Sweden's Wallenstam H1 profit rises on property value gains

About this update from Wallenstam Ab Class B

OverviewSweden property company's H1 rental income was flat yr/yr, profit after tax increasedCompany maintained 97% occupancy and 91% commercial lease renewal rateInvestment in new construction and reconstruction rose to SEK 1,388 mln from SEK 1,052 mlnOutlookCompany says occupancy rate remains high at 97% and commercial lease renewals at 91%Wallenstam says financial position remains strong and key performance indicators are stableCompany expects continued development of properties and projects during rest of yrResult DriversHIGH OCCUPANCY AND TENANT RETENTION - Co said stable results were supported by 97% occupancy rate and 91% commercial lease renewal rate, per CEO Hans WallenstamPROPERTY VALUE GAINS - Positive changes in value of investment properties contributed to profitINCREASED DEVELOPMENT INVESTMENT - Investment in new construction and reconstruction rose to SEK 1,388 mln from SEK 1,052 mlnCompany press release:Key DetailsMetricBeat/MissActualConsensus EstimateH1 Rental IncomeSEK 1.56 blnH1 Profit after taxSEK 652 mlnH1 Income From Property ManagementSEK 631 mlnH1 Net Asset Value Per ShareSEK 63.10H1 Pretax ProfitSEK 781 mlnAnalyst CoverageThe current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and 3 "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 Wallenstam AB is SEK42.00, about 4.5% above its July 3 closing price of SEK40.18The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 21 three months agoFor questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

View stock analysis, news, and events for Wallenstam Ab Class B