Jm Ab (No_rec, TP: SEK) - Company taking a bullish stance
Eyeing a future opportunity, JM started more units than it sold in Q4, and indicated it expects the market to recover later in 2023. Reflecting more units in production (POC accounting) and the sale of a commercial development at a much higher margin than expected, the group reported a solid beat in Q4 EBIT and EPS versus our estimates and consensus. With the high number of starts (and units in production) in Residential Development (RD), we have raised our 2023e EPS by c10%. Given DNB Markets’ role in SBB’s announced strategic review of its holding in JM, we have NO REC or target price on JM.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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