Condominium starts in H2'24

GP margins holding up better than peers. Timing of rise in consumer confidence to determine 2024 starts. Adj. P/E

Higher margins than peers

Announces public offer for Besqab

Starting projects in a tough market

Margins holding up better than peers

Residential rents on the rise

Soft Q2, but solid volume guidance ahead. New presumptive rents are up >10%, a clear positive. 2023e P/B slightly above key peer JM.

Muted quarter, unchanged outlook

Significant starts to come in Q3

Danderyd (170 units) started in early July. Two recent acqusitions and one divestment. Q2e GP to increase ~100% y-o-y.

Starts pushed into the future

Q1 slightly below our estimates. Tough market - we postpone starts. Fair value range of SEK 35-45.

Share of sold units in production >90%