Jm Ab (No_rec, TP: SEK) - Forecasts cut
With market interest rates on the rise, Swedish residential markets are down. Valueguard reported a 1.6% decline MOM for the Swedish housing market in May, with apartment prices in Stockholm down 3%, and the decline looks to have continued into June. While inventory build-ups are slowing due to seasonal effects, we believe the market is softening on the Riksbank’s recent interest rate hikes. We are below consensus on Q2e and 2022–2024e EPS. Given DNB Markets’ role in SBB’s announced strategic review of its holding in JM, we have NO REC 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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