reports
Schouw & Co. share buy-back programme, week 18 2024
Schouw & Co. share buy-back programme, week 18 2024 On 4 March 2024, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 13 of 1 March 2024. Under the programme, Schouw & Co. will acquire shares for up to DKK 200 million during the period 4 March 2024 to 31 December 2024. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Trading day No...
- 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 continues
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.
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
Korrektion til selskabsmeddelelse nr. 25 af 30. april 2024
Korrektion til selskabsmeddelelse nr. 25 af 30. april 2024 Schouw & Co. har i dag offentliggjort selskabets delårsrapport for 1. kvartal 2024. I særskilt selskabsmeddelelse forud for offentliggørelsen af delårsrapporten har selskabet meddelt de justerede forventninger til årets omsætning og EBITDA. Selskabet er blevet opmærksom på, at der i den engelske version af denne selskabsmeddelelse desværre er sket en tastefejl, idet den øvre del af omsætningsspændet fejlagtigt er noteret til 37,2 mia. kr. mod rettelig 37,3 mia. kr., som korrekt angivet i den danske version. Selskabet beklager fej...
Correction to company announcement no. 25 of 30 April 2024
Correction to company announcement no. 25 of 30 April 2024 Today, Schouw & Co. has published its interim report for the first quarter of 2024. In a separate company announcement prior to the release of the interim report, the company has announced the adjusted full-year revenue and EBITDA guidance. The company has been made aware of a typing error in the English version of this company announcement, as the upper part of the revenue range is incorrectly stated as DKK 37.2 billion instead of DKK 37.3 billion as correctly stated in the Danish version. The company regrets the error. Aktie...
Delårsrapport for 1. kvartal 2024
Delårsrapport for 1. kvartal 2024 Schouw & Co. har tirsdag offentliggjort delårsrapport for 1. kvartal 2024; Koncernens omsætning i 1. kvartal 2024 blev som forventet reduceret, drevet af en kombination af lavere priser og lavere mængder. Det realiserede EBITDA blev derimod væsentligt forøget, med BioMar som den vigtigste bidragyder, ligesom cash flow fra drift blev forbedret. Hovedpunkter 7,9 mia. kr. i omsætning – en reduktion på 9%652 mio. kr. EBITDA – en vækst på 28%171 mio. kr. i pengestrøm fra drift – en forøgelse på 266 mio. kr.6,18 kr. i resultat pr. aktie – en ...
Interim report – first quarter of 2024
Interim report – first quarter of 2024 Tuesday, Schouw & Co. released its interim report for the first quarter of 2024; As expected, consolidated revenue for Q1 2024 was down on the year before, driven by a combination of lower prices and a drop in volume sales. EBITDA, on the other hand, increased strongly with BioMar as the main contributor, and cash flows from operations improved as well. Highlights DKK 7.9bn revenue – a reduction of 9%DKK 652m EBITDA – an increase of 28%DKK 171m cash flows from operations – an increase of DKK 266mDKK 6.18 earnings per share – an increas...
Interim report for the first quarter of 2024 containing inside informa...
Interim report for the first quarter of 2024 containing inside information Schouw & Co. will today be releasing its interim report for the first quarter of 2024. The interim report contains inside information, as the guidance for full-year revenue and EBITDA differs from the guidance expressed in the company’s annual report for 2023 released on 1 March 2024. The Group lowers its guidance for FY 2024 consolidated revenue to the range of DKK 34.8-37.2 billion from previously DKK 35.3-37.8 billion. At the same time, the guidance for FY 2023 consolidated EBITDA is raised to the range o...
- Martin Arnell
Paradox Interactive (Buy, TP: SEK260.00) - Good entry point on negativ...
Q1 marked a soft start to 2024, which together with the recent negative news flow (game delays, technical issues in Cities: Skylines 2) has created a good entry point in the sector’s quality name. We are confident in the long-term profitability of the core portfolio, and like the optionality from new games like ‘Life by You’, set for release in Q2. We reiterate our BUY, but have trimmed our target price to SEK260 (270) on 7–5% lower 2024–2025e EBIT.
