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.
A director at Wallenstam AB bought 16,000 shares at 47.180SEK and the significance rating of the trade was 55/100. 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 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.
We have cut our 2025–2026e EPS by c6–4% on rising market interest rates, following a soft Q1 report, where focus was on a further weakening Stockholm office rental market. We found net lettings disappointing at SEK-36m and the minor vacancy rate uptick soft. We reiterate our HOLD, but have cut our target price to SEK85 (100).
Q1 FFOps was in line with our estimate but below Infront consensus. While we have made only minor forecast changes, following the recent share performance and as the stock is trading close to our target price, we have downgraded to HOLD (BUY) but reiterate our SEK175 target price.
We consider the Q1 results neutral, and, adjusting for a JV one-off, we were in line on PFPM. Wallenstam is looking to start a development project in Q2 (only the second since Q3 2022), and management stated that rents have risen considerably in new developments and that it will only start projects in the best locations to meet demand right now. We consider the valuation demanding on cash earnings, and reiterate our SELL and our SEK40 target price.
Entra reported weaker underlying Q1 results than we expected, as well as still-declining asset values (-2.5% QOQ) due to higher yield valuations. On increased market interest rates, we have cut our 2024–2026e FFO by c12–16%. We reiterate our HOLD, but have lowered our target price to NOK105 (115).
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.