Recent Insider Transactions • Jun 10
President & CEO recently bought kr600k worth of stock On the 5th of June, Mikael Åslund bought around 5k shares on-market at roughly kr116 per share. This transaction amounted to 57% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Mikael has been a buyer over the last 12 months, purchasing a net total of kr620k worth in shares. Upcoming Dividend • Apr 10
Upcoming dividend of kr2.00 per share Eligible shareholders must have bought the stock before 17 April 2026. Payment date: 23 April 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.6%. Lower than top quartile of Swedish dividend payers (4.1%). Lower than average of industry peers (5.5%). Reported Earnings • Mar 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr0.87 (down from kr5.47 in FY 2024). Revenue: kr10.7b (down 25% from FY 2024). Net income: kr56.0m (down 84% from FY 2024). Profit margin: 0.5% (down from 2.5% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 58%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from kr5.72 to kr4.78 per share. Revenue forecast steady at kr11.3b. Net income forecast to grow 471% next year vs 128% growth forecast for Consumer Durables industry in Sweden. Consensus price target broadly unchanged at kr152. Share price was steady at kr137 over the past week. Declared Dividend • Feb 02
Dividend reduced to kr2.00 Dividend of kr2.00 is 38% lower than last year. Ex-date: 17th April 2026 Payment date: 23rd April 2026 Dividend yield will be 1.5%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is not covered by earnings (230% earnings payout ratio). However, it is well covered by cash flows (9% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 156% to bring the payout ratio under control. EPS is expected to grow by 319% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr0.87 (down from kr5.47 in FY 2024). Revenue: kr10.7b (down 25% from FY 2024). Net income: kr56.0m (down 84% from FY 2024). Profit margin: 0.5% (down from 2.5% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 58%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Aankondiging • Jan 31
JM AB (publ) announces Annual dividend, payable on April 23, 2026 JM AB (publ) announced Annual dividend of SEK 2.0000 per share payable on April 23, 2026, ex-date on April 17, 2026 and record date on April 20, 2026. Aankondiging • Jan 29
JM AB (publ) to Report Fiscal Year 2025 Final Results on Mar 23, 2026 JM AB (publ) announced that they will report fiscal year 2025 final results on Mar 23, 2026 Aankondiging • Jan 22
JM AB Appoints Henrik Brinck Landelius as the new head of the business segment JM Stockholm, Effective February 9, 2026 JM AB recruited Henrik Brinck Landelius as the new head of the business segment JM Stockholm. Henrik will take up his position on February 9, 2026, and will be part of JM’s Executive Management Team. Henrik Brinck Landelius will be responsible for leading the Group’s business segment JM Stockholm, which also includes JM Property Development as of January 1, 2026. Henrik most recently served as CEO of Ariem, a Nordic fund manager and property owner. Prior to that, he held roles including Business Area Manager and member of the Executive Management Team at NCC, as well as Head of Project Development at Fastighets AB LE Lundberg. Price Target Changed • Jan 17
Price target decreased by 7.6% to kr157 Down from kr170, the current price target is an average from 3 analysts. New target price is 6.3% above last closing price of kr148. Stock is down 14% over the past year. The company is forecast to post earnings per share of kr2.48 for next year compared to kr5.47 last year. Recent Insider Transactions • Dec 08
Insider recently sold kr913k worth of stock On the 5th of December, Par Vennerstrom sold around 7k shares on-market at roughly kr132 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr1.1m more than they sold in the last 12 months. Aankondiging • Nov 29
Jm Starting Production of Housing in Kvarnholmen, Nacka JM has started the production of the Kvarnholmens Krona project, consisting of 96 tenant-owned apartments. With four buildings and a garage in an adjacent structure, the Kvarnholmens Krona project represents the final stage in the Sillkajen area. Sales are underway, and occupancy is planned to start in the third quarter of 2027, with estimated completion at the turn of the year 2027/2028. The housing start is reported within the JM Residential Stockholm business segment in the fourth quarter of 2025. With the start of Kvarnholmens Krona, JM will have started production of 1,071 residential units in Kvarnholmen, of which 169 are not yet completed. A total of approximately 3,500 residential units are expected to be built in Kvarnholmen, with JM accounting for about half of them. Reported Earnings • Oct 23
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: kr0.51 loss per share (down from kr0.60 profit in 3Q 2024). Revenue: kr2.31b (down 19% from 3Q 2024). Net loss: kr33.0m (down 185% from profit in 3Q 2024). Revenue missed analyst estimates by 18%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Oct 18
Consensus EPS estimates increase by 37%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from kr11.0b to kr10.9b. EPS estimate rose from kr3.78 to kr5.16. Net income forecast to grow 145% next year vs 145% growth forecast for Consumer Durables industry in Sweden. Consensus price target up from kr170 to kr175. Share price rose 4.1% to kr151 over the past week. Aankondiging • Oct 15
JM AB (publ), Annual General Meeting, Apr 16, 2026 JM AB (publ), Annual General Meeting, Apr 16, 2026. Buy Or Sell Opportunity • Oct 07
Now 20% overvalued Over the last 90 days, the stock has fallen 1.5% to kr149. The fair value is estimated to be kr124, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 54%. Revenue is forecast to grow by 9.6% in 2 years. Earnings are forecast to grow by 228% in the next 2 years. Aankondiging • Sep 27
JM Starts Production of Housing in Marievik, Stockholm JM has started the production of the project Rex, consisting of 128 tenant-owned apartments. Located on Marieviks Udde in a central location next to Lake Malaren just south of Hornstull, the Rex project is part of a larger block and consists of four stairwells with an underlying garage. Sales are underway and occupancy is expected to start in the third quarter of 2028, with estimated completion at the turn of the year28/2029. The housing start is reported within the JM Bostad Stockholm business segment in the third quarter of 2025. This is the second housing start for JM within Marieviks Udde, where there will be a total of four blocks with approximately 620 residential units, a preschool and commercial premises. Aankondiging • Sep 18
JM Starts Production of Housing in Nacka JM has started the production of 83 freehold apartments in the Akva project in the Centrala Nacka district. Akva is part of a larger block and consists of four stairwells with underground garages next to Nacka Strand and Nacka Forum, centrally located by the upcoming metro. Sales are underway and occupancy is expected to start in the third quarter of 2027, with estimated completion at the turn of the year 2027/2028. The housing start is reported within the JM Bostad Stockholm business segment in the third quarter of 2025. Aankondiging • Aug 05
JM AB (publ) to Report Fiscal Year 2025 Results on Jan 30, 2026 JM AB (publ) announced that they will report fiscal year 2025 results on Jan 30, 2026 Recent Insider Transactions • Jul 17
Board Member recently bought kr347k worth of stock On the 14th of July, Susanne Persson bought around 2k shares on-market at roughly kr140 per share. This transaction amounted to 66% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr600k. Insiders have collectively bought kr1.8m more in shares than they have sold in the last 12 months. Price Target Changed • Jul 14
Price target decreased by 14% to kr162 Down from kr188, the current price target is an average from 3 analysts. New target price is 14% above last closing price of kr142. Stock is down 36% over the past year. The company is forecast to post earnings per share of kr3.61 for next year compared to kr5.47 last year. Reported Earnings • Jul 13
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: kr1.18 (down from kr2.54 in 2Q 2024). Revenue: kr3.25b (down 31% from 2Q 2024). Net income: kr76.0m (down 54% from 2Q 2024). Profit margin: 2.3% (down from 3.5% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Aankondiging • Jun 27
Jm Starts Production of 165 Rental Units in Sollentuna JM starts the production of a rental project in the Vasjo Port area in Sollentuna. Production of the residential units in the project Vasjo Port will start in the second quarter of 2025 and will be reported as a project property in the business segment JM Property Development's balance sheet until the property is sold. Completion is estimated for the second quarter of 2027. Vasjo is an area under development in the eastern part of Sollentuna municipality, located approximately 15 kilometers north of Stockholm. The rental units in Vasjo Port will be located near the lake with proximity to a ski slope and nature reserve as well as a new school, grocery store and public transportation. There will also be a so-called mobility house directly adjacent, with a garage and rental of various types of transportation. Recent Insider Transactions • Jun 13
