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ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf

Last quarter of negative CEPS growth

Minor estimate changes. Several positives starting to be seen. Attractive long-term story: up to BUY (Hold).

ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf

Key takeaways from the Nordic Property Tour 2024

Strong demand in logistics rental market during H1 2024. Residential companies more likely to grow through acquisitions than development. Bond financing margins are converging on bank margins across the sector.

Jan Frederik Slijkerman ... (+5)
  • Jan Frederik Slijkerman
  • Jeroen van den Broek
  • Jesse Norcross
  • Nadège Tillier
  • Timothy Rahill

Coffee, Croissants & Credit/Balder and Klepierre

Real Estate: Balder 1Q24: small earnings miss, focus on the ICR for credit investors

ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
Jesse Norcross
  • Jesse Norcross

Real Estate Recap/1Q24 real estate bonds – short end rally

As we move into 2Q, we take a look back at real estate credit markets in the furst quarter of the year. EUR-denominated real estate bonds performed well with a 181bp total return at the index level. This marginally underperformed EUR BBs but outperformed broader credit markets as spreads broadly held on to the rally from the end of last year.

Jan Frederik Slijkerman ... (+5)
  • Jan Frederik Slijkerman
  • Jeroen van den Broek
  • Jesse Norcross
  • Nadège Tillier
  • Timothy Rahill

Coffee, Croissants & Credit/Balder announces equity raise and will use...

Real Estate: Balder announces equity raise and will use proceeds for hybrid buyback

Jesse Norcross
  • Jesse Norcross

Balder FY23 results/Time will tell on valuations

Balder (BALDER) published full year 2023 results last Friday, posting a large bottom line net loss, primarily driven by property valuation declines (-4.6% YoY). The valuation declines sped up slightly in 2H23, but still remain at around half the rate seen at peers (eg, HEIBOS, CASTSS), which continues to make us cautious. Overall, numbers were a bit mixed, with further deterioration in the ICR as expected, but robust cash flow and occupancy. Management colour on the earnings call was useful and ...

Jan Frederik Slijkerman ... (+5)
  • Jan Frederik Slijkerman
  • Jeroen van den Broek
  • Jesse Norcross
  • Nadège Tillier
  • Timothy Rahill

Coffee, Croissants & Credit/Nordic utilities, Verbund, Balder, and Ake...

Verbund: profit warning for 2024. Nordic utilities: taken between growth and stability. Real Estate Balder FY23: time will tell on valuations. Akelius could buy some of Heimstaden Bostad's assets

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