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
Overview Norway residential developer's Q1 net sales more than doubled yr/yr to record levels Q1 IFRS operating revenue and EBITDA declined due to few home deliveries Company had 1,078 homes under construction at quarter-end, 65% of which were sold Outlook Selvaag Bolig says record-high sales and order backlog provide a solid basis for future earnings Company expects high activity and strong project margins to support results going forward Selvaag Bolig plans several sales launches, including Fornebu Sentrum phase in June Result Drivers SALES LAUNCHES - Record-high sales driven by successful launches in Greater Oslo, Bergen and Stockholm, per CEO Sverre Molvik FEW DELIVERIES - IFRS results affected by low number of home deliveries in the quarter, per CEO Sverre Molvik HIGH ACTIVITY - High construction activity and strong project margins provided a solid foundation for ongoing value creation, per CEO Sverre Molvik Company press release: Key Details Metric Beat/Miss Actual Consensus Estimate Q1 EPS -NOK 0.20 Q1 Adjusted EBITDA -NOK 17 mln Analyst Coverage The 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 NOK32.80 The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .