Jm Ab (Buy, TP: SEK170.00) - Passing the trough
Q1 EBIT was 4% below our estimate and Infront consensus, while EPS fell well short in percentage terms due to a low nominal figure. KPIs did not recover as much as we expected, although JM reiterated its target to increase housing starts to 3,800 units p.a., citing macroeconomic conditions as a key factor. Given the current market outlook, we believe the company has passed the trough on EPS, as we expect starts and sales to recover in late 2025 and 2026. We reiterate our BUY and target price of SEK170.JM is a developer of housing and residential areas in the Nordic region. Co. focuses its operations on new production of homes, with the main focus on metropolitan areas and university towns in Sweden, Norway, Denmark, Finland and Belgium. Co. is also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. Co. is divided into five business units: JM Residential Stockholm, JM Residential Sweden, JM International, JM Property Development and JM Production.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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