Jm Ab (Sell, TP: SEK155.00) - Sentiment change needed
The Q1 results were supported by a larger than expected transaction gain in Property Development (PD), while residential development in Sweden and key KPIs missed. However, despite the massive declines in units sold and started, and unit sales down 46% in the past 12 months, consensus is for a revenue decline of only 11% in 2022–2025e. We have also updated our 2022-2025e NIBD for the new IFRS disclosures and believe EV/EBIT is on an increasing trend. We continue to see downside risk to consensus 2024–2025e EPS. We reiterate our SELL and have reduced our target price to SEK155 (160).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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