Sweden's John Mattson H1 rental revenue rises; sets SEK 100 mln buyback
Sweden's John Mattson H1 rental revenue rises; sets SEK 100 mln buyback
Overview
Sweden residential property firm's H1 rental revenue rose 4.1% yr/yr
Income from property management per share up 30.3%, aided by Turako dividend
Company launched SEK 100 mln share buyback programme
Outlook
Company says it is actively executing its growth strategy with investments and property acquisitions
John Mattson has initiated a share buyback programme of up to SEK 100 mln
Company plans to complement investments in existing portfolio with new production and acquisitions
Result Drivers
TURAKO DIVIDEND - Income from property management was positively affected by a SEK 23 mln dividend from property company Turako
PROJECT DEVELOPMENT - Positive property value changes were primarily driven by value creation in project development, according to the company
PROPERTY ACQUISITIONS - Realised value changes from property acquisitions contributed to positive property value changes, per company
Company press release: ID:nWkr5KqNfK
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Rental Revenues |
| SEK 349.50 mln |
|
H1 Net Income |
| SEK 315.20 mln |
|
H1 Income From Property Management |
| SEK 139 mln |
|
H1 Investments |
| SEK 924.90 mln |
|
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 John Mattson Fastighetsforetagen publ AB is SEK72.50, about 22.1% above its July 9 closing price of SEK59.40
The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 21 three months ago
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.)