Kepler ups Atrium Ljungberg to 'buy' on 'attractive' valuation

Atrium Ljungberg AB

13/10/2025 10:23

** Kepler Cheuvreux upgrades Swedish real estate firm Atrium Ljungberg ATRLJb.ST to "buy" from "hold," citing "attractive" valuation after a recent stock price fall

** The broker says a higher valuation is "reasonable" due to Atrium's "strong" presence in Stockholm and large project portfolio, which enables investments of almost 40 billion Swedish crowns ($4.21 billion)

** Kepler sees office segment as the weakest but in its view the 2026 net asset discount projected at 46% limits downside

** In light of the potential undervaluation, the broker highlights that Atrium's "extensive" project portfolio might contain "hidden opportunities"

** Brokerage cuts its 2026 forecast for Funds From Operations (FFO) by 4% as a result of lower rental income and higher financial costs

** Shares of Atrium, along its Swedish real estate peers, have been falling since October 2024, mostly affected by volatile US-rates

** Out of seven analysts covering the stock, two rate it "strong buy" or "buy" and five rate it "hold", based on LSEG data

** Stock was up 4.1% at 0830 GMT

($1 = 9.5093 Swedish crowns)

 (Reporting by Vera Dvorakova)

 ((vera.dvorakova@thomsonreuters.com))