More Q1 results and a proposed delisting

The Q1 reporting season is in full swing, with results from Catena, Entra, Pandox and Wihlborgs in the past week. In addition, Aurora Eiendom announced a proposal to delist from Euronext Growth Oslo. The weighted-average implied EBITDA yields on the stocks we cover are 5.00% for 2025e and 5.31% for 2026e.

Nobia AB: 1 director

A director at Nobia AB bought 89,803 shares at 3.255SEK and the significance rating of the trade was 50/100. 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 showi...

Borregaard (Buy, TP: NOK230.00) - Agricultural products boost Q1 EPS

The solid Q1 results included a 6% EBITDA beat, led by record-high sales and profits from growing agricultural product sales – management said the underlying trend was driven by demand for ‘green’ food production products. Our 2026–2027e EPS are largely unchanged (tweaked by c1%) as the USD depreciation and lowered bioethanol price guidance largely offset the higher agricultural product sales. We still see this as an attractive entry point, and reiterate our BUY and NOK230 target price.

Higher prices, but negative FX

Q1 EBITDA +6%

Kesko (Buy, TP: EUR21.50) - Steady progress

Q1 clean EBIT missed consensus by 3% on weaker GT, but we believe its margin concerns were well addressed, and improved hypermarket sales relative to the market point to an encouraging trend. After years of weakness, BTT profitability also expanded. We have made minor estimate changes (cut 2025–2027e clean EBIT by c2–0%) and raised our target price to EUR21.5 (20.5), due to our higher conviction on improved GT market-share momentum, which serves as a valuation trigger in the investment case, in ...

Building up for a solid year, reiterate BUY

No tears in these sheets: Q1 EBITDA +8%

Q1 EBITDA +8%

Q1 results slightly below expectations

Wihlborgs (Hold, TP: SEK105.00) - Too-high premium versus peers

Q1 profit from property management (PFPM) was 1% above consensus and net lettings were on the strong side. Overall, we have made only minor estimate changes, raising our 2025–2027e FFOPS by 2–3%. With a large pipeline of ongoing projects (c1.5x of 2025e FFO left to invest) and following recent acquisition, the LTV is at its highest level since 2018. We see limited further FFOPS upside potential for 2025–2027. We consider the stock close to fully valued near-term and the valuation rich versus pee...

Weekly Real Estate Matrix

Q1 a nice dunk, outlook a wild shot

Pandora (Buy, TP: DKK1400.00) - Still shining, but potential pressure

We expect Pandora to report a solid start to the year, with 6.4% LFL growth (consensus 5.6%) in Q1e, but believe focus is more likely to be on the implications (direct and indirect) of tariffs and higher silver prices. However, we believe these concerns are more than priced in after recent share-price weakness. We reiterate our BUY, but have lowered our target price to DKK1,400 (1,550).

Signs of sector recovery, and more Q1 results

The markets were much quieter following the Easter break, with limited news; however, the names we cover saw their shares up 2.6% on average, with Atrium Ljungberg (7.1%), SBB (7.1%) and Pandox (4.8%) the top performers. JM released its Q1 results and we reiterated our BUY, believing it has passed the earnings trough, while we reiterated our HOLDs on Corem and Fabege following their quarterly reports. The weighted-average implied EBITDA yields on the stocks we cover are 5.04% for 2025e and 5.34%...

Valmet (Buy, TP: EUR32.00) - Solid beats in ‘stable businesses’

We have made only minor estimate changes following the Q1 results, and reiterate our BUY and EUR32 target price. We continue to find the valuation attractive at a 2026e EV/EBIT of below 9x.

Stable earnings in a small quarter

Elopak (Hold, TP: NOK40.00) - Tight ship in rough waters

We estimate Q1 EBITDA of EUR44m, down 6% YOY and 2% below consensus. With EMEA still seeing weak consumer sentiment, we expect a 3% decline in divisional revenue, partly offset by pent-up machine sales. Q1 is set to be the last quarter without commercial support from Little Rock; we expect a flat trend QOQ on continued production constraints. We have lowered our 2026–2027e EPS by 2–1%. We reiterate our HOLD, but have cut our target price to NOK40 (44).