reports
- 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
INTEA.B-SE INTEA FASTIGHETER
- Simen Mortensen
Better markets and more Q4 results
Positive data points for January were Colliers’ market update showing Nordic commercial real estate transaction volumes were up 17% YOY, while Norwegian residential developer, Union, said house sales improved 52% YOY, although both were from very low bases. Citycon released Q4 results this week, and Skanska announced a new development. The weighted-average implied EBITDA yields on the stocks we cover are 4.94% for 2025e and 5.24% for 2026e.
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
Cargotec publishes its 2024 annual report and financial statements
Cargotec publishes its 2024 annual report and financial statements CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 27 FEBRUARY 2025 AT NOON (EET) Cargotec publishes its 2024 annual report and financial statementsCargotec's annual report 2024 and financial statements for the financial year 1 January–31 December 2024 have been published in English and Finnish. The report consists of the annual review, financial review, corporate governance statement and remuneration report. The financial review consists of the Board of Directors' report, including the sustainability statement, as well as the ...
Cargotec julkaisee vuoden 2024 vuosikertomuksen ja tilinpäätöksen
Cargotec julkaisee vuoden 2024 vuosikertomuksen ja tilinpäätöksen CARGOTEC OYJ, PÖRSSITIEDOTE, 27. HELMIKUUTA 2025 KLO 12.00 Cargotec julkaisee vuoden 2024 vuosikertomuksen ja tilinpäätöksen Cargotec Oyj:n vuoden 2024 vuosikertomus ja tilinpäätös tilikaudelta 1.1.–31.12.2024 on julkaistu suomeksi ja englanniksi. Vuosikertomus 2024 sisältää vuosikatsauksen ja taloudellisen katsauksen, selvityksen hallinto- ja ohjausjärjestelmästä sekä palkitsemisraportin. Taloudellinen katsaus koostuu kestävyysraportin sisältävästä hallituksen toimintakertomuksesta, tilinpäätöksestä sekä tilintarkastus...
- 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
INTEA.B-SE INTEA FASTIGHETER
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
- Simen Mortensen
Last of the Q4s
Q4 reporting season wrapped up this week, with the last six of the names in the sector we cover releasing their results. In other news, the largest-ever hotel transaction in the Nordics was announced. The weighted-average implied EBITDA yields on the stocks we cover are 4.85% for 2025e and 5.22% for 2026e.
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
- Niklas Wetterling
Nyfosa (Buy, TP: SEK115.00) - PFPM beat and DPS surprise, but more ter...
Q4 profit from property management (PFPM) was 9% above consensus, driven by higher revenues and lower admin and financial costs. Still, we have cut our 2026e FFOPS by 5%, reflecting the rise in terminations with moving-out during 2025 and an uptick in market interest rate. We reiterate our BUY, but have cut our target price to SEK115 (125). We see significant investment capacity and believe a return to M&A-driven growth could tighten the widening P/NAV-valuation gap to Sagax’s other associated c...
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
- Mattias Holmberg
Who stands to benefit?
A potential peace deal between Russia and Ukraine could unlock one of the largest reconstruction efforts in modern history. The World Bank estimates Ukraine will need USD486bn in rebuilding efforts over the next decade, but we estimate this would add only c2% to annual European construction spending. While the direct earnings effect may be modest, we expect the “rebuild Ukraine theme” to drive investor sentiment. We see Volvo, Epiroc, Hexagon, Metso, Hiab and ABB as some of the primary beneficia...
UPM UPM-KYMMENE OYJ
VOLV B VOLVO AB CLASS B
SSAB A SSAB AB CLASS A
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
ELUX B ELECTROLUX AB CLASS B
SAND SANDVIK AB
STERV STORA ENSO OYJ CLASS R
FLS FLSMIDTH & CO. A/S
KEMIRA KEMIRA OYJ
ROCK B ROCKWOOL INTERNATIONAL A/S CLASS B
METSB METSA BOARD OYJ CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
BILL BILLERUDKORSNAS AB
KCR KONECRANES OYJ
LIAB LINDAB INTERNATIONAL AB
ALIG ALIMAK GROUP AB
ALFA ALFA LAVAL AB
ATCO A ATLAS COPCO AB CLASS A
VWS VESTAS WIND SYSTEMS
HEXA B HEXAGON AB
SYSR SYSTEMAIR AB
EPI A EPIROC AB
BEIJ B BEIJER REF AB
NIBE B NIBE INDUSTRIER AB
KALMAR KALMAR
- 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
INTEA.B-SE INTEA FASTIGHETER
- Simen Mortensen
Tender offer and more Q4 results
After surpassing one-third of the votes in Entra this week, Castellum announced it would present a mandatory offer for all shares in the company. The Q4 reporting season has continued, with several names releasing results. The weighted-average implied EBITDA yields on the stocks we cover are 4.61% for 2025e and 5.03% for 2026e.
