Selvaag Bolig AS

Selvaag Bolig ASA. Selvaag Bolig ASA, formerly Selvaag Bolig AS, is a Norway-based company engaged in the development of residential properties. The Company manages the entire process, from the purchase of land to the sale of finished homes. The Company operates through such subsidiaries, as Selvaag Bolig Modulbygg, which develops flats and terrace houses with the aid of modules; Meglerhuset Selvaag, which is an estate agency responsible for the sale of the Company's new homes, and Selvaag Pluss Service, which is engaged in the operation of the Company's Pluss Homes that offer security and services, such as cleaning and booking of tickets, among others. The Company's projects are located in Oslo, Stavanger and Bergen, Norway, as well as in Stockholm, Sweden, and include Lorenskog Stasjonby, Nyhavn Brygge, Lervig Brygge Pluss, Bjornasen Start and Utsikten-Mortensrudhoyden, among others. In the second quarter of 2013, the Company sold 200 homes.
  • TickerSBO
  • ISINNO0010612450
  • ExchangeOslo Bors
  • SectorReal Estate Investment & Services
  • CountryNorway
Simen Mortensen

Covid-19 fallout only delayed

We expect still-limited direct Covid-19 effects in P&Ls for the Nordic construction names in Q2. However, as a late-cycle sector, we are concerned about a pandemic aftershock, and do not believe public sector spending will offset slower newbuild sales and lower private sector demand beyond 2020. Valuations of some of the names we cover look rich, but we maintain a neutral sector view. NRC and Bonava remain our top sector picks.

Håkon Astrup ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

André Thormann ...
  • Bengt Jonassen
  • Daniel Thorsson
  • Jonas Bru Lien
  • Petter Nystrøm

Talking Points - Construction & Real Est.: Norway Q2’20 previews

Dustin (Hold) Preview: Finally seeing positive estimate revisions SBO and SOLON down to HOLD We favour AFG, VEI and ENTRA

Bengt Jonassen ...
  • Daniel Vårdal Haugland
  • Tobias Kaj

Sector Report - Norway Q2’20 previews

Q2e: revenues of NOK 6,844m, PTP of NOK 339m High quality company with zero net debt Valuation: P/E of ~16x on normalised EPS

Bengt Jonassen ...
  • Daniel Vårdal Haugland

Selvaag Bolig - Lower delivery outlook into 2022

Q2e EBIT of NOK 70m from 122 deliveries Delivery outlook lowered on market uncertainty Valuation: ‘22e P/E of ~12x after potential pay-outs

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

As support levels continue to hold for the MSCI ACWI and S&P 500, our neutral but constructive outlook remains. Additionally, we reiterate our expectation for more consolidation and volatility. In today's report we highlight actionable stocks within countries that are displaying bullish price and relative strength trends. • Asia/Pacific. In Japan, the TOPIX continues to exhibit leadership characteristics. Stay overweight. Broadly speaking, global Consumer Staples stocks are lagging, but Japan is the exception. Hong Kong's Hang Seng Index also remains on bullish footing... see pages 2 and 5-11...

Selvaag Bolig ASA: 7 directors sold

Seven Directors at Selvaag Bolig ASA sold 483,896 shares at between 64.999NOK and 66.132NOK. The significance rating of the trade was 79/100. 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...

Simen Mortensen

Covid-19 fallout only delayed

We expect still-limited direct Covid-19 effects in P&Ls for the Nordic construction names in Q2. However, as a late-cycle sector, we are concerned about a pandemic aftershock, and do not believe public sector spending will offset slower newbuild sales and lower private sector demand beyond 2020. Valuations of some of the names we cover look rich, but we maintain a neutral sector view. NRC and Bonava remain our top sector picks.

André Thormann ...
  • Bengt Jonassen
  • Daniel Thorsson
  • Jonas Bru Lien
  • Petter Nystrøm

Talking Points - Construction & Real Est.: Norway Q2’20 previews

Dustin (Hold) Preview: Finally seeing positive estimate revisions SBO and SOLON down to HOLD We favour AFG, VEI and ENTRA

Bengt Jonassen ...
  • Daniel Vårdal Haugland
  • Tobias Kaj

Sector Report - Norway Q2’20 previews

Q2e: revenues of NOK 6,844m, PTP of NOK 339m High quality company with zero net debt Valuation: P/E of ~16x on normalised EPS

Bengt Jonassen ...
  • Daniel Vårdal Haugland

Selvaag Bolig - Lower delivery outlook into 2022

Q2e EBIT of NOK 70m from 122 deliveries Delivery outlook lowered on market uncertainty Valuation: ‘22e P/E of ~12x after potential pay-outs

Simen Mortensen

Selvaag Bolig (Sell, TP: NOK35.00) - Lower starts = lower sales

Selvaag Bolig’s Q2 new housing sales fell 37% YOY in NOK, versus our forecast of -53% YOY. However, it was the guidance of 1,100–1,200 units under production by year-end that we found most revealing, leading us to cut our 2021–2022e EPS. Combined with Q3e and Q4e completions, YTD starts and reported Q2 production levels, this guiding implies Selvaag Bolig will start between 308–408 units in 2020e, resulting in a cyclical-low 2021–2022e EPS on fewer deliveries. We reiterate our SELL and NOK35 target price.

Håkon Astrup ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Karl-Johan Bonnevier ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Eivind Sars Veddeng ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Jon Masdal ...
  • Martin Hoang Nguyen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

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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