deepens, Hemnet Group could see structurally weaker listing throughput and reduced monetization per year per property, weighing on revenue and margins."
Q3 brought a 13% drop in published listings, around a 29.6% decline in paid listings and a 17.8% fall in net sales, with EBITDA margin compressed by 5.5 percentage points. SFPL timing effects and a shrinking paid base mean this quarter does not disprove the structural throughput risk.
Hunt For Mispriced Earnings Power
Hemnet Group's latest quarter shows how quickly sentiment can shift when margins tighten. The real opportunity sits in finding stocks that could be undervalued before the market closes the gap.
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Company 2 - 24% below our estimate - expands fuel retail outlets and adds petrochemicals flexibility to help keep margins resilient as energy demand evolves.
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Company 3 - 21% below our estimate - converts a concentrated housing land bank into projects backed by a government program supporting buyer demand.
Three companies from the same screener. Open every one of the 195 undervalued companies on it →
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include HEM.ST .
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