Overview
Sweden property firm's Q1 rental income declined slightly year-over-year
Q1 profit after tax fell 22.8% from prior year
Company increased investment in new construction and reconstruction
Outlook
Company did not provide specific financial guidance for the current or coming periods
Result Drivers
INCREASED CONSTRUCTION INVESTMENT - Co raised investment in new construction and reconstruction to SEK 684 mln from SEK 524 mln a year earlier
BUSINESS REORGANIZATION - Co completed a reorganization, creating a new business area for investments to improve business clarity
Company press release:
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Rental Income
SEK 769 mln
Q1 Profit after tax
SEK 442 mln
Q1 Income From Property Management
SEK 292 mln
Q1 Net Asset Value Per Share
SEK 62.90
Q1 Pretax Profit
SEK 534 mln
Analyst Coverage
The 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 SEK42.44
The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 19 three months ago
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