Weekly Real Estate Matrix

研报英文原文证据摘录

Weekly Real Estate Matrix

Construction & Real Estate

Valuation matrix

Share Target Market Adj. P/CE (x) Div. Yld EPRA NRV P/EPRA NRV P/EPRA NRV Net debt/EBIT ICR Equity ratio

Company Currency Rating price price cap (m) 2025 2026e 2025 2025 2026e 2025 2026e Last Reported 2026e 2026e 2026e

ATRLJ SEK HOLD 26.2 30 16,896 12.8x 13.7x 2.8% 55 56 0.47x 0.46x 0.47x 14.0x 2.6x 43%

BALD SEK HOLD 50.4 60 59,976 10.3x 10.7x 0.0% 94 101 0.54x 0.50x 0.54x 13.0x 2.2x 34%

CAST SEK BUY 121.7 135 58,115 15.0x 14.1x 2.0% 160 180 0.76x 0.68x 0.76x 9.2x 2.9x 44%

CATE SEK BUY 401.6 500 26,665 15.8x 15.1x 2.2% 448 478 0.90x 0.84x 0.92x 9.4x 3.5x 49%

CIBUS SEK BUY 147.1 170 12,075 14.3x 13.5x 6.7% 139 145 1.06x 1.01x 1.01x 10.5x 2.3x 36%

DIOS SEK HOLD 63.8 65 9,046 10.0x 9.8x 3.4% 104 110 0.61x 0.58x 0.62x 10.1x 2.3x 36%

EAST SEK n.a 43.2 NA 4,244 13.4x 12.0x 1.8% 56 60 0.77x 0.72x 0.78x 7.7x 2.8x 48%

EMIL SEK BUY 53.7 60 6,735 20.2x 17.4x 0.0% 36 41 1.48x 1.31x 1.54x 9.3x 2.5x 32%

ENTRA NOK BUY 102.6 120 18,359 12.9x 15.0x 0.0% 169 168 0.61x 0.61x 0.62x 11.3x 2.0x 37%

FABG SEK SELL 74.3 75 24,561 16.3x 15.8x 2.7% 144 151 0.52x 0.49x 0.51x 13.8x 2.5x 45%

FPAR SEK n.a 37.1 NA 7,805 10.4x 10.9x 3.0% 92 97 0.40x 0.38x 0.40x 11.2x 2.1x 39%

HUFV SEK HOLD 118.4 130 22,074 26.6x 25.6x 2.4% 188 195 0.63x 0.61x 0.64x 7.5x 3.6x 55%

INTEA SEK BUY 73.3 85 18,098 20.4x 18.1x 0.7% 54 61 1.36x 1.19x 1.44x 10.6x 3.8x 35%

K2A SEK HOLD 4.0 4 342 n.a. n.a. 0.0% 19 18 0.21x 0.22x 0.24x 24.5x 1.1x 17%

KLARA SEK HOLD 14.2 15 2,236 15.7x 16.0x 0.0% 34 36 0.41x 0.39x 0.42x 13.1x 1.8x 48%

LOGI SEK BUY 13.2 18 6,732 14.3x 11.1x 0.8% 17 19 0.78x 0.70x 0.79x 7.9x 2.6x 45%

NP3 SEK BUY 259.5 300 15,980 17.6x 15.9x 2.0% 172 192 1.51x 1.35x 1.58x 8.5x 2.9x 32%