Jm Ab (Sell, TP: SEK155.00) - Spicing up a weak stew
We have raised our Q2 and 2024 forecasts, following three announced divestments in Q2: two regulated rental developments and one commercial plot. While our increased unit sales reflect the two divested rentals (278 units in total), our focus will be on underlying consumer sales. Despite our expectation of a market recovery for consumer sales (housing units sold), we expect the road to EPS recovery to be long. We believe the share price reflects a well-functioning housing market, which we find too bullish and reiterate our SELL and SEK155 target price.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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