Schouw & Co. aktietilbagekøbsprogram, uge 17 2024
Schouw & Co. aktietilbagekøbsprogram, uge 17 2024 Den 4. marts 2024 iværksatte Schouw & Co. et aktietilbagekøbsprogram som beskrevet i selskabsmeddelelse nr. 13 af 1. marts 2024. I henhold til programmet vil Schouw & Co. i perioden fra 4. marts 2024 til 31. december 2024 købe egne aktier for et maksimalt beløb på 200 mio. kr. Aktietilbagekøbsprogrammet gennemføres i henhold til Europa-Parlamentets og Rådets forordning (EU) nr. 596/2014 af 16. april 2014 om markedsmisbrug (MAR) og Kommissionens delegerede forordning (EU) 2016/1052 af 8. marts 2016 ("Safe Harbour”-reglerne). Handels...
Schouw & Co. share buy-back programme, week 17 2024
Schouw & Co. share buy-back programme, week 17 2024 On 4 March 2024, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 13 of 1 March 2024. Under the programme, Schouw & Co. will acquire shares for up to DKK 200 million during the period 4 March 2024 to 31 December 2024. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Trading day No...
- 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
- ABGSC IT Research
- Oscar Rönnkvist
- Simon Jönsson
- ABGSC IT Research
- Oscar Rönnkvist
- Simon Jönsson
- 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
- Martin Arnell
Paradox Interactive (Buy, TP: SEK270.00) - Focusing on Q2 releases
Q1 was fairly average for DLC and new releases, with ‘Cities: Skylines 2’ (CS2) DLC not enough to drive a resurgence in player activity. We have cut our 2024e EBIT by ~5% to reflect our lower near-term CS2 sales expectations, but remain confident Paradox will report strong earnings growth in 2024. We reiterate our BUY but have lowered our target price to SEK270 (280) ahead of the Q1 report, due at 08:00 CET on 25 April.
Schouw & Co. aktietilbagekøbsprogram, uge 15 2024
Schouw & Co. aktietilbagekøbsprogram, uge 15 2024 Schouw & Co. aktietilbagekøbsprogram, uge 15 2024 Den 4. marts 2024 iværksatte Schouw & Co. et aktietilbagekøbsprogram som beskrevet i selskabsmeddelelse nr. 13 af 1. marts 2024. I henhold til programmet vil Schouw & Co. i perioden fra 4. marts 2024 til 31. december 2024 købe egne aktier for et maksimalt beløb på 200 mio. kr. Aktietilbagekøbsprogrammet gennemføres i henhold til Europa-Parlamentets og Rådets forordning (EU) nr. 596/2014 af 16. april 2014 om markedsmisbrug (MAR) og Kommissionens delegerede forordning (EU) 2016/1052 ...
Schouw & Co. share buy-back programme, week 15 2024
Schouw & Co. share buy-back programme, week 15 2024 On 4 March 2024, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 13 of 1 March 2024. Under the programme, Schouw & Co. will acquire shares for up to DKK 200 million during the period 4 March 2024 to 31 December 2024. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Trading day No...
- Niklas Wetterling
Atrium Ljungberg (Hold, TP: SEK200.00) - Cost control behind PFPM beat
Strong cost control and an energy-cost tailwind gave a 5% PFPM beat, while the uptick in vacancy rate and negative net letting (second consecutive quarter) were key negatives. We have cut our 2025–2026e EPS by 2–3%, mainly on market interest-rate changes. We reiterate our HOLD and have lowered our target price to SEK200 (220) on a tweaked valuation yield. Benefiting from a strong hedging portfolio in 2023 (FFOPS +16% YOY, among the best in the sector), we expect muted FFOPS growth in our forecas...
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