Genova Q3 rental income rises on higher occupancy

Genova Property AB

Today 07:39

Overview
Sweden property company's Q3 rental income rose 12% yr/yr
Income from property management per share more than doubled in Q3
Company completed first part of SEK 673 mln Stockholm property portfolio acquisition

Outlook
Genova raises target for income from property management per share to at least 25% annual growth
Company lowers long-term net asset value per share target to at least 15%
Company expects occupancy rate to continue improving in coming quarters

Result Drivers
ACQUISITIONS AND NEW LETTINGS - Co said Q3 earnings were boosted by acquisition of Stockholm property portfolio and new lettings
HIGHER OCCUPANCY - Co reported increased occupancy rate to 93% in Q3
LOWER FINANCING COSTS - Co said refinancing and bond issuance reduced financing costs and strengthened balance sheet

Company press release: ID:nWkrc38019

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Rental Income
 
SEK 137 mln
 
Q3 EPS
 
SEK 2.17
 
Q3 Net Income
 
SEK 109 mln
 
Q3 Operating Income
Beat
SEK 106 mln
SEK 92.50 mln (2 Analysts)
Q3 Income From Property Management
 
SEK 36 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "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 Genova Property Group AB is SEK48.00, about 54.8% above its October 22 closing price of SEK31.00
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 21 three months ago

Reuters Recommended Reads
Oct 21 - Sweden's Wihlborgs 9-month rental income rises on new leases, projects and renegotiation
Oct 23 - Sweden's Dios Fastigheter Q3 rental income falls on lower summer demand
Oct 23 - Stendorren nine-month rental income rises on acquisitions

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.)