Q3-osavuosiraportti
17 päivää sitten‧32 min
1,20 SEK/osake
Viimeisin osinko
Tarjoustasot
Nasdaq Stockholm
Määrä
Osto
767 503
Myynti
Määrä
801 898
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 2 000 | - | - | ||
| 2 506 | - | - | ||
| 39 404 | - | - | ||
| 1 354 | - | - | ||
| 1 705 | - | - |
Ylin
4,138VWAP
Alin
3,98VaihtoMäärä
42 10 426 861
VWAP
Ylin
4,138Alin
3,98VaihtoMäärä
42 10 426 861
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2026 Ylimääräinen yhtiökokous | 11.12. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3-osavuosiraportti | 7.11. | |
| 2025 Q2-osavuosiraportti | 20.8. | |
| 2025 Q1-osavuosiraportti | 13.5. | |
| 2024 Yhtiökokous | 13.5. | |
| 2024 Q4-osavuosiraportti | 19.2. |
Datan lähde: Millistream, Quartr
Asiakkaat katsoivat myös
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
·48 min sitten · MuokattuIf all of this actually happens – if the transaction goes through in December, if they really cut administration down to 50 millioner already by autumn 2026, if Residential gets refinanced at 4 % without drama and no skeletons in the closet appear – then there is one share price that feels right exactly one year from now: 7,80 kroner. That is the number that appears every single time I calculate the document's fully normalized earnings capacity: 1 264 millioner divided by 1 783 millioner shares gives 70,9 øre per share. Add a completely ordinary, almost boring 11-multiple for a debt-light Nordic social infrastructure property player with fixed interest and 2x interest coverage – and voilà, there stands 7,80 blinking at you. From today's 4,55 it is a doubling. Straight up. No detours. The journey will feel like this: Already after the Q4 figures in February, the market will start to smell a rat – then 5,60–6,20 is in the bag. When we see the 50-million admin actually there in a report by autumn next year, it takes the next jump up towards 6,80–7,40. And when everything is in place, the debt is shaved, the interest rate is low and fixed, and dividends from Sveafastigheter and PPI flow in as planned – yes, then we stand at 7,80. It is no longer a question of whether SBB "perhaps" survives. If Leiv Synnes delivers exactly what he has signed off on in this document, and the market believes him (and this time has reason to believe), then 7,80 is realistic.
·1 päivä sittenI am impressed by Leiv Synnes' ability for financial engineering, but was not very impressed by the document that was supposed to show earnings potential. If one looks at the financial result, this is a net minus 40 million, which is completely unrealistic to service a net debt of 24 bn, albeit with income from a claim amounting to 5.2 bn. Interest income is calculated in relation to the discount on the claim, and if interest expenses were calculated in the same way, these would have been 2 bn and not just 388 million, which is the actual accrued interest. The claim has a running interest rate of 3 % which corresponds to 157 million. One should calculate earnings potential when everything is finished. Then one is left with net debt of 10 bn plus hybrid debt. Then non-core assets and the claim against Nordiqus have been sold. These incomes disappear and 8- 10 bn is residual debt that must be refinanced. If the company is IG, it gives an interest cost of 4 %, i.e. net minus 400 million and not 40. Operating resulta from core is 1534, and 1485 after adm cost. 1085 after finance and 755 after hybrid, which gives 0.43 in running earnings per share. This is however based on earnings in owned companies and not money accruing to SBB. What accrues to SBB is dividends from Nordiqus, 500m SEK, and from PPI, expected 300m SEK (0.8 NOK per share. This is to service interest and adm cost of 400m+, as well as hybrid interest of 330m. This just breaks even. Now things will probably improve before we get there. It could also be that Svea takes SBB Residential, and that this is why no dividend is distributed, one wants to grow first, and with a takeover of SBB Residential, with debt financing, LTV will increase from today's 42 % to over 50 %. At the same time, future earnings and potential dividends increase. What is interesting anyway, however, is the enormous real estate exposure one has today, which with a price increase of just 2 % gives an increase in NAV of 0.80,- per share, somewhat depending on what non-core assets are retained. This is what makes it worth investing, enormous leverage on a relatively safe basis.·1 t sittenYour criticism is spot on: 1 The document's «earnings capacity» of 0,71 SEK is pro forma fiction. Realistic ongoing cash earnings when non-core and the Nordiqus claim are gone: 0,42–0,45 SEK per share. 2 Dividend stream (Nordiqus 500 m + PPI 300 m) just covers interest 400 m + hybrid 330 m + admin 50 m. → Zero margin, breaks even, nothing more. 3 Therefore, NAV leverage is the only thing that really matters. ◦ Property value approx. 55 mrd SEK ◦ 2 % price growth = +1,1 mrd → +0,62 SEK NAV per share ◦ 4 % price growth = +1,24 SEK NAV per share 4 Today's share price 4,55 trades at ~0,45× NAV. Each percent of property price growth yields approx. 30 öre share price upside – almost 1:1. Conclusion Earnings are noise. NAV is the signal. SBB is in reality an extremely cheap, highly leveraged bond with an option on property appreciation. With 3–4 % annual yield compression/price growth (quite normal in a falling interest rate regime), 8–10 SEK by 2027 is fully realistic – regardless of whether «earnings capacity» ever becomes real cash. Therefore: Hold. NAV does the job.
