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

Getting prepared

Stable demand in Gothenburg and rebounding project development. That said, the share is expensive; HOLD.

ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Wallenstam - Only name with unchanged valuation yields?

Q3 report without any major news Residential values at risk going forward 2023e P/CEPS of 23x - HOLD

Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Wallenstam - Spot in line with cons

Rec. EBIT in line with ABGSCe and cons Residential yields held intact at 3.0% Several headwinds and above-sector multiples

Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Sector Report - Steering clear of macroeconomic picks

Estimates trimmed by 3-4% for ’22e-‘24e Low leverage & long interest maturity dampen revisions ~40% discount on P/CEPS vs. FABG and HUFV – BUY

Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Wallenstam - Interest rates hit low-yielding properties hard

Est. cuts due to interest rates and higher opex Negative y-o-y CEPS growth for the next six quarters Historically cheap, but not enough to turn positive

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