Sweden residential developer JM's nine-month profit rises on production activity

JM AB

Yesterday 07:15

Overview
Sweden residential developer's nine-month revenue and profit rose yr/yr
Company cites strengthened consumer sales and high production activity as key drivers
Number of residential units sold and operating cash flow increased yr/yr

Outlook
JM did not provide specific financial guidance for the current qtr or full yr in its press release

Result Drivers
CONSUMER SALES - Co said strengthened sales to consumers contributed to higher revenue and profit
PRODUCTION ACTIVITY - High production activity supported improved operating profit, according to CEO Mikael Åslund

Company press release: ID:nMFN5B5Jtq

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
9M Revenue
 
SEK 8.31 bln
 
9M Net Income
 
SEK 178 mln
 
9M Operating profit
 
SEK 390 mln
 
9M Operating profit Margin
 
4.7%
 
9M Pretax Profit
 
SEK 250 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the homebuilding peer group is "buy"
Wall Street's median 12-month price target for JM AB is SEK130.00, about 7% above its October 20 closing price of SEK121.50
The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 19 three months ago

Reuters Recommended Reads
Oct 21 - Fabege Q3 profit rises on residential development
Oct 21 - Sweden's Neobo Q3 profit from property management rises on lower costs
Oct 21 - Sweden's Wihlborgs 9-month rental income rises on new leases, projects and renegotiation

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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.)