Sweden's Platzer Q2 rental income rises on positive net lettings

Overview

• Sweden commercial property owner's Q2 rental income rose 2% yr/yr

• Income from property management for Q2 grew 4% yr/yr

• Company repurchased SEK 97 mln of its own shares in the quarter

Outlook

• Platzer says it is cautiously optimistic about the future amid gradual economic recovery

Result Drivers

• POSITIVE NET LETTINGS - Co reported SEK 34 mln in positive net lettings, supporting improved occupancy and income growth

• INDUSTRIAL & LOGISTICS FOCUS - Co said it strengthened its position in industrial and logistics during the qtr

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and 1 "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 Platzer Fastigheter Holding AB (publ) is SEK80.00, about 14.1% above its July 2 closing price of SEK70.10

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

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