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

Negative R/R into Q1 figures

Negative angle into Q1 figures. Plummeting retail rents since 2019. Trading below historical multiples: HOLD.

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

Up to HOLD on valuation support

Large project adds to 2026e. Real retail rents in NK declined ~40% since 2019. Trading below historical multiples: up to HOLD (Sell).

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

Fair to trade at a clear NAV discount

Below cons on both GP and value changes in Q4e. Low cash yield warrants clear NAV discount. Reiterate SELL, TP SEK 120 (115).

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