·1 päivä sittenNow SBB is more stable and out of risk of bankruptcy. The terms cannot be changed without the D-shareholders having a majority in such a vote. That is the difference between SBB and Eniro, where Eniro Pref A voted with a majority for a change, and there was no hope for the company otherwise; with a No, it would have gone bankrupt. The simplest and best way is for SBB to now slowly buy back D shares on the market or come with an offer to reduce the number of shares and reduce the number at dividend payment later As soon as the company would hint at it, the share would jump significantly, but still with a clear discount against the 31kr they were once issued for. Because it will take time to start distributing ordinary dividends. But if 0.71kr per share is correct, it will generate approximately 1500 million in profit per year, including subsidiaries. 150 million D shares at 10kr is 1500 million. So, in my opinion, it's just a matter of starting to buy back. A proposal will probably come when the 11000 million are in the account. Together with Hybrids I believe many D shareholders will take the offer already at 15-20kr. Those who do not want to give up their D-shares at 15-20 will probably have to wait a few more years to get 30kr. That's my view on the whole thing, am I thinking wrong?
·2 päivää sitten · MuokattuWhat was it I was talking about. SBB earns more after the sale. I was right. Look at the new figures they are publishing today. Earning capacity of 0.71 SEK per share after the transaction and administrative savings included. Then call me Mads if it's not 1 kr. per share in 2028. Then what should the share cost? 10 to 12 times earnings if the financing is under control. So cheaper today, but clearly over 4 kr. as we see today. We can only hope others besides me see the revelation....
·2 päivää sittenClose on green. Damn, that's great.
·2 päivää sittenClosed green, even though the short sellers used all means to lower the price. Buy and Hold and we will be richly rewarded. Gamestop strategy..
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Q3-osavuosiraportti
17 päivää sitten‧32 min
1,20 SEK/osake
Viimeisin osinko
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- ·48 min sitten · MuokattuIf all of this actually happens – if the transaction goes through in December, if they really cut administration down to 50 millioner already by autumn 2026, if Residential gets refinanced at 4 % without drama and no skeletons in the closet appear – then there is one share price that feels right exactly one year from now: 7,80 kroner. That is the number that appears every single time I calculate the document's fully normalized earnings capacity: 1 264 millioner divided by 1 783 millioner shares gives 70,9 øre per share. Add a completely ordinary, almost boring 11-multiple for a debt-light Nordic social infrastructure property player with fixed interest and 2x interest coverage – and voilà, there stands 7,80 blinking at you. From today's 4,55 it is a doubling. Straight up. No detours. The journey will feel like this: Already after the Q4 figures in February, the market will start to smell a rat – then 5,60–6,20 is in the bag. When we see the 50-million admin actually there in a report by autumn next year, it takes the next jump up towards 6,80–7,40. And when everything is in place, the debt is shaved, the interest rate is low and fixed, and dividends from Sveafastigheter and PPI flow in as planned – yes, then we stand at 7,80. It is no longer a question of whether SBB "perhaps" survives. If Leiv Synnes delivers exactly what he has signed off on in this document, and the market believes him (and this time has reason to believe), then 7,80 is realistic.
- ·1 päivä sittenI am impressed by Leiv Synnes' ability for financial engineering, but was not very impressed by the document that was supposed to show earnings potential. If one looks at the financial result, this is a net minus 40 million, which is completely unrealistic to service a net debt of 24 bn, albeit with income from a claim amounting to 5.2 bn. Interest income is calculated in relation to the discount on the claim, and if interest expenses were calculated in the same way, these would have been 2 bn and not just 388 million, which is the actual accrued interest. The claim has a running interest rate of 3 % which corresponds to 157 million. One should calculate earnings potential when everything is finished. Then one is left with net debt of 10 bn plus hybrid debt. Then non-core assets and the claim against Nordiqus have been sold. These incomes disappear and 8- 10 bn is residual debt that must be refinanced. If the company is IG, it gives an interest cost of 4 %, i.e. net minus 400 million and not 40. Operating resulta from core is 1534, and 1485 after adm cost. 1085 after finance and 755 after hybrid, which gives 0.43 in running earnings per share. This is however based on earnings in owned companies and not money accruing to SBB. What accrues to SBB is dividends from Nordiqus, 500m SEK, and from PPI, expected 300m SEK (0.8 NOK per share. This is to service interest and adm cost of 400m+, as well as hybrid interest of 330m. This just breaks even. Now things will probably improve before we get there. It could also be that Svea takes SBB Residential, and that this is why no dividend is distributed, one wants to grow first, and with a takeover of SBB Residential, with debt financing, LTV will increase from today's 42 % to over 50 %. At the same time, future earnings and potential dividends increase. What is interesting anyway, however, is the enormous real estate exposure one has today, which with a price increase of just 2 % gives an increase in NAV of 0.80,- per share, somewhat depending on what non-core assets are retained. This is what makes it worth investing, enormous leverage on a relatively safe basis.·1 t sittenYour criticism is spot on: 1 The document's «earnings capacity» of 0,71 SEK is pro forma fiction. Realistic ongoing cash earnings when non-core and the Nordiqus claim are gone: 0,42–0,45 SEK per share. 2 Dividend stream (Nordiqus 500 m + PPI 300 m) just covers interest 400 m + hybrid 330 m + admin 50 m. → Zero margin, breaks even, nothing more. 3 Therefore, NAV leverage is the only thing that really matters. ◦ Property value approx. 55 mrd SEK ◦ 2 % price growth = +1,1 mrd → +0,62 SEK NAV per share ◦ 4 % price growth = +1,24 SEK NAV per share 4 Today's share price 4,55 trades at ~0,45× NAV. Each percent of property price growth yields approx. 30 öre share price upside – almost 1:1. Conclusion Earnings are noise. NAV is the signal. SBB is in reality an extremely cheap, highly leveraged bond with an option on property appreciation. With 3–4 % annual yield compression/price growth (quite normal in a falling interest rate regime), 8–10 SEK by 2027 is fully realistic – regardless of whether «earnings capacity» ever becomes real cash. Therefore: Hold. NAV does the job.
- ·1 päivä sittenNow SBB is more stable and out of risk of bankruptcy. The terms cannot be changed without the D-shareholders having a majority in such a vote. That is the difference between SBB and Eniro, where Eniro Pref A voted with a majority for a change, and there was no hope for the company otherwise; with a No, it would have gone bankrupt. The simplest and best way is for SBB to now slowly buy back D shares on the market or come with an offer to reduce the number of shares and reduce the number at dividend payment later As soon as the company would hint at it, the share would jump significantly, but still with a clear discount against the 31kr they were once issued for. Because it will take time to start distributing ordinary dividends. But if 0.71kr per share is correct, it will generate approximately 1500 million in profit per year, including subsidiaries. 150 million D shares at 10kr is 1500 million. So, in my opinion, it's just a matter of starting to buy back. A proposal will probably come when the 11000 million are in the account. Together with Hybrids I believe many D shareholders will take the offer already at 15-20kr. Those who do not want to give up their D-shares at 15-20 will probably have to wait a few more years to get 30kr. That's my view on the whole thing, am I thinking wrong?
