H & M Hennes & Mauritz AB: 1 director

A director at H & M Hennes & Mauritz AB bought 1,500,000 shares at 145.317SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...

SamhAllsbyggnadsbolaget I Norden AB: 4 directors

Two Directors at SamhAllsbyggnadsbolaget I Norden AB bought 72,000 shares at between 4.720SEK and 5.212SEK. The significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's...

Weekly Real Estate Matrix

The weekly navigator

From the past week, we highlight: 1) Investor bought shares in EQT for the first time since its 2019 IPO; 2) ahead of Kinnevik’s 12 May AGM, we highlight the return of Cristina Stenbeck as chair and the potential for share buybacks at a 40% discount to NAV; and 3) Lundbergs bought shares in its existing holdings for SEK512m.

Weekly Real Estate Matrix

More Q1 results and a proposed delisting

The Q1 reporting season is in full swing, with results from Catena, Entra, Pandox and Wihlborgs in the past week. In addition, Aurora Eiendom announced a proposal to delist from Euronext Growth Oslo. The weighted-average implied EBITDA yields on the stocks we cover are 5.00% for 2025e and 5.31% for 2026e.

The weekly navigator

From the past week, we highlight: 1) we lowered our target price for Latour to SEK300 (340) following a Q1 report with a slight NAV decline but strong organic order intake growth; 2) Investor bought 6.3m Ericsson shares, and we highlight its successful top-ups in the name; 3) insider purchases at Investor are in our view a signal to look beyond a relatively small discount to NAV; and 4) Flat Capital reported Q1 NAV down 1% QOQ.

Weekly Real Estate Matrix

Signs of sector recovery, and more Q1 results

The markets were much quieter following the Easter break, with limited news; however, the names we cover saw their shares up 2.6% on average, with Atrium Ljungberg (7.1%), SBB (7.1%) and Pandox (4.8%) the top performers. JM released its Q1 results and we reiterated our BUY, believing it has passed the earnings trough, while we reiterated our HOLDs on Corem and Fabege following their quarterly reports. The weighted-average implied EBITDA yields on the stocks we cover are 5.04% for 2025e and 5.34%...

The weekly navigator

From the past week, we highlight: 1) we lowered our target price in Investor to SEK320 following a 9% write-down of Patricia Industries in its Q1 report; 2) we reduced our target price in Kinnevik to SEK100 to reflect macroeconomic headwinds, but remain positive ahead of Cristina Stenbeck’s return as chair; 3) we cut our VEF target price to SEK2.5 on FX movements and see re-rating potential from e.g. ongoing buybacks; and 4) we lowered our target price in Flerie to SEK57 given worsening funding ...

Kinnevik (Buy, TP: SEK100.00) - Set for a new chapter

Kinnevik’s Q1 unlisted NAV writedown of 10% QOQ was in line with our expectations, with currency headwinds as the main driver. Cristina Stenbeck’s return as chair of the board should in our view improve investor sentiment and, given fewer opportunities to invest in its focus areas, we see a greater likelihood of share buybacks. Macro uncertainty will likely continue to affect NAV, but the operational performance of its core companies should continue to drive underlying improvements in the coming...

Positive core trends support NAV upside

Q1: better than feared

Weekly Real Estate Matrix

Weak Q1 expected, but value still compelling

Weekly Real Estate Matrix

Q1 reporting begins, volatility persists, CEO to leave and ‘special ex...

The ‘tariff volatility’ in credit and equity markets persisted this week, reversing many of the gains from previous weeks. Atrium Ljungberg kicked off Q1 reporting season. Öresund’s representative left the board of Stenhus and appointed a special examiner to review the company’s management. Castellum’s CEO Joacim Sjöberg stated he plans to leave by Q4 2026. The weighted-average implied EBITDA yields on the stocks we cover are 5.33% for 2025e and 5.66% for 2026e.

The weekly navigator

From the past week, we highlight: 1) we are encouraged by the return of Cristina Stenbeck as chair of Kinnevik, and believe it could result in a lower discount to NAV; 2) VEF completed a milestone partial exit of Juspay at a 37% IRR, putting it on track to pay down debt and repurchase shares at a 50% discount to NAV in the near term; and 3) for Industrivärden, we recently reiterated our HOLD and lowered our target price to SEK345 (400), as we see risk to the earnings outlook of its portfolio com...

Industrivärden (Hold, TP: SEK345.00) - Caught in a market headwind

We remain on the sidelines following Industrivärden’s Q1 report, reiterating our HOLD but with a lowered SEK345 (400) target price. While this reflects forward NAV growth of 26%, we have raised our target discount to NAV to 20% to account for the current macro situation (potential near-term volatility in its portfolio companies’ earnings outlook). We see clearer near-term value in its main owner Lundbergs given its defensive portfolio characteristics, a lower portfolio-weighted US exposure and a...

Weekly Real Estate Matrix