Business
Norway's Selvaag Bolig Q1 net sales more than double to record
Norway's Selvaag Bolig Q1 net sales more than double to record
About this update from Selvaag Bolig Asa
OverviewNorway residential developer's Q1 net sales more than doubled yr/yr to record levelsQ1 IFRS operating revenue and EBITDA declined due to few home deliveriesCompany had 1,078 homes under construction at quarter-end, 65% of which were soldOutlookSelvaag Bolig says record-high sales and order backlog provide a solid basis for future earningsCompany expects high activity and strong project margins to support results going forwardSelvaag Bolig plans several sales launches, including Fornebu Sentrum phase in JuneResult DriversSALES LAUNCHES - Record-high sales driven by successful launches in Greater Oslo, Bergen and Stockholm, per CEO Sverre MolvikFEW DELIVERIES - IFRS results affected by low number of home deliveries in the quarter, per CEO Sverre MolvikHIGH ACTIVITY - High construction activity and strong project margins provided a solid foundation for ongoing value creation, per CEO Sverre MolvikCompany press release:Key DetailsMetricBeat/MissActualConsensus EstimateQ1 EPS-NOK 0.20Q1 Adjusted EBITDA-NOK 17 mlnAnalyst CoverageThe current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"The average consensus recommendation for the real estate rental, development & operations peer group is "buy"Wall Street's median 12-month price target for Selvaag Bolig ASA is NOK37.00, about 12.8% above its May 20 closing price of NOK32.80The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months agoFor questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .