DnB Markets - Kojamo Oyj (KOJAMO) Kojamo (Buy, TP: EUR12.00) - Occupancy is improving

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DnB Markets

Simen Mortensen

EUR 443.41 For Business Accounts Only

Kojamo (Buy, TP: EUR12.00) - Occupancy is improving

Kojamo reported a Q1 EPRA occupancy rate of 92.8% (+40bp YOY), with further improvement in March to 93.5%, driven by lower tenant turnover and incentives for new signings. EBIT exceeded our estimate by 2% and Infront consensus by 3%, but EPRA earnings missed our forecast (by 10%) due to higher funding costs. Despite the EPRA EPS miss, Kojamo reiterated its full-year FFO guidance. We have raised our adj. EPS (FFO) forecasts for 2025−2027 by 2–5% due to lower market interest rates. We reiterate our BUY and have raised our target price to EUR12 (10.5).

09/05/2025 1 EN

Underlying

Kojamo Oyj

Kojamo Oyj is a Finland-based private residential real estate company. It offers rental apartments and housing services for tenants primarily in the Helsinki region, the Tampere, Turku, Kuopio and Lahti regions, as well as in the cities of Oulu and Jyvaskyla. The Company's portfolio comprises over 35 000 rental apartments. The Company operates within two segments: Lumo and VVO. The Lumo segment includes commercial housing services and apartments primarily are free from restrictions under state-subsidized housing loans (ARAVA) and/or interest subsidy legislation. The VVO segment includes the rental apartments subject to restrictions on rent levels under ARAVA and/or interest subsidy legislation.

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FI4000312251 Nasdaq Nordic Helsinki Finland

Provider

DnB Markets

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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Analysts

Simen Mortensen

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Kojamo (Buy, TP: EUR12.00) - Occupancy is improving

More Q1 results and a proposed delisting

Signs of sector recovery, and more Q1 results

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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