Falling back on rising rates
The sector was soft this week on rising long-term interest rates and a weakening bond market. The largest real estate company in the Nordics, unlisted Heimstaden Bostad, reported its Q2 results, which underlined the need for an equity capital injection. Vasakronan and Rikshem appointed new CFOs, and Corem’s divestment of Klövern AB is now completed. In other news, Kojamo and Veidekke released their Q2 figures. Both were broadly in line with our estimates and Infront consensus. The weighted-average implied EBITDA yields on the stocks we cover are 4.9% for 2023e and 5.5% for 2024e.Olav Thon Eiendomsselskap is engaged as a property operator. Co.'s property portfolio is broken down into the following property segments: shopping centres and commercial property. At Dec 31 2013, Co.'s shopping centres comprised the management of 87 shopping centres, of which 27 are managed for external owners.
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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