Kojamo (Hold, TP: EUR11.00) - 2024–2026e FFO reduced
Kojamo reported Q4 NOI and EBIT in line with our forecasts and Vara consensus, while FFO was above consensus but below our estimate. However, the 2024 FFO guidance (EUR154m–166m) fell shy of our expectation and consensus, as funding costs are rising faster than expected. We have reduced our 2024–2026e FFO on higher credit margins as well as increased market interest rates versus our most recent update. We reiterate our HOLD, but have cut our target price to EUR11 (12) on our updated 2024–2026e NAV.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.
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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