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Next six months to show positive est. revisions. BUY the forward-leaning compounders with firepower. Pandox up to BUY (Hold), Hufvudstaden down to SELL (Hold)
Refinancing of KMC debt will be a major positive. CEPS growing at 2x sector average in 2025e. Target price up to SEK 20 (14), reiterate HOLD.
We reiterate our April view that financing improvements trump all other concerns. Balder and Nyfosa up to BUY, Castellum down to HOLD.
Performance and valuation data for Nordic real estate stocks as of 7 June 2024.
Performance and valuation data for Nordic real estate stocks as of 31 May 2024.
Performance and valuation data for Nordic real estate stocks as of 24 May 2024.
Performance and valuation data for Nordic real estate stocks as of 17 May 2024.
Performance and valuation data for Nordic real estate stocks as of 10 May 2024.
Performance and valuation data for Nordic real estate stocks as of 3 May 2024.
Performance and valuation data for Nordic real estate stocks as of 26 April 2024.
Performance and valuation data for Nordic real estate stocks as of 19 April 2024.
Performance and valuation data for Nordic real estate stocks as of 12 April 2024.
Performance and valuation data for Nordic real estate stocks as of 5 April 2024.
Net LTV flat q-o-q due to equity raise. Short track-record causes concern for occupancy. We maintain HOLD, TP SEK 14 (13).
Swedish economy set to outperform in 2025, with buoyant conditions for real estate. Tables have turned since January – more BUYs than SELLs.
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