Jm Ab (No_rec, TP: SEK) - Q2 miss and weak leading KPIs
Q2 revenues and EBIT fell short of our estimates and consensus due to weaker figures in the Stockholm segment and start-up costs for JM@home. Furthermore, as we feared, unit sales (leading KPI for the P&L) were well below consensus, down 40% YOY. Starts also fell shy, with the company again attributing the weak starts to zoning issues in the Stockholm market. 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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