reports
Klövern notes that its parent company Corem has announced a tender off...
Klövern notes that its parent company Corem has announced a tender offer for Klövern’s outstanding 2018/2022 SEK bonds NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DI...
Klövern noterar att moderbolaget Corem offentliggjort ett frivilligt å...
Klövern noterar att moderbolaget Corem offentliggjort ett frivilligt återköpserbjudande av Klöverns utestående 2018/2022-obligationer EJ FÖR DISTRIBUTION I ELLER TILL, ELLER TILL NÅGON PERSON SOM BEFINNER SIG I ELLER ÄR BOSATT I USA, DESS TERRITORIUM OCH BESITTNINGAR (INKLUSIVE PUERTO RICO, DE AMERIKANSKA JUNGFRUÖARNA, GUAM, AMERIKANSKA SAMOA, WAKEÖARNA, NORDMARIANERNA, VARJE DELSTAT I USA OCH DISTRICT OF COLUMBIA) ELLER TILL NÅGON AMERIKANSK PERSON (U.S. PERSON, SÅSOM DEFINIERATS I REGULATION S I UNITED STATES SECURITIES ACT OF 1933, I DESS NUVARANDE LYDELSE) ELLER NÅGON JURISDIKTION DÄR U...
Delårsinformation januari - september 2021
Delårsinformation januari - september 2021 This interim information for the period January - September 2021 has been prepared for the purpose of complying with the terms of Klövern AB's (publ) bond and loan agreements. On 29 March 2021, Corem Property Group AB (publ) announced a public offer to the shareholders of Klövern AB (publ). In June 2021, the offer was declared unconditional, after which Klövern's shares were delisted from Nasdaq Stockholm in July 2021. Klövern is a subsidiary of Corem Property Group since 15 June 2021. • Income amounted to SEK 2,431 million (2,457).• Profit from p...
Delårsinformation januari - september 2021
Delårsinformation januari - september 2021 Denna delårsinformation avseende perioden januari – september 2021 är upprättad i syfte att efterleva villkoren i Klövern AB:s (publ) obligations- och låneavtal. Corem Property Group AB (publ) offentliggjorde den 29 mars 2021 ett offentligt uppköpserbjudande till aktieägarna i Klövern AB (publ). I juni 2021 förklarades erbjudandet ovillkorat varefter Klöverns aktier avnoterades från Nasdaq Stockholm i juli 2021. Klövern är sedan den 15 juni 2021 ett dotterbolag till Corem Property Group. • Intäkterna uppgick till 2 431 mkr (2 457). • Förvaltnings...
- 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
- Niklas Wetterling
Corem (Hold, TP: SEK27.00) - Entering its next phase
In light of its merger with Corem, Klövern was delisted on 21 July. The share price of the merged entity (Corem) has risen c30% in the past two months and we believe discounts most of the potential net interest savings. Thus, we see limited upside potential near-term and have a HOLD and SEK27 target price on the stock (previously we had a HOLD and SEK16.5 target price on Klövern).
- 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
- Simen Mortensen
Swedish housing prices, letting and other news
Wihlborgs announced a lease with the Human Rights Institute. NPRO continues to head towards a delisting. Swedish house price statistics for June were reported and Corem is moving towards a large-cap listing. The weighted-average implied EBITDA yields on the stocks we cover are 3.04 % for 2021e and 3.33 % 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
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
- Fredrik Stensved
- Markus Henriksson
- Victor Krüeger
Delårsrapport januari - juni 2021
Delårsrapport januari - juni 2021 » Intäkterna uppgick till 1 609 mkr (1 649).» Driftöverskottet uppgick till 1 058 mkr (1 084).» Förvaltningsresultatet uppgick till 600 mkr (617).» Resultatet före skatt uppgick till 1 850 mkr (1 268) och resultatet efter skatt, hänförligt till moderbolagets aktieägare, uppgick till 1 588 mkr (993) motsvarande 1,34 kr (0,89) per stamaktie.» Investeringarna uppgick till 1 060 mkr. Projektutveckling, inklusive utveckling av byggrätter, bidrog med värdeökningar på fastigheter om 219 mkr (205). Totalt uppgick värdeförändringar på fastigheter till 1 094 mkr (7...
Interim Report January – June 2021
Interim Report January – June 2021 » Income amounted to SEK 1,609 million (1,649).» The operating surplus amounted to SEK 1,058 million (1,084).» Profit from property management amounted to SEK 600 million (617).» Profit before tax amounted to SEK 1,850 million (1,268) and net profit, attributable to the parent company’s shareholders, totalled SEK 1,588 million (993), corresponding to SEK 1.34 (0.89) per ordinary share.» Investments amounted to SEK 1,060 million. Project development, including development of building rights, contributed to increases in value of properties of SEK 219 milli...
- Bengt Jonassen
- Victor Krüeger
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
AMAST AMASTEN FASTIGHETS AB
WALL B WALLENSTAM AB CLASS B
KLED KUNGSLEDEN AB
NPRO NORWEGIAN PROPERTY ASA
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING 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
KLOV B KLOVERN AB CLASS B
NYF NYFOSA AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
- Simen Mortensen
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
Decisions at Extraordinary General Meeting of Klövern AB (publ)
Decisions at Extraordinary General Meeting of Klövern AB (publ) At an Extraordinary General Meeting of Klövern AB (publ) on 9 July 2021 the following decisions were made. Board of Directors The Extraordinary General Meeting decided to elect Patrik Essehorn, Fredrik Rapp, Christina Tillman, Katarina Klingspor and Magnus Uggla as new board members for the period until the end of the next Annual General Meeting. Pia Gideon, Eva Landén, Ulf Ivarsson, Johanna Fagrell Köhler and Lars Höckenström had all made their seats available and resigned as board members in connection with this election. P...
Beslut vid extra bolagsstämma i Klövern AB (publ)
Beslut vid extra bolagsstämma i Klövern AB (publ) Vid en extra bolagsstämma i Klövern AB (publ) den 9 juli 2021 fattades följande beslut. Styrelse Den extra bolagsstämman beslutade att välja Patrik Essehorn, Fredrik Rapp, Christina Tillman, Katarina Klingspor och Magnus Uggla till nya styrelseledamöter för tiden intill slutet av nästa årsstämma. Pia Gideon, Eva Landén, Ulf Ivarsson, Johanna Fagrell Köhler och Lars Höckenström hade samtliga ställt sina platser till förfogande och avgick som styrelseledamöter i samband med detta nyval. Patrik Essehorn valdes som styrelsens ordförande. Samt...
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