- ·2 päivää sitten · MuokattuWhat was it I was talking about. SBB earns more after the sale. I was right. Look at the new figures they are publishing today. Earning capacity of 0.71 SEK per share after the transaction and administrative savings included. Then call me Mads if it's not 1 kr. per share in 2028. Then what should the share cost? 10 to 12 times earnings if the financing is under control. So cheaper today, but clearly over 4 kr. as we see today. We can only hope others besides me see the revelation....
- ·2 päivää sittenClose on green. Damn, that's great.·2 päivää sittenClosed green, even though the short sellers used all means to lower the price. Buy and Hold and we will be richly rewarded. Gamestop strategy..
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Nasdaq Stockholm
Määrä
Osto
767 503
Myynti
Määrä
801 898
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 2 000 | - | - | ||
| 2 506 | - | - | ||
| 39 404 | - | - | ||
| 1 354 | - | - | ||
| 1 705 | - | - |
Ylin
4,138VWAP
Alin
3,98VaihtoMäärä
42 10 426 861
VWAP
Ylin
4,138Alin
3,98VaihtoMäärä
42 10 426 861
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2026 Ylimääräinen yhtiökokous | 11.12. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3-osavuosiraportti | 7.11. | |
| 2025 Q2-osavuosiraportti | 20.8. | |
| 2025 Q1-osavuosiraportti | 13.5. | |
| 2024 Yhtiökokous | 13.5. | |
| 2024 Q4-osavuosiraportti | 19.2. |
Datan lähde: Millistream, Quartr
Q3-osavuosiraportti
17 päivää sitten‧32 min
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2026 Ylimääräinen yhtiökokous | 11.12. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3-osavuosiraportti | 7.11. | |
| 2025 Q2-osavuosiraportti | 20.8. | |
| 2025 Q1-osavuosiraportti | 13.5. | |
| 2024 Yhtiökokous | 13.5. | |
| 2024 Q4-osavuosiraportti | 19.2. |
Datan lähde: Millistream, Quartr
1,20 SEK/osake
Viimeisin osinko
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- ·48 min sitten · MuokattuIf all of this actually happens – if the transaction goes through in December, if they really cut administration down to 50 millioner already by autumn 2026, if Residential gets refinanced at 4 % without drama and no skeletons in the closet appear – then there is one share price that feels right exactly one year from now: 7,80 kroner. That is the number that appears every single time I calculate the document's fully normalized earnings capacity: 1 264 millioner divided by 1 783 millioner shares gives 70,9 øre per share. Add a completely ordinary, almost boring 11-multiple for a debt-light Nordic social infrastructure property player with fixed interest and 2x interest coverage – and voilà, there stands 7,80 blinking at you. From today's 4,55 it is a doubling. Straight up. No detours. The journey will feel like this: Already after the Q4 figures in February, the market will start to smell a rat – then 5,60–6,20 is in the bag. When we see the 50-million admin actually there in a report by autumn next year, it takes the next jump up towards 6,80–7,40. And when everything is in place, the debt is shaved, the interest rate is low and fixed, and dividends from Sveafastigheter and PPI flow in as planned – yes, then we stand at 7,80. It is no longer a question of whether SBB "perhaps" survives. If Leiv Synnes delivers exactly what he has signed off on in this document, and the market believes him (and this time has reason to believe), then 7,80 is realistic.
