reports
- Simen Mortensen
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
ENTRA ENTRA ASA
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
Inside information: Cargotec sells MacGregor business to funds managed...
Inside information: Cargotec sells MacGregor business to funds managed by Triton for an enterprise value of EUR 480 million to support Hiab’s future growth CARGOTEC CORPORATION, INSIDE INFORMATION, 14 NOVEMBER 2024 AT 7:00 PM (EET) Inside information: Cargotec sells MacGregor business to funds managed by Triton for an enterprise value of EUR 480 million to support Hiab’s future growth Cargotec Corporation (“Cargotec”) has today signed an agreement to sell its MacGregor business area (“MacGregor”) to funds managed by Triton (“Triton”), for a...
Sisäpiiritieto: Cargotec myy MacGregor-liiketoiminnan Tritonin hallinn...
Sisäpiiritieto: Cargotec myy MacGregor-liiketoiminnan Tritonin hallinnoimille rahastoille 480 miljoonan euron velattomalla kauppahinnalla tukeakseen Hiabin tulevaa kasvua CARGOTEC OYJ, SISÄPIIRITIETO, 14. MARRASKUUTA 2024 KLO 19.00 Sisäpiiritieto: Cargotec myy MacGregor-liiketoiminnan Tritonin hallinnoimille rahastoille 480 miljoonan euron velattomalla kauppahinnalla tukeakseen Hiabin tulevaa kasvua Cargotec Oyj (“Cargotec”) on tänään allekirjoittanut sopimuksen MacGregor-liiketoiminta-alueensa (“MacGregor”) myynnistä Tritonin hallinnoimille rahastoille (“Triton”) 480 miljoon...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
Billerud AB: 1 director
A director at Billerud AB maiden bought 7,000 shares at 99.500SEK and the significance rating of the trade was 71/100. 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 cle...
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
ENTRA ENTRA ASA
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
Odfjell SE: 1 director
A director at Odfjell SE bought 50,000 shares at 109.710NOK and the significance rating of the trade was 64/100. 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 s...
- Simen Mortensen
Mixed Q3s and soft datapoint for Stockholm office market
This week, Hufvudstaden, Veidekke, Selvaag Bolig and Skanska reported Q3 results. Furthermore, Vasakronan (unlisted) reported soft vacancies and net lettings, which we consider a negative datapoint for peers such as Fabege and Hufuvdstaden. The weighted-average implied EBITDA yields on the stocks we cover are 4.33% for 2024e and 4.88% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- Jørgen Lian
Odfjell SE (Buy, TP: NOK210.00) - Solid tanker yield at a discount
We see potential for the tanker market to improve on healthy demand and limited 3% supply growth in 2025e. We forecast a solid dividend yield of 20% for 2025–2026, and believe the stock offers attractive tanker exposure, trading at an average 2025–2026e EV/EBITDA of 2.3x (peers 4.2x) and P/E of 2.6x (peers 5.4x). We reiterate our BUY and have raised our target price to NOK210 (205), mainly on currency effects.
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
ENTRA ENTRA ASA
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
- Simen Mortensen
Two upgrades, an equity raise, and transactions
This week, we upgraded Balder to BUY and Sagax to HOLD following their Q3 results, Balder completed a SEK1.5bn equity raise and bought assets from a JV, while a >5% rent increase for 2025 provided a positive datapoint for rent-regulated apartments in Sweden. The weighted-average implied EBITDA yields on the stocks we cover are 4.31% for 2024e and 4.86% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- Tomi Railo
Wärtsilä (Buy, TP: EUR22.00) - Weak core, strong non-core
Following softer clean EBIT and orders in core Marine and Energy than we expected in Q3, partly offset by a stronger non-core portfolio, we have cut our 2024–2026e clean EBIT by c4% on average (core c-5%, non-core c+40%). We reiterate our BUY, but have slightly lowered our target price to EUR22 (23).
- ABGSC Media Research
- Derek Laliberté
- Joachim Gunell
Storytel (Buy, TP: SEK80.00) - Q3 displays flywheel dynamics
Storytel’s broad-based Q3 beat showcased flywheel dynamics, with solid net adds, record-low churn, a growing share of internal content consumption raising margins, improved customer acquisition efficiency, operating leverage from cost savings, and strong cash flows. We reiterate our BUY and have increased our target price to SEK80 (78), as Storytel’s raised full-year guidance continues to fuel positive consensus revisions, allowing for a combination of a step-change in earnings, FCF momentum, an...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
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