Handelsbanken downgrades Atrium Ljungberg, Fabege, Catena, Stendörren, Balder, Heba and John Mattson to Hold from Buy in a sector analysis. The bank is simultaneously maintaining Castellum and Intea as its favorite stocks in the real estate sector and also views Sagax as an attractive alternative. The three stocks continue to carry Buy recommendations.
For Castellum, Handelsbanken points to continued property disposals and share buybacks as potential drivers of earnings per share. The bank expects annual earnings growth of 11-12 percent during 2026–2028, compared with around 6 percent for the sector.
“Castellum’s share has performed clearly better than the sector over the past year, but we believe that the investment case is still at a relatively early stage. We expect more transactions over the next twelve months, where the combination of continued share buybacks and disposals of properties that do not generate sufficient returns is likely to strengthen earnings per share and contribute to positive estimate revisions,” the bank writes.
For Intea, the project portfolio of approximately SEK 13 billion and demand in the justice segment are highlighted as growth drivers for earnings through 2030. Handelsbanken expects around 12 percent annual growth in income from property management and net asset value per share between 2025 and 2030.
“The company’s strong balance sheet also creates room for expansion beyond our current forecasts, where acquisitions appear to be a conceivable alternative,” the bank writes, reiterating Buy with a target price of SEK 85 (94).
At the same time, the bank cuts its target prices for several real estate companies. Castellum is cut to SEK 155 from 165 and Sagax to SEK 200 from SEK 215. It also revises down Platzer to SEK 78 from 105, NP3 to SEK 275 from 325, Hufvudstaden to SEK 135 from 155 and Diös to SEK 68 from SEK 90, all with Buy ratings. Pandox is cut to SEK 190 from 225 and Trianon to SEK 20 from 25, also with Buy reiterated.
For Wihlborgs, the target price is cut to SEK 76 from 82 and for Wallenstam to SEK 39 from 44, with Hold reiterated in both cases.
