reports
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Viktor Stenlöf
- Ole Martin Westgaard
XXL ASA (No_rec, TP: NOK) - Closing in on partnership with Frasers Gro...
XXL announced this morning that it is close to agreeing a strategic partnership with Frasers Group. We believe the announcement is positive as it accelerates XXL’s ambition to double down on its private-label share, which is key to improving gross margins and profitability. We believe the agreement is likely to trigger market speculation that Frasers Group is one step closer to a full acquisition of XXL, although in such a scenario it could have made more sense for Frasers Group to wait.
- 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
- Simen Mortensen
A bit of everything
This week, Wihlborgs bought new assets, Citycon sought the conversion of its 2025 hybrid bond, SBB announced a new JV, dismantled an old one, and set a record date for the remaining 2023 dividends, Balder issued four bonds, while Prisma Properties is aiming for an IPO. The weighted-average implied EBITDA yields on the stocks we cover are 4.42% for 2024e and 4.82% 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 Pulp & Paper Research
- Martin Melbye
NHY NORSK HYDRO ASA
SCA B SVENSKA CELLULOSA AKTIEBOLAGET CLASS B
STERV STORA ENSO OYJ CLASS R
HUH1V HUHTAMAKI OYJ
RROS ROTTNEROS AB
METSB METSA BOARD OYJ CLASS B
BILL BILLERUDKORSNAS AB
ATC ARCTIC PAPER SA
BRG BORREGAARD
ELK ELKEM ASA
HOLM B HOLMEN AB CLASS B
NPAPER NORDIC PAPER HOLDING
ELO ELOPAK ASA
NSKOG NORSKE SKOG ASA
Telefonaktiebolaget L M Ericsson: 1 director
A director at Telefonaktiebolaget L M Ericsson bought 7,246,806 shares at 63.314SEK and the significance rating of the trade was 73/100. 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 ...
- Linus Sigurdson
The weekly navigator
From this week, we highlight: 1) Lundbergs reported Q1 results, and we expect neutral NAV revisions; 2) however, its exclusion from the OMXS Benchmark Index could drive a discount-to-NAV expansion, and we reiterated our SELL; and 3) Investor’s CFO Helena Saxon increased her shareholding in the company. The weekly navigator will be off next week and return the following week.
Schibsted ASA: 1 director
A director at Schibsted ASA bought 5,400 shares at 292.600NOK 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 clearly...
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Media Research
- Ali Shemmari
- Petter Nystrøm
Borregaard ASA: Reporting of transactions in Borregaard ASA's shares m...
Borregaard ASA: Reporting of transactions in Borregaard ASA's shares made by person discharging managerial responsibilities Today, primary insider Ole Gunnar Jakobsen, Plant Director, Sarpsborg Site, exercised 20,000 stock options at a strike price of NOK 87.60 per share, and in separate transactions, purchased and sold the same number of shares. The shares are drawn from Borregaard’s holdings of treasury shares. Please, see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19. After the transa...
- ABGSC Capital Goods Research
- Anders Idborg
- Olof Cederholm
- 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
- Simen Mortensen
Bond margin improvement and other news
This week, Sagax issued a 6-year EUR500m fixed bond – the first ‘large and longer-duration’ EUR bond issue by a listed Swedish real estate company in around two years. Also, Fitch warned about the liquidity situation in SBB Norden, Emilshus raised equity, and K2A initiated a written procedure to extend its bonds. The weighted-average implied EBITDA yields on the stocks we cover are 4.38% for 2024e and 4.78% 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
- Linus Sigurdson
The weekly navigator
From this week, we highlight: 1) Creaspac released its Q1 results, and has just a month left to find an acquisition target; 2) Investor bought 25m Ericsson B-shares, marking one of just a handful of purchases in its listed portfolio in recent years; and 3) Lundbergs is set to report Q1 results next week, as the Lundberg sphere continues to tighten its grip on Industrivärden.
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- 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
- 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
- Linus Sigurdson
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
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