Jm Ab (Hold, TP: SEK175.00) - Market likely to remain muted
We are in line with consensus on Q1 2019e sales and EBIT but below on 2020e and 2021e (Q1 results are due on 26 April). While we expect the Swedish residential market to remain subdued throughout 2019, we believe the near-term risks are priced in. Owing to this, combined with low valuation multiples, we reiterate our HOLD recommendation but have reduced our target price to SEK175 (186).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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