Jm Ab (No_rec, TP: SEK) - Q3 earnings miss
Q3 EBIT missed Infront consensus and our estimate, despite a revenue beat. The number of homes sold fell 42% YOY and was better than our forecast but below consensus. As a result of the deterioration in the Swedish, Finnish and Norwegian residential markets in Q3, we have reduced our 2023–2024e unit sales and unit start starts2022-2024e EBIT margins, and in turn our EPS 2023e and 2024e. 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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