reports
- Simen Mortensen
Equity raise, two more Q1 reports
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.
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
Genmab to Present New and Updated Results From Multiple Clinical Trial...
Genmab to Present New and Updated Results From Multiple Clinical Trials Evaluating Epcoritamab Across Various B-Cell Malignancies at the 2024 European Hematology Association (EHA) Congress Media ReleaseCOPENHAGEN, Denmark; May 14, 2024 Sixteen abstracts accepted for presentation and publication demonstrate depth and breadth of comprehensive epcoritamab development programThree oral presentations highlight novel data evaluating epcoritamab in patients with relapsed/refractory (R/R) follicular lymphoma (FL), in combination for first-line treatment of diffuse large B-cell lymphoma (DLBCL),...
Transactions in Connection with Share Buy-back Program
Transactions in Connection with Share Buy-back Program Company Announcement COPENHAGEN, Denmark; May 13, 2024 – Genmab A/S (Nasdaq: GMAB). On March 15, 2024, Genmab announced the initiation of a share buy-back program to repurchase up to DKK 3.5 billion worth of shares.The share buy-back program is expected to be completed no later than December 16, 2024. The following transactions were executed under the program from May 6, 2024 to May 10, 2024: Trading PlatformNo. of sharesAverage price (DKK)Total value (DKK)Accumulated through last announcement 689,510 1,393,154,997.08May 6, 2...
- 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
LOGI.B-SE LOGISTEA AB
- Geir Hiller Holom
Circio Holding (No_rec, TP: NOK) - Recommendation and target price wit...
We continue to like Circio’s focus on the circRNA programme and believe it will be able to secure a partnering deal in 2025. However, the funding situation is unclear. It recently announced an intention to raise cNOK50m–60m in Q2. As we have limited input on the terms of the upcoming capital raise and Atlas Capital Markets’ (the counterparty of the convertible bond facility announced in February 2023) degree of participation and conditions, we have withdrawn our target price and recommendation.
- Simen Mortensen
Swedish policy rate cut, an upgrade and a downgrade
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.
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
Capital Increase in Genmab as a Result of Employee Warrant Exercise
Capital Increase in Genmab as a Result of Employee Warrant Exercise Company Announcement COPENHAGEN, Denmark; May 7, 2024 – (Nasdaq: GMAB) will increase its share capital by 6,959 shares as a consequence of the exercise of employee warrants. The increase is effected without any preemption rights for the existing shareholders of the company or others. The shares are subscribed in cash at the following price per share of nominally DKK 1: 2,171 shares at DKK 1,025.00,2,790 shares at DKK 1,032.00,98 shares at DKK 1,161.00,729 shares at DKK 1,334.50,343 shares at DKK 1,362....
Transactions in Connection with Share Buy-back Program
Transactions in Connection with Share Buy-back Program Company Announcement COPENHAGEN, Denmark; May 6, 2024 – Genmab A/S (Nasdaq: GMAB). On March 15, 2024, Genmab announced the initiation of a share buy-back program to repurchase up to DKK 3.5 billion worth of shares. The share buy-back program is expected to be completed no later than December 16, 2024. The following transactions were executed under the program from April 29, 2024 to May 3, 2024: Trading PlatformNo. of sharesAverage price (DKK)Total value (DKK)Accumulated through last announcement 602,818 1,222,541,085.50April 29, 202...
- 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
- Rune Majlund Dahl
Genmab (Buy, TP: DKK2630.00) - Epinkly off to a good start in 2024
Q1 sales beat our forecast and consensus due to higher product-related royalties and solid Epkinly sales, while the operating profit margin was softer than expected owing to higher opex. Genmab reiterated the 2024 guidance for sales of DKK18.7bn–20.5bn, opex of DKK12.4bn–13.4bn, and operating profit of DKK4.6bn–7.1bn. We expect a strong pipeline of news flow in 2024. We reiterate our BUY and DKK2,630 target price.
Genmab Announces Financial Results for the First Quarter of 2024
Genmab Announces Financial Results for the First Quarter of 2024 May 2, 2024 Copenhagen, Denmark; Interim Report for the First Quarter Ended March 31, 2024 Highlights The U.S. Food and Drug Administration (U.S. FDA) granted Priority Review for the supplemental Biologics License Application (sBLA) for EPKINLY® (epcoritamab-bysp) for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy, with a Prescription Drug User Fee Act (PDUFA) target action date of June 28, 2024An additional Phase 3 clinical trial was initiated...
TIVDAK® (tisotumab vedotin-tftv) Receives U.S. FDA Approval to Treat R...
TIVDAK® (tisotumab vedotin-tftv) Receives U.S. FDA Approval to Treat Recurrent or Metastatic Cervical Cancer Company Announcement Full approval based on global Phase 3 study demonstrating overall survival benefit of TIVDAK compared to chemotherapyTIVDAK is the first antibody-drug conjugate in this patient population to have positive overall survival data COPENHAGEN, Denmark; April 30, 2024 – (Nasdaq: GMAB) and (NYSE: PFE) announced today the U.S. Food and Drug Administration (FDA) has approved the supplemental Biologics License Application (sBLA) for TIVDAK® (tisotumab vedotin-tftv) f...
Transactions in Connection with Share Buy-back Program Genmab
Transactions in Connection with Share Buy-back Program Genmab Company Announcement COPENHAGEN, Denmark; April 29, 2024 – Genmab A/S (Nasdaq: GMAB). On March 15, 2024, Genmab announced the initiation of a share buy-back program to repurchase up to DKK 3.5 billion worth of shares. The share buy-back program is expected to be completed no later than December 16, 2024. The following transactions were executed under the program from April 22, 2024 to April 26, 2024: Trading PlatformNo. of sharesAverage price (DKK)Total value (DKK)Accumulated through last announcement 408,701 836,159,5...
- 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
- Simen Mortensen
Entra (Hold, TP: NOK105.00) - Continued asset value decline
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).
- ABGSC Construct. & Real Estate Research
- Bengt Jonassen
- Njål Kleiven
Transactions in Connection with Share Buy-back Program Genmab
Transactions in Connection with Share Buy-back Program Genmab Company Announcement COPENHAGEN, Denmark; April 22, 2024 – Genmab A/S (Nasdaq: GMAB). On March 15, 2024, Genmab announced the initiation of a share buy-back program to repurchase up to DKK 3.5 billion worth of shares. The share buy-back program is expected to be completed no later than December 16, 2024. The following transactions were executed under the program from April 15, 2024 to April 19, 2024: Trading PlatformNo. of sharesAverage price (DKK)Total value (DKK)Accumulated through last announcement 269,334 555,043,478.37Ap...
- 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
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