Prisma Properties Q3 profit from property management rises 28%

Overview

• Nordic retail property owner's Q3 profit from property management rose 28% yr/yr

• Q3 net profit surged compared to a year earlier

• NRG Pizza bankruptcy temporarily affected net lettings, impact being addressed in Q4

Outlook

• Company says demand for new and modern premises remains high across all markets

• Prisma Properties expects a solid foundation for continued earnings growth and long-term cash flows

• Company expects in-house project development to support profitable growth and portfolio quality

Result Drivers

• ACQUISITIONS AND PROJECT DEVELOPMENT - Co said selective acquisitions and profitable in-house project development contributed to earnings growth

• STRONG DEMAND - Co said demand for new and modern premises was high across all markets

• INVESTMENTS IN PROPERTY PORTFOLIO - Co said ongoing investments and project activity support profitable growth and future cash flows

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "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 Prisma Properties AB is SEK29.50, about 12.2% above its October 21 closing price of SEK26.30

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• Oct 21 - Fabege Q3 profit rises on residential development

• Oct 21 - Sweden's Wihlborgs 9-month rental income rises on new leases, projects and renegotiation

• Oct 21 - Corem Property Group returns to profit; asset gains offset property value declines

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)