Sweden's Nivika Q3 rental income rises 17%

Overview

• Sweden property company's Q3 rental income rose 17% yr/yr

• Q3 net operating income increased 13%, while profit from property management was unchanged

• Company completed SEK 131 mln in acquisitions, SEK 186 mln in divestments, and SEK 73 mln in share buybacks

Outlook

• Company did not provide specific financial guidance for the current quarter or full year

Result Drivers

• PORTFOLIO SHIFT - Co said it continued reallocating capital by acquiring industrial and warehouse properties and divesting residential properties during the qtr

• NON-RECURRING ITEMS - Adjusted profit from property management rose 14% after excluding SEK 10.8 mln in non-recurring items

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "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 Nivika Fastigheter AB (publ) is SEK50.00, about 37.4% above its November 4 closing price of SEK36.40

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 8 three months ago

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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.)