Hufvudstaden A

Hufvudstaden AB is a property company that owns and manages 30 properties, located in the central parts of Stockholm and Gothenburg, Sweden. Co.'s principal area of business is the ownership, development and management of commercial properties. The holdings comprise commercial properties with office and retail tenants, divided between three business areas: Stockholm City East, Stockholm City West and Gothenburg. The office tenants are to be found in sectors such as banking, finance, law, information technology, media and recruitment. Store tenants include international brands as well as Swedish retailing chains. Co. also carries on its own parking operations through Parkaden AB subsidiary.
  • TickerHUFV A
  • ISINSE0000170375
  • ExchangeNasdaq Nordic Stockholm
  • SectorReal Estate Investment & Services
  • CountrySweden
Simen Mortensen

Q2 reporting season kicks off

This week, the Q2 results season kicked off, with Fabege, Wihlborgs, Catena, Kungsleden, Entra and NPRO reporting so far. The weighted average implied EBITDA yields on our covered stocks are 3.85% for 2020e and 4.00% for 2021e.

Staffan Bulow ...
  • Tobias Kaj

Powerpoint Sector Report - Weekly Real Estate Matrix

Performance and valuation... ...for Nordic Real Estate Prices as of 3 July

Simen Mortensen

The new reality

We have raised our sector view from underweight to neutral as the sector has traded down, and by more than the market. In our view, valuations no longer underestimate operational risks, as Covid-19 has put risk back in focus. We expect vacancy rates to increase due to bankruptcies and reduced tenant demand, and are concerned market rents may also fall. However, expected low supply of new capacity should limit the downside and keep down the yield risk for NAVs. Some names still appear overvalued, in our view, thus we recommend stock-picking.

Staffan Bulow ...
  • Tobias Kaj

Powerpoint Sector Report - Weekly Real Estate Matrix

Performance and valuation... ...for Nordic Real Estate Prices as of 26 June

Simen Mortensen

New leases and transaction market

This week, Castellum won another development project for a public tenant, Citycon announced a 78% rent-collecting rate for May, some rental residential and community service companies said they were aiming for IPOs in 2020–2021, and Magnolia named its new CEO. The weighted average implied EBITDA yields on our covered stocks are 3.88% for 2020e and 4.04% for 2021e.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Tuesday's 10-year low reading for September's US ISM manufacturing index further spooked investors and reignited global growth concerns. Continued weakness in global manufacturing and the US-EU tariff escalation raises the potential for a breakdown in global equities, however our outlook remains neutral as long as the MSCI ACWI remains confined to its horizontal range. • Prevailing trends continue for major indexes. Trends that began in March/April remain intact. That is, the MSCI...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Testing 200-day MA support Generally speaking most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or comments from the Fed suggesting a potential rate cut on the horizon - both of which would result in a weaker U.S. dollar - we believe global markets are vulnerable to further weakness. With global markets in purgatory, we are watching for support at the all-important 200-day moving averages on the S&P 500, MSCI ACWI, ACWI ex-U.S., and EAFE indexes. Breakdowns below these support levels would be problemati...

Hufvudstaden Ab: 1 director bought

A director at Hufvudstaden Ab bought 2,500 shares at 190.000SEK and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Simen Mortensen

Q2 reporting season kicks off

This week, the Q2 results season kicked off, with Fabege, Wihlborgs, Catena, Kungsleden, Entra and NPRO reporting so far. The weighted average implied EBITDA yields on our covered stocks are 3.85% for 2020e and 4.00% for 2021e.

Staffan Bulow ...
  • Tobias Kaj

Powerpoint Sector Report - Weekly Real Estate Matrix

Performance and valuation... ...for Nordic Real Estate Prices as of 3 July

Simen Mortensen

The new reality

We have raised our sector view from underweight to neutral as the sector has traded down, and by more than the market. In our view, valuations no longer underestimate operational risks, as Covid-19 has put risk back in focus. We expect vacancy rates to increase due to bankruptcies and reduced tenant demand, and are concerned market rents may also fall. However, expected low supply of new capacity should limit the downside and keep down the yield risk for NAVs. Some names still appear overvalued, in our view, thus we recommend stock-picking.

Staffan Bulow ...
  • Tobias Kaj

Powerpoint Sector Report - Weekly Real Estate Matrix

Performance and valuation... ...for Nordic Real Estate Prices as of 26 June

Simen Mortensen

New leases and transaction market

This week, Castellum won another development project for a public tenant, Citycon announced a 78% rent-collecting rate for May, some rental residential and community service companies said they were aiming for IPOs in 2020–2021, and Magnolia named its new CEO. The weighted average implied EBITDA yields on our covered stocks are 3.88% for 2020e and 4.04% for 2021e.

Christer Magnergård ...
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Håkon Astrup ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mats Bye
  • Mattias Holmberg
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Niklas Wetterling ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Niclas Gehin
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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