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ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Bengt Jonassen
  • Njål Kleiven
04/23/24 April 23, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
04/23/24 April 23, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
NYF-SE NYFOSA

Bankruptcies on the rise

Forecast intact and limited revisions. Bankruptcies keep increasing (from low levels). We reiterate HOLD, valuation in line with hist. avg.

04/22/24 April 22, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
04/22/24 April 22, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
STEF.B-SE Stendörren...
ATRLJ.B-SE Atrium Ljungber... ... (+23)

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 19 April 2024.

STEF.B-SE STENDöRREN FASTIGHETER
ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
EAST-SE EASTNINE
ENTRA-NO ENTRA
FABG-SE FABEGE
FASTAT-SE FASTATOR
FPAR.A-SE FASTPARTNER
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
OLT-NO OLAV THON EIENDOMSSELSKAP
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
LOGI.B-SE LOGISTEA AB
SLP.B-SE SWEDISH LOGISTIC PROPERTY AB
04/22/24 April 22, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Bengt Jonassen
  • Njål Kleiven
PREMIUM
ENTRA-NO ENTRA
OLT-NO Olav Thon Eiend... ... (+8)

Norway: One downgrade — three top picks

Muted market outlook - some signs of improvement. Selvaag Bolig down to HOLD (Buy). We favour AFG, MULTI, and VEI.

ENTRA-NO ENTRA
OLT-NO OLAV THON EIENDOMSSELSKAP
SBO-NO SELVAAG BOLIG
AFG-NO AF GRUPPEN
NRC-NO NRC GROUP
VEI-NO VEIDEKKE
MULTI-NO MULTICONSULT
KMCP-NO KMC PROPERTIES
04/16/24 April 16, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Bengt Jonassen
  • Njål Kleiven
PREMIUM
ENTRA-NO ENTRA

A large step towards fixing its balance sheet

Small changes to estimates into report. Large long-term potential. BUY, TP of NOK 135.

04/16/24 April 16, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
STEF.B-SE Stendörren...
ATRLJ.B-SE Atrium Ljungber... ... (+23)

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 12 April 2024.

STEF.B-SE STENDöRREN FASTIGHETER
ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
EAST-SE EASTNINE
ENTRA-NO ENTRA
FABG-SE FABEGE
FASTAT-SE FASTATOR
FPAR.A-SE FASTPARTNER
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
OLT-NO OLAV THON EIENDOMSSELSKAP
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
LOGI.B-SE LOGISTEA AB
SLP.B-SE SWEDISH LOGISTIC PROPERTY AB
04/15/24 April 15, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
STEF.B-SE Stendörren...
ATRLJ.B-SE Atrium Ljungber... ... (+23)

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 5 April 2024.

STEF.B-SE STENDöRREN FASTIGHETER
ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
EAST-SE EASTNINE
ENTRA-NO ENTRA
FABG-SE FABEGE
FASTAT-SE FASTATOR
FPAR.A-SE FASTPARTNER
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
OLT-NO OLAV THON EIENDOMSSELSKAP
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
LOGI.B-SE LOGISTEA AB
SLP.B-SE SWEDISH LOGISTIC PROPERTY AB
04/08/24 April 8, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
PNDX.B-SE PANDOX

Potential acquisitions after Canada exit

Nordic RevPar up ~8% y-o-y in Jan/Feb. Full exit in North America, focus on acquisitions ahead? Strong recent run, we remain at HOLD.

04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
WIHL-SE WIHLBORGS

Reliable compounding

6% ahead of '25e consensus. 10% CEPS CAGR 24'-25e despite deleveraging 4pp, which opens up for both projects and M&A.

04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
NYF-SE NYFOSA

Söderport divestments make sense

Two more quarters of negative CEPS growth. Sale of Söderport would take net LTV -7pp and allow Nyfosa to be opportunistic again.

04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
CAST-SE CASTELLUM

Upside potential on estimates

Consensus still too low. Margin expansion is evident. Reiterate BUY and raise TP to SEK 155 (150).

04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
HUFV.A-SE HUFVUDSTADEN

Negative R/R into Q1 figures

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

04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
FABG-SE FABEGE

High input, low output

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

04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
BALD.B-SE BALDER

Deleveraging on the agenda

CEPS down on fewer rate cuts. Focus on capex and reducing debt. Trading at 16% NAV discount and 15x CEPS, HOLD, TP SEK 75 (65).

04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
ATRLJ.B-SE Atrium Ljungber...
CAST-SE CASTELLUM ... (+21)

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.

ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
FABG-SE FABEGE
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
CAT.B-SE CATELLA
CIBUS-SE CIBUS NORDIC REAL ESTATE
SAGA.B-SE AB SAGAX
NP3-SE NP3 FASTIGHETER
LOGI.B-SE LOGISTEA AB
SLP.B-SE SWEDISH LOGISTIC PROPERTY AB
04/05/24 April 5, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
STEF.B-SE Stendörren...
ATRLJ.B-SE Atrium Ljungber... ... (+23)

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 29 March 2024.

STEF.B-SE STENDöRREN FASTIGHETER
ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
EAST-SE EASTNINE
ENTRA-NO ENTRA
FABG-SE FABEGE
FASTAT-SE FASTATOR
FPAR.A-SE FASTPARTNER
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
OLT-NO OLAV THON EIENDOMSSELSKAP
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
LOGI.B-SE LOGISTEA AB
SLP.B-SE SWEDISH LOGISTIC PROPERTY AB
04/02/24 April 2, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
STEF.B-SE Stendörren...
ATRLJ.B-SE Atrium Ljungber... ... (+23)

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 22 March 2024.

STEF.B-SE STENDöRREN FASTIGHETER
ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
EAST-SE EASTNINE
ENTRA-NO ENTRA
FABG-SE FABEGE
FASTAT-SE FASTATOR
FPAR.A-SE FASTPARTNER
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
OLT-NO OLAV THON EIENDOMSSELSKAP
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
LOGI.B-SE LOGISTEA AB
SLP.B-SE SWEDISH LOGISTIC PROPERTY AB
03/25/24 March 25, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
PREMIUM
STEF.B-SE Stendörren...
ATRLJ.B-SE Atrium Ljungber... ... (+23)

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 15 March 2024.

STEF.B-SE STENDöRREN FASTIGHETER
ATRLJ.B-SE ATRIUM LJUNGBERG
CAST-SE CASTELLUM
CATE-SE CATENA
DIOS-SE DIöS FASTIGHETER
EAST-SE EASTNINE
ENTRA-NO ENTRA
FABG-SE FABEGE
FASTAT-SE FASTATOR
FPAR.A-SE FASTPARTNER
HUFV.A-SE HUFVUDSTADEN
K2A.B-SE K2A KNAUST & ANDERSSON FASTIGHETER
KLARA.B-SE KLARABO
NYF-SE NYFOSA
OLT-NO OLAV THON EIENDOMSSELSKAP
PNDX.B-SE PANDOX
PLAZ.B-SE PLATZER FASTIGHETER
SBB.B-SE SBB
WALL.B-SE WALLENSTAM
WIHL-SE WIHLBORGS
BALD.B-SE BALDER
LOGI.B-SE LOGISTEA AB
SLP.B-SE SWEDISH LOGISTIC PROPERTY AB
03/18/24 March 18, 2024 1 EN
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