Transactions, CMD and halted DPS

This week Balder, Citycon and SBB announced divestments, Public Property Invest was assigned an IG rating by Fitch, and Corem hosted its CMD. The weighted-average implied EBITDA yields on the stocks we cover are 4.45% for 2024e and 5.01% for 2025e.

Atrium Ljungberg AB: 1 director

A director at Atrium Ljungberg AB bought 4,921 shares at 203.000SEK and the significance rating of the trade was 51/100. 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 c...

Weekly Real Estate Matrix

Wallenstam AB: 1 director

A director at Wallenstam AB bought 39,350 shares at 50.750SEK and the significance rating of the trade was 67/100. 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...

Weekly Real Estate Matrix

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.

Still the fittest in the room

Sats (Buy, TP: NOK26.00) - Working out nicely

The Q3 results were broadly in line with consensus, and SATS’ outlook was little changed. We reiterate our BUY as we still find the stock attractively valued, trading at a 2025 P/E of 11x on our estimates, and have raised our target price to NOK26 (25) on our slightly higher forecasts and peer group multiples. A reinstated dividend policy from H2 2025 (>50% of EPS), and scope for buybacks up to NOK500m are potential share-price catalysts.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024

European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024

Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...

Sats (Buy, TP: NOK25.00) - Q3 earnings in line with consensus

We consider this a mixed report for SATS, including adj. EBITDA in line with consensus, but a soft mix, with all countries except Denmark just below expectations, and a group membership base 5k below consensus. We expect only minor revisions to consensus following the report.

Demant A/S : Q3 review – Factor in weakness in diagnostics

>Q3 review – slower organic growth - Demant’s Q3 revenues of DKK 5,401m (+0.0% y-o-y including, +4% y-o-y excluding communications) were driven by organic growth of 2% (vs ODDO BHF 1.9%, consensus 2.8%) and were 2%/0% vs ODDO BHF/consensus. Acquisitions contributed 200bp, while forex created a headwind of 100bp. No bottom line was reported on a quarterly basis.Hearing aids impacted by high base and competitive environment - Hearing aids sales of DKK ...

EBIT as expected

Sales 1% better, EBIT 4% better. Denmark explains the beat.CF soft on timing of rent payment. Outlook reiterated.

Q3 softer, but not as bad as we feared

Demant (Buy, TP: DKK330.00) - Lower end of 2024 guidance likely

In its Q3 trading update, Demant ended at organic revenue growth of c2% (below our forecast and consensus), owing to a soft performance in Hearing Aids and Diagnostics. The 2024 guidance was confirmed, but we find the lower end more likely. However, we note a historically high valuation gap between Demant and Sonova. We reiterate our BUY but have cut our target price to DKK330 (360).

Weekly Real Estate Matrix

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.

ODDO BHF Small & MIDCAP MORNING NEWS - 10/30/2024

The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...

ODDO BHF Small & MIDCAP MORNING NEWS - 30/10/2024

Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...

Nokian Renkaat Oyj : An uninspiring Q3 and visibility still too limite...

>A release that is unlikely to move the needle - Nokian Tyres has published Q3 2024 results in line on the operational front (-1% on SOI at € 30m) despite weaker sales growth (+14%) than expected (-7% vs consensus € 314m), buoyed by the better-than-expected performance in passenger car tyres (better costs on higher volumes, mostly raw materials and supply-chain related). However, under the SOI, unadjusted EBIT came in well below expectations at just € 4m (consensus at...