reports
- 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
Tryg A/S – total number of voting rights and capital
Tryg A/S – total number of voting rights and capital With reference to section 32 of the Danish Capital Markets Act (Kapitalmarkedsloven), Tryghereby publishes the company's total number of voting rights and the total share capital. After the capital decrease registered on 29 April 2024 the company's share capital was reduced by nominal DKK 92,214,355 to nominal DKK 3,081,960,545. Tryg's nominal share capital amounts to DKK 3,081,960,545 equivalent to 616.392.109 shares and 308,196,054,500 voting rights as of 30 April 2024. Attachment
- Martin Arnell
Paradox Interactive (Buy, TP: SEK260.00) - Good entry point on negativ...
Q1 marked a soft start to 2024, which together with the recent negative news flow (game delays, technical issues in Cities: Skylines 2) has created a good entry point in the sector’s quality name. We are confident in the long-term profitability of the core portfolio, and like the optionality from new games like ‘Life by You’, set for release in Q2. We reiterate our BUY, but have trimmed our target price to SEK260 (270) on 7–5% lower 2024–2025e EBIT.
Essity Aktiebolag (publ): 1 director
A director at Essity Aktiebolag (publ) bought 12,008 shares at 273.140SEK and the significance rating of the trade was 82/100. 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 y...
Tryg A/S – capital reduction
Tryg A/S – capital reduction At Tryg’s annual general meeting on 21 March 2024, it was decided to cancel repurchased shares from the Group’s share buy back programmes. The Group’s share capital is reduced by nominal DKK 92,214,355 to nominal DKK 3,081,960,545. The reduction of the share capital was announced by the Danish Business Authority on 22 March 2024. Tryg has not received any objections to the capital reduction. Therefore, the reduction is effective as the Danish Business Authority has registered the capital reduction. After the cancellation of the 18,442,871 repurchased share...
- 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
- ABGSC Financials Research
- Jan Erik Gjerland
- ABGSC IT Research
- Oscar Rönnkvist
- Simon Jönsson
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK21.00) - Weak Q1 due to higher cost...
Norwegian Air Shuttle traded down c7% on Wednesday on weaker than expected Q1 results hit by higher costs, which made the market question the reiterated 2024 CASK guidance. We reiterate our BUY but have lowered our target price to NOK21 (23) on negative estimate revisions, reflecting slightly revised cost assumptions.
- Simen Aas
Essity (Buy, TP: SEK330.00) - Financial targets up next
The solid Q1 results were aided by the ongoing gross margin recovery, YOY and QOQ. We expect investor focus from here to be on whether Essity can offset rising raw material costs through agility and pricing power. We see new financial targets and capital allocations as the next potential share-price catalysts; we reiterate our BUY and have edged up our target price to SEK330 (325).
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- Håkon Astrup
Gjensidige Forsikring (Buy, TP: NOK197.00) - Turning point in sight
Harsh weather during Q1 led to elevated claims and a combined ratio deterioration of 5.7%-points YOY despite insurance revenues growing 11% YOY. Adjusting for weather and other items, the claims ratio improved 0.2%-points YOY, a sign that the sharp repricing efforts during 2023 are starting to take effect. Combined with signs of abating claims frequencies and further repricing, we expect continued underwriting improvements. We reiterate our BUY, having raised our 2025–2026e EPS by 3% and our tar...
- ABGSC Shipping & Transport Research
- Ali Shemmari
- Petter Nystrøm
- Simen Aas
Essity (Buy, TP: SEK325.00) - Good Q2, but no buybacks
We consider this a positive report for Essity, with Q1 adj. EBITA 10% above consensus, mainly driven by a strong gross margin. That said, no financial targets or buybacks following the Vinda transaction were announced, and we expect any conference call comments to be in focus. We expect consensus 2024e adj. EBITA to come up c2% on the results and expect a positive share price reaction.
- ABGSC Financials Research
- Jan Erik Gjerland
- ABGSC IT Research
- Oscar Rönnkvist
- Simon Jönsson
- 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
Results of the Annual General Meeting 2024
Results of the Annual General Meeting 2024 Company Announcement no. 150 – 2024Copenhagen, April 23th, 2024 Results of the Annual General Meeting 2024 GreenMobility A/S (the “Company”) today held its Annual General Meeting, at which the Annual General Meeting: Took note of the report on the Company’s activities in the past financial year;Adopted the Annual Report for 2023;Adopted the Board of Directors’ proposal to carry forward the loss related to the financial year ended 31 December 2023 and not distribute dividends to the shareholders;Granted discharge of liability to the Board of Dire...
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