reports
Moody's Ratings withdraws ratings of Citycon
Moody's Ratings (Moody's) has today withdrawn Citycon OYJ's (Citycon) Ba1 long-term corporate family rating (CFR), Ba3 junior subordinated rating of Citycon OYJ (Citycon) and concurrently the backed senior unsecured MTN program rating rated (P)Ba1 and the Ba1 rated backed senior unsecured bonds of ...
Citycon Oyj: 1 director
A director at Citycon Oyj bought 12,000 shares at 3.139EUR and the significance rating of the trade was 63/100. 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 sh...
Moody's Ratings places the ratings of Citycon OYJ on review for downgr...
Moody's Ratings (Moody's) has today placed on review for downgrade the Ba1 long-term corporate family rating (CFR), Ba3 junior subordinated rating of Citycon OYJ ("Citycon") and concurrently the backed senior unsecured MTN program rating rated (P)Ba1 and the Ba1 rated backed senior unsecured bonds...
Moody's Ratings affirms Citycon's Ba1 ratings; outlook negative
Moody's Ratings (Moody's) has today affirmed the long term corporate family rating (CFR) of Ba1 for Citycon OYJ ("Citycon") and its junior subordinated notes at Ba3. The backed senior unsecured MTN programme of (P)Ba1 and the backed senior unsecured bonds of Ba1 of Citycon Treasury B.V. have also be...
Moody's announces completion of a periodic review of ratings of Cityco...
Moody's Ratings has completed a periodic review of the ratings of Citycon OYJ and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 21 March 2024 in which Moody's reassessed the appropriateness of the ratings in the context of the releva...
Moody's downgrades Citycon to Ba1, maintains negative outlook
Moody's Investors Service (Moody's) has today assigned a new long term corporate family rating (CFR) of Ba1 to Citycon OYJ ("Citycon") and subsequently downgraded its junior subordinated notes to Ba3 from Ba2 and concurrently downgraded the backed senior unsecured MTN programme to (P)Ba1 from (P)B...
Moody's affirms Baa3 issuer rating of Citycon OYJ; outlook changed to ...
Moody's Investors Service ("Moody's") has today affirmed the Baa3 long-term issuer rating and Ba2 junior subordinated rating of Citycon OYJ ("Citycon") and concurrently the backed senior unsecured MTN programme rated (P)Baa3 and the Baa3 rated backed senior unsecured bonds of Citycon Treasury B.V., ...
- Simen Mortensen
Acquisitions and an equity issue
SBB acquired five properties in Denmark, KMC carried out a direct placement of NOK300m, Kungsleden announced a new rental contract and development project, Wihlborgs announced a new lease, while Skanska updated its climate target. The weighted average implied EBITDA yields on the stocks we cover are 3.30% for 2021e and 3.64% for 2022e.
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WIHLBORGS FASTIGHETER AB
WILC FABEGE AB
WALL B WALLENSTAM AB CLASS B
KLED KUNGSLEDEN AB
NPRO NORWEGIAN PROPERTY ASA
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
KOJAMO KOJAMO OYJ
KLOV B KLOVERN AB CLASS B
NYF NYFOSA AB
SBBB SBB NORDEN
- Simen Mortensen
CMD, an upgrade, and events
This week, we upgraded Fabege to BUY following its first office letting in Flemingsberg, and we shifted coverage from Klövern (delisted due to merger) to Corem, for which we have a HOLD. SBB hosted a CMD, while Atrium Ljungberg hired a new CFO. Next week, DNB Markets is set to host real estate events. The weighted-average implied EBITDA yields on the stocks we cover are 3.30 % for 2021e and 3.59 % for 2022e.
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WIHLBORGS FASTIGHETER AB
WILC FABEGE AB
WALL B WALLENSTAM AB CLASS B
KLED KUNGSLEDEN AB
NPRO NORWEGIAN PROPERTY ASA
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
KOJAMO KOJAMO OYJ
KLOV B KLOVERN AB CLASS B
NYF NYFOSA AB
SBBB SBB NORDEN
- Simen Mortensen
Two updates, and house price data
This week, we raised our target price on Castellum after it acquired more Entra shares and issued its hybrid bond. Wrapping up Q2 results season, Aros Bostad’s POC-based net income was in line with our estimate. Magnolia Bostad will be delisted on 17 September. Finally, next week we host several real estate investor events. The weighted-average implied EBITDA yields on the stocks we cover are 3.16% for 2021e and 3.43% for 2022e.
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WIHLBORGS FASTIGHETER AB
WILC FABEGE AB
WALL B WALLENSTAM AB CLASS B
KLED KUNGSLEDEN AB
NPRO NORWEGIAN PROPERTY ASA
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
KOJAMO KOJAMO OYJ
KLOV B KLOVERN AB CLASS B
NYF NYFOSA AB
SBBB SBB NORDEN
- Simen Mortensen
Last of Q2 reports, and transactions
KMC Properties and Hufvudstaden reported their Q2 results. Castellum bought an additional 11.75% of the shares in Entra after issuing a EUR1bn hybrid bond earlier this week. Atrium Ljungberg CFO Lindqvist is leaving with immediate effect, while Liia Nõu was appointed the new CEO of Pandox. The weighted-average implied EBITDA yields on the stocks we cover are 2.98% for 2021e and 3.28% for 2022e.
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WIHLBORGS FASTIGHETER AB
WILC FABEGE AB
WALL B WALLENSTAM AB CLASS B
KLED KUNGSLEDEN AB
NPRO NORWEGIAN PROPERTY ASA
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
KOJAMO KOJAMO OYJ
KLOV B KLOVERN AB CLASS B
NYF NYFOSA AB
SBBB SBB NORDEN
- Simen Mortensen
Q2 results and other news
Kojamo was the only real estate company in the sector to report Q2 results this week. Entra refinanced a bond, but conducted a bond buyback and new bond issue. SBB Norden’s CEO Ilija Batljan bought 1m shares in the company, and a date was set for its CMD. Corem initiated a compulsory acquisition of minority shares in Klövern. Fabege announced a new land allocation in Hammarby Sjöstad. The weighted-average implied EBITDA yields on the stocks we cover are 3.04% for 2021e and 3.13% for 2022e.
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WIHLBORGS FASTIGHETER AB
WILC FABEGE AB
WALL B WALLENSTAM AB CLASS B
KLED KUNGSLEDEN AB
NPRO NORWEGIAN PROPERTY ASA
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
KOJAMO KOJAMO OYJ
KLOV B KLOVERN AB CLASS B
NYF NYFOSA AB
SBBB SBB NORDEN
- Simen Mortensen
A busy summer
Castellum launched a bid for Kungsleden, while Citycon and Olav Thon reported Q2 results. This week, Norwegian Property also announced the date for its delisting, and Norwegian house prices appear to be stabilising. The weighted-average implied EBITDA yields on the stocks we cover are 2.96% for 2021e and 3.25% for 2022e.
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WIHLBORGS FASTIGHETER AB
WILC FABEGE AB
WALL B WALLENSTAM AB CLASS B
KLED KUNGSLEDEN AB
NPRO NORWEGIAN PROPERTY ASA
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
KOJAMO KOJAMO OYJ
KLOV B KLOVERN AB CLASS B
NYF NYFOSA AB
SBBB SBB NORDEN
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