Wallenstam continues to rise after Q2 results, analysts cite new projects

Wallenstam AB

09/07/2024 09:43

** Shares in Swedish real estate firm Wallenstam  WALLb.ST 
rise 6.3% to the top of the pan-European STOXX 600  .STOXX ,
with analysts citing improved forecasts, new projects and
favourable economic conditions after Q2 results on Monday
    ** The stock closed 1.6% higher on Monday after the results
were published in the afternoon
    ** Carlsquare analyst Bertil Nilsson notes CEO Hans
Wallenstam sounded optimistic about the future of the firm's
residential projects in his Q2 commentary, given lower inflation
and interest rates
    ** "Ongoing rental housing under production increased,
driven by a major project in Stockholm, and Wallenstam will
repurchase shares citing improved market conditions and the
share's P/net asset value discount," Kepler Cheuvreux says via
Swedbank Aktiellt equity research service
    ** Kepler adds Wallenstam's launch of a new 408-unit
Stockholm project marks its highest production levels since Q1
2023
    ** The shares are on track for their best day since
mid-December if gains hold, recuperating YTD losses

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))