reports
- Jerôme Bodin
EVT EVOTEC SE
FGA FIGEAC AERO SA
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ALDEL DELFINGEN INDUSTRY SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
LNA LNA SANTE SA
BOSS HUGO BOSS AG
BON BONDUELLE SCA
WPP WPP PLC
FAE FAES FARMA S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
FDR FLUIDRA S.A.
TWEKA TKH GROUP N.V. CERT
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
GRP GREENCOAT RENEWABLES
HAG HENSOLDT AG
AG1 AUTO1 GROUP
PLNW PLANISWARE
SPG SPRINGER NATURE AG & CO. KGAA
HAVAS HAVAS N.V
- Jerôme Bodin
EVT EVOTEC SE
FGA FIGEAC AERO SA
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ALDEL DELFINGEN INDUSTRY SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
LNA LNA SANTE SA
BOSS HUGO BOSS AG
BON BONDUELLE SCA
WPP WPP PLC
FAE FAES FARMA S.A.
RIEN RIETER HOLDING AG
FDR FLUIDRA S.A.
TWEKA TKH GROUP N.V. CERT
JUN3 JUNGHEINRICH AG PREF
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
GRP GREENCOAT RENEWABLES
HAG HENSOLDT AG
AG1 AUTO1 GROUP
PLNW PLANISWARE
SPG SPRINGER NATURE AG & CO. KGAA
HAVAS HAVAS N.V
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
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
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE 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
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- Simen Mortensen
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.
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
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
PUBLI PUBLIC PROPERTY INVEST
LOGIB LOGISTEA
- ABGSC Healthcare Research
- Julia Sundvall
- Stefan Knutsson
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
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
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE 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
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- Karl-Johan Bonnevier
Humana (Buy, TP: SEK52.00) - Growth agenda back in focus
The Q1 results were mixed, but with the financials now in good order, we see more of a growth focus ahead. We find management’s priorities logical, with our underlying forecast largely unchanged, but our 2025–2027e EPS cut by 6–2% on FX and non-cash items. We reiterate our BUY, but have trimmed our target price to SEK52 (53), focusing on Humana’s market opportunity, operating profile, financial outlook and valuation.
- 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%...
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
PUBLI PUBLIC PROPERTY INVEST
- ABGSC Healthcare Research
- Julia Sundvall
- Stefan Knutsson
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
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
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE 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
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
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
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE 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
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- ABGSC Healthcare Research
- Julia Sundvall
- Stefan Knutsson
- 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.
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
PUBLI PUBLIC PROPERTY INVEST
- 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 Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
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
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE 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
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- 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.
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
PUBLI PUBLIC PROPERTY INVEST
Zelluna ASA [ZLNA]: Notification of transaction by close associate of ...
Zelluna ASA [ZLNA]: Notification of transaction by close associate of primary insider Oslo, Norway, 4 April, 2025 - Reference is made to the stock exchange notice published by Zelluna ASA (the "Company") on 27 March 2025 regarding key information on the reverse share split at a ratio of 10:1. Radforsk Investeringsstiftelse ("Radforsk") has previously agreed with the Company to make available, without any compensation a, necessary number of shares to ensure that all fractions of shares are rounded up to the nearest whole share, thus avoiding that shareholders will have its shareholdings rou...
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