Prisma Properties Q3 profit from property management rises 28%

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

SEK 524 mln

Q3 Net Operating Income

SEK 156 mln

Q3 Profit From Property Management

SEK 78 mln


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


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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