Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 20 June 2024.

Overall stable, but softer activity in Infra

Q2 report due 15 August. '24e-'26e EBITA down 5-1%; 9% CAGR '23-'26e. 10-6x EBITA '24e-'26e, 11-15% FCF yields.

The power of M&A compounding

Improved sentiment, but unattractive sector valuation

On the positive side, sentiment has improved on peaked interest rates and tightening credit spreads. However, we consider the sector fully valued and maintain our neutral view, given our expectation of muted NAV/share and FFOps growth. Our key focus is on rising vacancy rates, particularly in the office segment. Our top sector picks are Wihlborgs, Catena and PPI.

Sdiptech AB : 1 director

A director at Sdiptech AB bought 800 shares at 342.250SEK and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...

Stable Q2 before acceleration in H2

Q2e: 0% organic growth and stable margins. Higher central costs behind 3-2% cuts to adj. EBITA. 10-8x EBITA on '24e-'26e (8-12% FCFy), 10-15% below peers.

Back to growth in Q2e

We expect 15% organic growth in Q2e after 7 declining quarters. Growth beyond Q2e should be even stronger through several drivers. We remain clearly above cons. on both Q2e and 2025-26e: BUY.

Elekta AB: 1 director

A director at Elekta AB bought 3,500 shares at 5.770EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 14 June 2024.

A merger, a bond exchange offer and other news

KMC (No rec) and Logistea (No rec) plan to combine, with Logisea acquiring all of KMC Properties’ group operations. SBB Norden announced a bond exchange offer. Dios named David Carlsson new CEO. Corem divested SEK107m of properties. Citycon announced the result of a bond hybrid exchange offer. The weighted-average implied EBITDA yields on the stocks we cover are 4.43% for 2024e and 4.83% for 2025e.

Stendörren Fastigheter AB: 1 director

A director at Stendörren Fastigheter AB bought 50,000 shares at 183.200SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...

Boozt AB: 3 directors

Three Directors at Boozt AB sold after exercising options/sold 87,537 shares at between 88.300DKK and 90.036DKK. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the comp...

E-commerce traffic – May 2024

We have evaluated Similarweb data for May. Aggregated traffic to e-commerce sites up 1% y-o-y. We see signs that RVRC's 20/20 strategy is bearing fruit.

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 7 June 2024.

Initiating with a BUY, office-space reduction, and personnel changes

This week, we initiated coverage with a BUY on Public Property Invest, a key tenant for Fabege reduced its office space, Hufvudstaden made management changes, we updated our estimates for Besqab following the merger with Aros Bostad, and transaction volumes in May rose from low levels. The weighted-average implied EBITDA yields on the stocks we cover are 4.38% for 2024e and 4.78% for 2025e.

Positive news from Aircraft Interior Show

Large contracts in focus

Expect lower growth in FY'25. FY'25e EBIT down 8%, FY'26 EBIT up 4%. We reiterate our SEK 270 TP, implying ~20% upside.

Disappointing end to the year

>20% miss on EBIT in Q4. Patience is needed as H1 expected to be soft. Adj. EBIT down 9% for '24/'25e-'25/'26e. BUY.

Elekta (Hold, TP: SEK76.00) - Weak Q4 and soft guidance

Q4 sales, order intake and adj. EBIT missed consensus, while management indicated a soft start to 2024/25, and guided that it only expected gross margin improvements from the second half of the financial year. We believe investors will remain cautious until there are clear signs of an underlying improvement in earnings. We reiterate our HOLD but have cut our target price to SEK76 (90) on our estimate revisions.

BPC considers Medetomidine ED

ECHA's BPC adopts opinion that Medetomidine has ED properties. European Commission now to decide on potential exception. We believe case for exception good, EU only 10% of market.