Sweden's Altra Fastigheter Q3 profit from property management per share rises 10%

Overview

• Sweden property firm's Q3 income and net operating income declined, but profit from property management per share rose 10%

• Company repurchased 10.2 mln shares for SEK 793 mln during the quarter

• Company cut 2026 profit from property management forecast to SEK 1.47 bln from SEK 1.5 bln

Outlook

• Altra Fastigheter lowers 2026 profit from property management forecast to SEK 1,470 mln from SEK 1,500 mln

Result Drivers

• POSITIVE NET LETTINGS - Co reported positive net lettings in all markets, with new leases signed and occupancy rate rising to 89.2%

• PORTFOLIO ROTATION AND SHARE REPURCHASES - Property sales and acquisitions supported capital allocation and enabled continued share buybacks

• DEBT REFINANCING - Co completed SEK 3.8 bln in refinancing, lowering interest margins and extending debt maturities

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "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 Altra Fastigheter AB is SEK90.00, about 21.5% above its October 20 closing price of SEK74.05

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

Reuters Recommended Reads

• Oct 21 - Sweden's Heba Fastighets nine-month profit nearly doubles

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

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

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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.)