Report
Simen Mortensen
EUR 482.08 For Business Accounts Only

Jm Ab (Hold, TP: SEK170.00) - The long way back begins

While newbuild sales should continue to recover in 2025 on lower interest rates (SEK), lead times are long, and EPS is unlikely to reach pre-2022 levels in our forecast period. However, we expect Q4 housing sales and starts (KPIs) and EPS to be above consensus. Moreover, as we believe newbuild sales have passed the trough and the share price has fallen the last 6 months, we have upgraded to HOLD (SELL) and raised our target price to SEK170 (155).
Underlying
JM AB

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Simen Mortensen

Other Reports on these Companies
Other Reports from DnB Markets

ResearchPool Subscriptions

Get the most out of your insights

Get in touch