reports
- Tomi Railo
Cargotec (Buy, TP: EUR88.00) - Attractively valued quality
Following a solid Q1, we have raised our 2024–2026e clean EPS by c11% on average and target price to EUR88 (77). Our positive case elements (Handling it successfully, 21 March) have strengthened and we reiterate our BUY as value creation potential remains.
Cargotec's interim report January–March 2024: Comparable operating pro...
Cargotec's interim report January–March 2024: Comparable operating profit margin improved in all business areas CARGOTEC CORPORATION, INTERIM REPORT JANUARY–MARCH 2024, 30 APRIL 2024 AT 9:00 AM (EEST) Cargotec's interim report January–March 2024: Comparable operating profit margin improved in all business areas Sequentially stable demand in Hiab and Kalmar, Hiab's orders amounted to EUR 386 million and Kalmar's EUR 402 millionMacGregor’s merchant and services businesses' good performance continued, challenges remain in offshore projectsHiab's comparable operating profit margin was 16.6 (1...
Cargotecin osavuosikatsaus tammi–maaliskuulta 2024: Vertailukelpoinen ...
Cargotecin osavuosikatsaus tammi–maaliskuulta 2024: Vertailukelpoinen liikevoittoprosentti parani kaikilla liiketoiminta-alueilla CARGOTEC OYJ, TAMMI–MAALISKUUN 2024 OSAVUOSIKATSAUS, 30.4.2024 KLO 9.00 Cargotecin osavuosikatsaus tammi–maaliskuulta 2024: Vertailukelpoinen liikevoittoprosentti parani kaikilla liiketoiminta-alueilla Kysyntä edellisen vuosineljänneksen tasolla Hiabissa ja Kalmarissa, Hiabin saadut tilaukset olivat 386 miljoonaa euroa ja Kalmarin 402 miljoonaa euroaMacGregorin kauppalaiva- ja huoltoliiketoimintojen hyvä suoritus jatkui, haasteet offshore-projekteissa jatkuvatH...
- Rune Majlund Dahl
Demant (Buy, TP: DKK400.00) - 2024 likely to be back-end loaded
We forecast Q1 organic revenue growth of 4.7% YOY (in line with consensus), driven by Hearing Care (we forecast 4.9%) and Diagnostics (we forecast 8.4%), while Hearing Aids faces a tough YOY comparable (we forecast 3.6%). We expect 2024 to be back-end loaded and driven by Oticon Intent. We expect maintained 2024 guidance of 4–8% organic growth, c1% M&A growth, c-1% FX, and EBIT of DKK4.6bn–5.0bn. We reiterate our BUY and DKK400 target price.
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Viktor Stenlöf
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
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
FASTAT-SE FASTATOR
LOGI.B-SE LOGISTEA AB
- Simen Mortensen
Q1 reporting season kicks off
Q1 reporting season kicked off this week, with results from Nyfosa, Entra, Wallenstam, Fabege, KMC Properties, Pandox, and Catena. In other news, Public Property Invest is to be listed on the Oslo stock exchange on 29 April. The weighted-average implied EBITDA yields on the stocks we cover are 4.75% for 2024e and 5.04% 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
- Tomi Railo
- Simen Mortensen
EPBD the big story this week
The Energy Performance of Buildings Directive (EPBD) was approved on 12 April, requiring the modernisation of existing real estate in the EU, and will soon enter the Official Journal of the EU. In other news, KMC Properties bought a new asset and appointed an interim CEO, JM got a new CEO, while Castellum announced a divestment and new leases, and Atrium Ljungberg kicked off Q1 reporting season. The weighted-average implied EBITDA yields on the stocks we cover are 4.74% for 2024e and 5.01% for 2...
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
- Tomi Railo
Cargotec (Buy, TP: EUR77.00) - Focus on spring news
We reiterate our BUY and EUR77 target price, with c20% upside potential, ahead of the Q1 results (due at 08:00 CET on 30 April, followed by a briefing at 09:00 CET), where we will focus on orders and profitability. We also maintain our positive case (see our “Handling it successfully” report from 21 March) prior to the Kalmar prospectus, financial targets and CMD in May.
Cargotec’s interim report January–March 2024 to be published on Tuesda...
Cargotec’s interim report January–March 2024 to be published on Tuesday, 30 April 2024 CARGOTEC CORPORATION, PRESS RELEASE, 16 APRIL 2024 AT 9:30 AM (EEST) Cargotec’s interim report January–March 2024 to be published on Tuesday, 30 April 2024 Cargotec Corporation will publish its interim report January–March 2024 on Tuesday, 30 April 2024 at approximately 9:00 a.m. EEST. The report will be available at after publication. A live international telephone conference for analysts, investors and media will be arranged on the publishing day at 10:00 a.m. EEST. The event will be held in E...
Cargotec julkaisee tammi–maaliskuun 2024 osavuosikatsauksen tiistaina ...
Cargotec julkaisee tammi–maaliskuun 2024 osavuosikatsauksen tiistaina 30.4.2024 CARGOTEC OYJ, LEHDISTÖTIEDOTE, 16. HUHTIKUUTA 2024 KLO 9.30 Cargotec julkaisee tammi–maaliskuun 2024 osavuosikatsauksen tiistaina 30.4.2024 Cargotec Oyj julkaisee tammi–maaliskuun 2024 osavuosikatsauksen tiistaina 30.4.2024 noin klo 9.00. Raportti on saatavilla julkaisun jälkeen osoitteessa Kansainvälinen puhelinkonferenssi analyytikoille, sijoittajille ja toimittajille järjestetään julkaisupäivänä klo 10.00. Tilaisuus on englanninkielinen. Raportin esittelevät Cargotecin toimitusjohtaja Casimir ...
