View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

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

High input, low output

Slightly ahead of cons. in Q1 and '24e. Net debt increased ~25% since 2018, while CEPS is -2%.

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

Sweden is set for a comeback

Swedish economy set to outperform in 2025, with buoyant conditions for real estate. Tables have turned since January – more BUYs than SELLs.

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

Tenant adaptations and net debt on the rise

Net debt increased ~25% since 2018, while CEPS is -2%. Divestments of >SEK 3.5bn in '23e and more to come in '24e.

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

Saved by the bell – now what?

Lower risks of both rights issues and covenant breaches more than reflected after the recent rally. P/CEPS of ~18x with limited earnings growth; four downgrades.

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

Too-low return profile, down to SELL

Dividend at risk to protect Baa2 rating and sector-low return profile. P/CEPS up to ~24x, rating cut to SELL (Hold) after winter rally.

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch