Sweden's Wallenstam Q1 profit falls as rental income dips

About this update from Wallenstam Ab Class B

OverviewSweden property firm's Q1 rental income declined slightly year-over-yearQ1 profit after tax fell 22.8% from prior yearCompany increased investment in new construction and reconstructionOutlookCompany did not provide specific financial guidance for the current or coming periodsResult DriversINCREASED CONSTRUCTION INVESTMENT - Co raised investment in new construction and reconstruction to SEK 684 mln from SEK 524 mln a year earlierBUSINESS REORGANIZATION - Co completed a reorganization, creating a new business area for investments to improve business clarityCompany press release:Key DetailsMetricBeat/MissActualConsensus EstimateQ1 Rental IncomeSEK 769 mlnQ1 Profit after taxSEK 442 mlnQ1 Income From Property ManagementSEK 292 mlnQ1 Net Asset Value Per ShareSEK 62.90Q1 Pretax ProfitSEK 534 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 SEK40.00, about 5.7% below its April 20 closing price of SEK42.44The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 19 three months agoFor questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

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