- ·1 päivä sittenI am impressed by Leiv Synnes' ability for financial engineering, but was not very impressed by the document that was supposed to show earnings potential. If one looks at the financial result, this is a net minus 40 million, which is completely unrealistic to service a net debt of 24 bn, albeit with income from a claim amounting to 5.2 bn. Interest income is calculated in relation to the discount on the claim, and if interest expenses were calculated in the same way, these would have been 2 bn and not just 388 million, which is the actual accrued interest. The claim has a running interest rate of 3 % which corresponds to 157 million. One should calculate earnings potential when everything is finished. Then one is left with net debt of 10 bn plus hybrid debt. Then non-core assets and the claim against Nordiqus have been sold. These incomes disappear and 8- 10 bn is residual debt that must be refinanced. If the company is IG, it gives an interest cost of 4 %, i.e. net minus 400 million and not 40. Operating resulta from core is 1534, and 1485 after adm cost. 1085 after finance and 755 after hybrid, which gives 0.43 in running earnings per share. This is however based on earnings in owned companies and not money accruing to SBB. What accrues to SBB is dividends from Nordiqus, 500m SEK, and from PPI, expected 300m SEK (0.8 NOK per share. This is to service interest and adm cost of 400m+, as well as hybrid interest of 330m. This just breaks even. Now things will probably improve before we get there. It could also be that Svea takes SBB Residential, and that this is why no dividend is distributed, one wants to grow first, and with a takeover of SBB Residential, with debt financing, LTV will increase from today's 42 % to over 50 %. At the same time, future earnings and potential dividends increase. What is interesting anyway, however, is the enormous real estate exposure one has today, which with a price increase of just 2 % gives an increase in NAV of 0.80,- per share, somewhat depending on what non-core assets are retained. This is what makes it worth investing, enormous leverage on a relatively safe basis.·1 t sittenYour criticism is spot on: 1 The document's «earnings capacity» of 0,71 SEK is pro forma fiction. Realistic ongoing cash earnings when non-core and the Nordiqus claim are gone: 0,42–0,45 SEK per share. 2 Dividend stream (Nordiqus 500 m + PPI 300 m) just covers interest 400 m + hybrid 330 m + admin 50 m. → Zero margin, breaks even, nothing more. 3 Therefore, NAV leverage is the only thing that really matters. ◦ Property value approx. 55 mrd SEK ◦ 2 % price growth = +1,1 mrd → +0,62 SEK NAV per share ◦ 4 % price growth = +1,24 SEK NAV per share 4 Today's share price 4,55 trades at ~0,45× NAV. Each percent of property price growth yields approx. 30 öre share price upside – almost 1:1. Conclusion Earnings are noise. NAV is the signal. SBB is in reality an extremely cheap, highly leveraged bond with an option on property appreciation. With 3–4 % annual yield compression/price growth (quite normal in a falling interest rate regime), 8–10 SEK by 2027 is fully realistic – regardless of whether «earnings capacity» ever becomes real cash. Therefore: Hold. NAV does the job.
- ·1 päivä sittenNow SBB is more stable and out of risk of bankruptcy. The terms cannot be changed without the D-shareholders having a majority in such a vote. That is the difference between SBB and Eniro, where Eniro Pref A voted with a majority for a change, and there was no hope for the company otherwise; with a No, it would have gone bankrupt. The simplest and best way is for SBB to now slowly buy back D shares on the market or come with an offer to reduce the number of shares and reduce the number at dividend payment later As soon as the company would hint at it, the share would jump significantly, but still with a clear discount against the 31kr they were once issued for. Because it will take time to start distributing ordinary dividends. But if 0.71kr per share is correct, it will generate approximately 1500 million in profit per year, including subsidiaries. 150 million D shares at 10kr is 1500 million. So, in my opinion, it's just a matter of starting to buy back. A proposal will probably come when the 11000 million are in the account. Together with Hybrids I believe many D shareholders will take the offer already at 15-20kr. Those who do not want to give up their D-shares at 15-20 will probably have to wait a few more years to get 30kr. That's my view on the whole thing, am I thinking wrong?
- ·2 päivää sitten · MuokattuWhat was it I was talking about. SBB earns more after the sale. I was right. Look at the new figures they are publishing today. Earning capacity of 0.71 SEK per share after the transaction and administrative savings included. Then call me Mads if it's not 1 kr. per share in 2028. Then what should the share cost? 10 to 12 times earnings if the financing is under control. So cheaper today, but clearly over 4 kr. as we see today. We can only hope others besides me see the revelation....
- ·2 päivää sittenClose on green. Damn, that's great.·2 päivää sittenClosed green, even though the short sellers used all means to lower the price. Buy and Hold and we will be richly rewarded. Gamestop strategy..
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Nasdaq Stockholm
Määrä
Osto
767 503
Myynti
Määrä
801 898
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 2 000 | - | - | ||
| 2 506 | - | - | ||
| 39 404 | - | - | ||
| 1 354 | - | - | ||
| 1 705 | - | - |
Ylin
4,138VWAP
Alin
3,98VaihtoMäärä
42 10 426 861
VWAP
Ylin
4,138Alin
3,98VaihtoMäärä
42 10 426 861
Välittäjätilasto
Dataa ei löytynyt