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 Construct. & Real Estate Research
- Bengt Jonassen
- Njål Kleiven
- Simen Mortensen
NRC Group (Hold, TP: NOK4.50) - Results will speak for themselves
With its weaker-than-expected Q4, NRC Group reiterated its 2025 guidance for revenue of NOK7bn and an adj. EBIT margin above 2%. However, as the company has missed its revenue guidance and EBIT margin targets for seven years in a row (2018–2024), we await evidence of an EBIT margin recovery. We remain cautious, and believe NRC is a high-risk/high-reward investment case, with ample upside potential should it reach its EBIT margin targets. We reiterate our HOLD, but have cut our target price to NO...
- Tomi Railo
Cargotec (Buy, TP: EUR53.00) - Strong and encouraging Q4
We have raised our 2025–2026e clean EPS by c2% following the Q4 beats on orders and adj. earnings. We reiterate our BUY but have lowered our target price to EUR53 (56). We believe Cargotec (Hiab) is in good shape, with room to grow organically and inorganically, and improve earnings and financials further.
CARGOTEC CORPORATION: NOTICE TO ANNUAL GENERAL MEETING 2025
CARGOTEC CORPORATION: NOTICE TO ANNUAL GENERAL MEETING 2025 CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 12 FEBRUARY 2025 AT 9:25 AM EET CARGOTEC CORPORATION: NOTICE TO ANNUAL GENERAL MEETING 2025 Notice is given to the shareholders of Cargotec Corporation to the Annual General Meeting to be held on Wednesday 26 March 2025 at 2:00 p.m. (EET) at Little-Finlandia, Karamzininranta 4, 00100 Helsinki, Finland. The reception of persons who have registered for the meeting, the distribution of voting tickets and coffee service preceding the meeting will commence at 12:30 p.m. (EET). Shareholder...
Cargotec Oyj: Kutsu varsinaiseen yhtiökokoukseen 2025
Cargotec Oyj: Kutsu varsinaiseen yhtiökokoukseen 2025 CARGOTEC OYJ, PÖRSSITIEDOTE, 12.2.2025 KLO 9.25 CARGOTEC OYJ: KUTSU VARSINAISEEN YHTIÖKOKOUKSEEN 2025 Cargotec Oyj:n osakkeenomistajat kutsutaan varsinaiseen yhtiökokoukseen, joka pidetään keskiviikkona 26.3.2025 klo 14.00 alkaen Pikku-Finlandiassa, osoitteessa Karamzininranta 4, 00100 Helsinki. Kokoukseen ilmoittautuneiden vastaanottaminen ja äänestyslippujen jakaminen sekä kahvitarjoilu kokouspaikalla aloitetaan klo 12.30. Osakkeenomistajat voivat käyttää äänioikeuttaan myös äänestämällä ennakkoon. Ohjeet ennakkoäänestykseen on esi...
- ABGSC Construct. & Real Estate Research
- Bengt Jonassen
- Njål Kleiven
Cargotec's financial statements review 2024: Successful execution of C...
Cargotec's financial statements review 2024: Successful execution of Cargotec’s transformation according to plan CARGOTEC CORPORATION, FINANCIAL STATEMENTS REVIEW 2024, 12 FEBRUARY 2025 AT 9:00 AM (EET) Cargotec's financial statements review 2024: Successful execution of Cargotec’s transformation according to plan Orders received increased in the fourth quarter and in 2024Book-to-bill was positive in the fourth quarterStrong full year profitability and cash flowMacGregor sales agreement signed The figures in this financial statements review are based on Cargotec Corporation’s audit...
Cargotecin tilinpäätöstiedote 2024: Cargotecin muodonmuutos toteutunut...
Cargotecin tilinpäätöstiedote 2024: Cargotecin muodonmuutos toteutunut suunnitelmien mukaan CARGOTEC OYJ, TILINPÄÄTÖSTIEDOTE 2024, 12.2.2025 KLO 9.00 Cargotecin tilinpäätöstiedote 2024: Cargotecin muodonmuutos toteutunut suunnitelmien mukaan Saadut tilaukset kasvoivat vuonna 2024 ja vuoden 2024 neljännellä neljännekselläSaadut tilaukset suhteessa liikevaihtoon oli positiivinen vuoden neljännellä neljännekselläVahva koko vuoden kannattavuus ja rahavirtaSopimus MacGregor-liiketoiminta-alueen myynnistä allekirjoitettu Tässä tilinpäätöstiedotteessa esitetyt luvut perustuvat Cargotec Oy...
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