This week, Nyfosa raised SEK1.7bn in equity, and Citycon and Olav Thon reported their Q1 results. Real estate stocks have performed well globally since the latest US CPI print. The weighted-average implied EBITDA yields on the stocks we cover are 4.32% for 2024e and 4.71% for 2025e.
A director at Fastighets AB Balder sold 2,339,268 shares at 75.620SEK and the significance rating of the trade was 76/100. 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...
There were no surprises in the Q1 results. Olav Thon remains one of the most attractively valued stocks in our Nordic real estate coverage, as well as having among the strongest balance sheets. We have made limited estimate changes following the report, and reiterate our BUY, while we have raised our target price to NOK265 (250).
Sweden’s Riksbank cut the policy rate this week to 3.75% (4.0%); our estimates are based on another four cuts by end-2025. During the week we upgraded Veidekke to BUY, downgraded Castellum to HOLD, and reiterated our HOLD on Kojamo and SELL on Hufvudstaden and Sagax. The average implied EBITDA yields on the stocks we cover are 4.40% for 2024e and 4.79% for 2025e.
The Q1 results provided the market with no relief for its concern about the Stockholm office and retail rental market strength, as the company missed on revenues and saw an increased vacancy rate. We have cut our EPS by 5–6% for 2023–2026 and our target price to SEK115 (120), and reiterate our SELL.
A director at Stendörren Fastigheter AB bought 2,497 shares at 180.000SEK and the significance rating of the trade was 69/100. 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 y...
A director at Castellum AB bought 3,633 shares at 126.950SEK and the significance rating of the trade was 42/100. 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 ...
Q1 PFPM was in line with our forecast but 3% below consensus. We believe the negative share price reaction was due to: 1) a minor uptick in NIBD despite the recent equity raise for Balder and Sato; 2) LFL rental growth of 3.7% YOY, below most peers’; and 3) cash flow down sequentially due in investing activities. We have cut our 2024–2025e FFOps by 5–7% on interest rates, and reiterate our HOLD and raise our target price to SEK70.
We have downgraded to HOLD (BUY) and trimmed our target price to SEK135 (136) following rather soft Q1 results that showed a risk in vacancy adding concern about the rental market outlook. We consider the stock fully valued, given only an 10% NAV discount (adjusted for Entra at market value) and its soft FFOPS growth outlook.
This week, Castellum and Balder reported Q1 results, Wihlborgs announced a new lease, and SBB corrected 2023 profits and dissolved Unobo. Norges Bank has signalled interest rates might stay higher for longer. K2A has halted preference dividend payments. The weighted-average implied EBITDA yields on the stocks we cover are 4.69% for 2024e and 4.97% for 2025e.
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