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 Net debt/EBIT ICR Equity ratio Net LTV

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

ALTRA SEK BUY 74.2 80 15,037 11.3x 10.7x 3.8% 96 105 0.77x 0.71x 8.9x 2.2x 40% 55%

ATRLJ SEK HOLD 27.1 28 17,186 13.3x 14.1x 2.7% 55 56 0.49x 0.48x 14.0x 2.6x 43% 45%

BALD SEK HOLD 54.4 60 63,570 11.2x 11.6x 0.0% 94 101 0.58x 0.54x 13.0x 2.2x 34% 58%

CAST SEK BUY 133.1 135 62,341 16.4x 15.9x 1.9% 160 181 0.83x 0.74x 7.7x 2.9x 46% 41%

CATE SEK BUY 435.6 500 28,325 17.2x 16.0x 2.1% 448 479 0.97x 0.91x 9.5x 3.6x 48% 44%

CIBUS SEK BUY 148.6 170 12,136 14.3x 13.1x 6.7% 140 146 1.06x 1.02x 10.6x 2.3x 35% 60%

DIOS SEK HOLD 66.5 65 9,266 10.4x 10.3x 3.3% 104 109 0.64x 0.61x 10.1x 2.3x 37% 52%

EAST SEK n.a 46.0 NA 4,445 14.0x 12.6x 1.8% 56 60 0.82x 0.76x 7.7x 2.8x 48% 43%

EMIL SEK BUY 56.4 60 7,074 21.2x 18.8x 0.0% 36 41 1.56x 1.37x 9.8x 2.5x 31% 55%

ENTRA NOK BUY 107.4 120 19,379 13.5x 15.7x 0.0% 169 168 0.63x 0.64x 11.3x 2.0x 37% 49%

FABG SEK SELL 77.0 75 25,106 17.0x 16.1x 2.6% 144 151 0.53x 0.51x 13.8x 2.6x 45% 43%

FPAR SEK n.a 39.9 NA 8,069 11.1x 11.7x 2.8% 92 95 0.43x 0.42x 11.3x 2.1x 37% 48%

HUFV SEK HOLD 122.6 130 22,652 25.3x 24.1x 2.3% 188 193 0.65x 0.63x 7.5x 3.7x 55% 23%

INTEA SEK BUY 77.7 85 18,878 21.7x 19.1x 0.6% 54 61 1.44x 1.26x 10.6x 3.9x 35% 48%

K2A SEK HOLD 4.6 4 383 n.a. n.a. 0.0% 19 18 0.25x 0.25x 25.3x 1.1x 17% 61%

KLARA SEK HOLD 14.3 14 2,233 15.8x 16.1x 0.0% 34 36 0.42x 0.39x 13.1x 1.8x 48% 45%

LOGI SEK BUY 14.1 18 7,049 15.3x 11.8x 0.7% 17 19 0.84x 0.75x 8.1x 2.6x 45% 48%

NP3 SEK BUY 280.0 300 17,011 19.0x 17.3x 1.9% 172 192 1.63x 1.46x 8.4x 2.9x 32% 53%