Jm Ab (Hold, TP: SEK310.00) - Q2 in line; still fairly valued
Q2 EBIT and EPS were in line with our estimates and consensus, and we have made only limited forecast changes following the results. Unit sales remain high, and new project starts the main sales bottleneck. Nordic residential markets have been very strong since the coronavirus outbreak, with house prices at all-time highs in Stockholm, Gothenburg, Malmö, Oslo and Helsinki, but now seem to have ‘normalised’, and we expect a plateauing for the remainder of 2021 and 2022. We reiterate our HOLD, but have edged up our target price to SEK310 (300).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.