Sweden's Hufvudstaden nine-month net income rises 72%
Overview
Sweden commercial property owner's nine-month net revenue rose 2%, gross profit up 6%
Net income for the period increased to SEK 908 mln from SEK 527 mln last year
Company reports lower rental vacancy rate and ongoing property development in Stockholm and Gothenburg
Outlook
Company says letting market activity remains stable in central districts for office and retail
Company notes low retail vacancies across all business areas
Company does not provide specific financial guidance for the coming quarters or year
Result Drivers
LETTING ACTIVITY - Co said stable demand in central office and retail markets and a focus on letting contributed to lower vacancy rates, especially in retail
PROPERTY DEVELOPMENTS - Openings and tenant move-ins at Kvarteret Johanna in Gothenburg and expansion at Orgelpipan 7 in Stockholm supported results
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
9M Net Revenue Property Management | SEK 2.47 bln | ||
9M Net Income | SEK 908 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "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 Hufvudstaden AB is SEK135.00, about 19.8% above its November 4 closing price of SEK112.70
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 20 three months ago
Reuters Recommended Reads
Nov 5 - Sweden's Nivika Q3 rental income rises 17%
Nov 5 - Germany's DEMIRE rental income drops on lower property sales
Nov 3 - Canada's Dream Industrial REIT Q3 net rental income jumps on strong leasing activity
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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.)