Jm Ab (Sell, TP: SEK160.00) - Stronger Covid-19 impact
According to Valueguard, Stockholm apartment prices have fallen 6% in the past four weeks. We are concerned it may prove challenging to get consumers to sign up for newbuild projects to be completed in 1.5–2 years at fixed prices, and expect sales to fall. As the Covid-19 impact has been worse than expected, we have cut our forecasts for a second time. We are 10% below consensus on Q1e EBIT (results due at 08:00 CET on 28 April). We reiterate our SELL, but have cut our target price to SEK160 (210).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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