reports
- Simen Mortensen
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.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
LOGIB LOGISTEA
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Oliver Metzger
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
GN Group (Buy, TP: DKK170.00) - 2025 guidance cut significantly
Q1 missed expectations due to a slowdown in Enterprise and a weak US hearing aid market. The 2025 guidance was cut to organic sales growth of -3% to +3% and an EBITA margin of 11–13%, reflecting the implications of tariffs. Guidance was cut for Enterprise and Gaming, but maintained for Hearing, signalling strong confidence in ReSound Vivia. We reiterate our BUY, but have cut our target price to DKK170 (200).
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Håkon Astrup
Sparebanken Vest (Buy, TP: NOK157.00) - Strong pre-merger quarter
Continued solid loan growth, high fees, and a strong trading result helped offset merger-related costs and seasonally soft NII, as SVEG reported Q1 PTP of NOK1,415m, 13% higher YOY, and a Q1 ROE of 21.3%. As capital synergies are expected to offset increased IRB risk weights in the 2 May merger, we continue to find the capital situation supportive for further distributions. We have cut our 2026–2027e EPS by ~2%, while reiterating our NOK157 target price and our BUY.
Interim Report Q1 2025: Growth challenged by market uncertainty – proa...
Interim Report Q1 2025: Growth challenged by market uncertainty – proactive cost mitigation initiated to support long-term margins Highlights The Hearing division delivered -1% organic revenue growth driven by a strong initial uptake of ReSound Vivia, but off-set by a challenged U.S. market as well as some slowdown of existing products in anticipation of ReSound Vivia. The strong uptake of ReSound Vivia has continued into April, lending support for expected market share gains. As a consequence of the launch initiatives and the challenged U.S. market, the divisional profit margin ended at 2...
Guidance updated: Impact from and mitigation to navigate the global tr...
Guidance updated: Impact from and mitigation to navigate the global trade environment Following the recent announcements by the U.S. administration regarding tariffs, GN now takes further actions to counter the negative direct and indirect effects from the increased tariff levels. With the actions, GN is capable of mitigating the majority of the assumed tariff impact on the EBITA margin in 2025 as well as protecting its mid-term earnings growth. The development in tariffs and its impact on our markets makes our environment more uncertain than normal. As a base assumption for our revised...
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Jesper Ingildsen
Carlsberg (Buy, TP: DKK1075.00) - Soft Q1, but with bright spots
We consider the Q1 results slightly on the soft side (with organic volume misses across the board), albeit less so adjusted for the loss of the San Miguel contract. Despite the general weakness, there were a couple of bright spots, including positive commentary on the premium beer market in China. We reiterate our BUY and DKK1,075 target price.
- ABGSC Healthcare Research
- Julia Sundvall
- Stefan Knutsson
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- ABGSC Healthcare Research
- Morten Larsen
- Karl-Johan Bonnevier
Humana (Buy, TP: SEK52.00) - Growth agenda back in focus
The Q1 results were mixed, but with the financials now in good order, we see more of a growth focus ahead. We find management’s priorities logical, with our underlying forecast largely unchanged, but our 2025–2027e EPS cut by 6–2% on FX and non-cash items. We reiterate our BUY, but have trimmed our target price to SEK52 (53), focusing on Humana’s market opportunity, operating profile, financial outlook and valuation.
- Rune Majlund Dahl
GN Group (Buy, TP: DKK200.00) - Set for a soft start to the year
We forecast Q1 organic sales growth of 1.7% YOY and an EBITA margin of 11.9%. We see strong traction for ReSound Vivia, but the weak US hearing aid market may weigh on results. For Enterprise, we expect sequential improvement, though Q1 has the toughest YOY comparable in 2025. We expect unchanged guidance, but find the lower end more likely. We reiterate our BUY, but have cut our target price to DKK200 (230).
- Simen Mortensen
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%...
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- ABGSC Healthcare Research
- Julia Sundvall
- Stefan Knutsson
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