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Simen Mortensen
  • Simen Mortensen

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%...

Atrium Ljungberg AB: 1 director

A director at Atrium Ljungberg AB bought 31,350 shares at 32.936SEK and the significance rating of the trade was 58/100. 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 c...

ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Oscar Lindquist
Niklas Wetterling
  • Niklas Wetterling

Atrium Ljungberg (Hold, TP: SEK32.00) - Undervalued, as is the sector

Key focus in Q1 was soft net lettings excluding project properties of SEK-69m (-2.1% of its rental value). The stock is trading far below historical averages on P/NAV, P/FFO, and implied EBIT yield – but so is the sector. We consider Atrium Ljungberg fully invested, given its ongoing projects. We view the FFOps growth outlook as soft, forecasting a 2024–2027e CAGR of -2%, or +3% assuming fully let projects upon completion. We reiterate our HOLD, but have cut our target price to SEK32 (40) on upd...

Simen Mortensen
  • Simen Mortensen

Q1 reporting begins, volatility persists, CEO to leave and ‘special ex...

The ‘tariff volatility’ in credit and equity markets persisted this week, reversing many of the gains from previous weeks. Atrium Ljungberg kicked off Q1 reporting season. Öresund’s representative left the board of Stenhus and appointed a special examiner to review the company’s management. Castellum’s CEO Joacim Sjöberg stated he plans to leave by Q4 2026. The weighted-average implied EBITDA yields on the stocks we cover are 5.33% for 2025e and 5.66% for 2026e.

Miika Ihamaki
  • Miika Ihamaki

Nokian Tyres (Hold, TP: EUR6.30) - No clear road

While we acknowledge Nokian Tyres’ ‘local-to-local’ approach in the US may shelter it from worst tariff impacts, we believe increased uncertainty on consumer sentiment in North America could lead to weaker demand for its high-value premium range in the short term, raising the risk of fixed-cost under-absorption and partly offsetting potentially better EBIT drop-through from Romania (Q2 onwards). We reiterate our HOLD, but have cut our target price to EUR6.3 (6.7), following a c9% clean EBIT cut ...

ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
Simen Mortensen
  • Simen Mortensen

Sector recovery on tariff introduction

While still down YTD, the Nordic real estate sector did see a recovery this week on falling interest rates as a result of US tariffs being imposed. Furthermore, we upgraded JM to BUY (HOLD) and published several Q1 previews in the construction sector. The weighted-average implied EBITDA yields on the stocks we cover are 5.06% for 2025e and 5.37% for 2026e.

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