- Tomi Railo
Konecranes (Buy, TP: EUR55.00) - Slightly cautious ahead of Q1 report
For the Q1 results, our focus is on orders, profitability and the market outlook, as we are slightly cautious due to tough comparables, a more optimistic consensus and the recently strong share price. However, we continue to like the overall case, and have increased our 2024–2026e clean EPS by c3% on average. We reiterate our BUY and have raised our target price to EUR55 (50).
- Simen Mortensen
Fully valued near-term
We maintain a neutral sector stance, but see near-term setbacks and consider risks tilted to the downside near-term due to strong sector performance in the past month, while market interest rates have risen. We expect two years of zero NAV growth, on average, due to yield expansion, and the sector theme to be deleveraging, with limited capex. We see few potential company-specific catalysts, leaving share prices largely driven by macro factors. We consider the sector fully valued near-term, at an...
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
Invitation to Cargotec's Capital Markets Days on 28–29 May 2024
Invitation to Cargotec's Capital Markets Days on 28–29 May 2024 CARGOTEC CORPORATION, PRESS RELEASE, 9 APRIL 2024 AT 10:00 AM (EEST) Invitation to Cargotec's Capital Markets Days on 28–29 May 2024 Cargotec has the pleasure to invite analysts and investors to its Capital Markets Days in Helsinki, Finland on Tuesday, the 28th and Wednesday the 29th May, 2024. The two-day event will focus on Hiab and Kalmar as separate businesses, and their further value creation potential following Cargotec’s Board of Directors’ decision to propose to separate Kalmar as a new standalone lis...
Kutsu Cargotecin Pääomamarkkinapäiville 28–29. toukokuuta 2024
Kutsu Cargotecin Pääomamarkkinapäiville 28–29. toukokuuta 2024 CARGOTEC OYJ, LEHDISTÖTIEDOTE, 9. HUHTIKUUTA 2024 KLO 10.00 Kutsu Cargotecin Pääomamarkkinapäiville 28–29. toukokuuta 2024 Cargotec kutsuu analyytikot ja sijoittajat tiistaina ja keskiviikkona 28–29. toukokuuta 2024 Helsingissä järjestettäville pääomamarkkinapäiville. Kaksipäiväinen tapahtuma keskittyy Hiabiin ja Kalmariin erillisinä liiketoimintoina ja niiden tulevaisuuden arvonluontipotentiaaliin. Cargotecin hallitus on päättänyt ehdottaa Kalmarin eriyttämistä uuteen itsenäiseen pörssiyhtiöön arviolta 30. kesäku...
Cargotec corporation: Notice to Annual General Meeting 2024
Cargotec corporation: Notice to Annual General Meeting 2024 CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 8 APRIL 2024 AT 3:30 PM (EEST) CARGOTEC CORPORATION: NOTICE TO ANNUAL GENERAL MEETING 2024 Notice is given to the shareholders of Cargotec Corporation to the Annual General Meeting to be held on Thursday 30 May 2024 at 1:00 p.m. (EET) at Little-Finlandia, Karamzininranta 4, 00100 Helsinki, Finland. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 12:00 noon (EET). Shareholders may also exerci...
Cargotec’s restated financial information for 2023, Kalmar will be pre...
Cargotec’s restated financial information for 2023, Kalmar will be presented as discontinued operations due to the proposed demerger CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 8 APRIL 2024 AT 10:00 AM (EEST) Cargotec’s restated financial information for 2023, Kalmar will be presented as discontinued operations due to the proposed demerger As announced in a stock exchange release on 1 February 2024, the Board of Directors of Cargotec Corporation (“Cargotec”) has approved a demerger plan concerning the separation of the Kalmar business area into an independent listed company (the “Demerg...
Cargotecin oikaistut taloudelliset tiedot vuodelta 2023, Kalmar esitet...
Cargotecin oikaistut taloudelliset tiedot vuodelta 2023, Kalmar esitetään lopetettuna toimintona ehdotetusta jakautumisesta johtuen CARGOTEC OYJ, PÖRSSITIEDOTE, 8. HUHTIKUUTA 2024 KLO 10.00 Cargotecin oikaistut taloudelliset tiedot vuodelta 2023, Kalmar esitetään lopetettuna toimintona ehdotetusta jakautumisesta johtuen 1.2.2024 julkaistun pörssitiedotteen mukaisesti Cargotec Oyj:n (“Cargotec”) hallitus on hyväksynyt jakautumissuunnitelman Kalmar-liiketoiminta-alueen eriyttämiseksi itsenäiseksi pörssiyhtiöksi (“Jakautuminen”). Jakautumisen suunniteltu täytäntöönpanopäivä on 30.6.2024. Jak...
- Simen Mortensen
Vacancy uptick in Stockholm
This week, Citymark announced vacancies in the Stockholm office market are now higher than during the 2007–2008 financial crisis. Selvaag Bolig (SELL, TP NOK25) released KPIs for Q1, where unsold inventory was at an all-time high. Norwegian house prices rose 0.9% in March and 5.9% YTD. Entra announced leases. Corem announced that it aims to issue bonds. The weighted-average implied EBITDA yields on the stocks we cover are 4.62% 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
Charges pressed against a member of the Board of Directors Tapio Kolun...
Charges pressed against a member of the Board of Directors Tapio Kolunsarka in a matter related to Ramirent Plc predating his Board membership CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 3 APRIL 2024 AT 10:45 AM (EEST) Charges pressed against a member of the Board of Directors Tapio Kolunsarka in a matter related to Ramirent Plc predating his Board membership According to information received by Cargotec Corporation (”Cargotec”), the public prosecutor has decided to press charges against Tapio Kolunsarka, who is a member of the Board of Directors of Cargotec, in a criminal matter...
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