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

Extreme sensitivity

CEPS down 7-17% in 2025/2026e on higher rates. Clean equity ratio (A/B shares) below 15%. Significantly improved transaction market the way out.

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

Playing a waiting game

Q4 outlook on the softer side. Limited information on the new JV. High financing margins to hurt ICR metrics. HOLD, TP to SEK 4 (5).

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

Hoping for a strong transaction market

EduCo no longer consolidated. Better direct transaction market is the way out. HOLD, TP SEK 5.0 (4.0) on estimate changes.

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