Prisma Properties Q3 profit from property management rises 28%
Prisma Properties Q3 profit from property management rises 28%
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: ID:nMFN9kYHpJ
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
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Oct 21 - Corem Property Group returns to profit; asset gains offset property value declines
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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.)