Jm Ab (Sell, TP: SEK160.00) - Very weak markets
Data on pro.booli.se indicates that unit sales at JM are down 55% QTD YOY; market data for Norway seems just as grim, and we are concerned JM might need to initiate cost-cutting measures. It has launched a shared-tenancy pilot in Norway, which it plans to roll out to more projects (including Sweden). Following SBB’s prolonged strategic review of JM, we have reinstated a recommendation with a SELL and SEK160 target price, reflecting our view of the downside risk to consensus 2024–2025e EPS.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.