President & CEO recently bought kr600k worth of stock On the 9th of June, Mikael Åslund bought around 4k shares on-market at roughly kr145 per share. This transaction amounted to 87% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Mikael has been a buyer over the last 12 months, purchasing a net total of kr641k worth in shares. Major Estimate Revision • May 07
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr11.9b to kr11.5b. EPS estimate also fell from kr5.20 per share to kr4.38 per share. Net income forecast to grow 18% next year vs 20% growth forecast for Consumer Durables industry in Sweden. Consensus price target of kr188 unchanged from last update. Share price was steady at kr154 over the past week. Major Estimate Revision • May 02
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr12.0b to kr11.9b. EPS estimate also fell from kr6.60 per share to kr5.20 per share. Net income forecast to grow 32% next year vs 20% growth forecast for Consumer Durables industry in Sweden. Consensus price target of kr188 unchanged from last update. Share price rose 2.7% to kr154 over the past week. Reported Earnings • Apr 25
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: kr0.54 (down from kr0.74 in 1Q 2024). Revenue: kr2.28b (down 18% from 1Q 2024). Net income: kr35.0m (down 27% from 1Q 2024). Profit margin: 1.5% (down from 1.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 10
Now 22% overvalued Over the last 90 days, the stock has fallen 16% to kr137. The fair value is estimated to be kr112, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 39%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 45% per annum over the same time period. Aankondiging • Apr 09
JM AB (publ) Resolves to Pay Dividend, Payable on April 16, 2025 JM AB (publ) at its annual general meeting held on April 9, 2025, resolved to pay a dividend of SEK 3.25 per share. The record date for payment has been set on April 11, 2025. Euroclear Sweden AB is expected to send the dividend on April 16, 2025. Upcoming Dividend • Apr 03
Upcoming dividend of kr3.25 per share Eligible shareholders must have bought the stock before 10 April 2025. Payment date: 16 April 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Swedish dividend payers (4.1%). Lower than average of industry peers (3.3%). Aankondiging • Mar 31
JM Starts Production of Housing in Gothenburg JM has started the production of 67 residential units in the Eriksberg district in central Gothenburg. The production of the two apartment buildings, each with seven floors, has begun in the first quarter of 2025 and the sale of the tenant-owned apartments is ongoing. The apartments will be in a prime location on Hisingen with good communications and proximity to the Gota Alv. Completion is planned for the first quarter of 2027. The residential units are JM's first within the Saterigatan detailed plan, where a total of approximately 1,100 residential units, a new preschool and business premises are planned, where JM will develop a total of approximately 350 residential units. Reported Earnings • Mar 21
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: kr5.47 (down from kr15.95 in FY 2023). Revenue: kr14.3b (down 9.1% from FY 2023). Net income: kr353.0m (down 66% from FY 2023). Profit margin: 2.5% (down from 6.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 11
Price target decreased by 7.2% to kr193 Down from kr208, the current price target is an average from 4 analysts. New target price is 19% above last closing price of kr161. Stock is down 1.8% over the past year. The company is forecast to post earnings per share of kr5.27 for next year compared to kr15.95 last year. Declared Dividend • Feb 06
Dividend increased to kr3.25 Dividend of kr3.25 is 8.3% higher than last year. Ex-date: 10th April 2025 Payment date: 16th April 2025 Dividend yield will be 2.0%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (88% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 234% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Feb 03
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr8.25 to kr7.05 per share. Revenue forecast steady at kr12.2b. Net income forecast to grow 94% next year vs 38% growth forecast for Consumer Durables industry in Sweden. Consensus price target of kr198 unchanged from last update. Share price fell 9.8% to kr160 over the past week. Reported Earnings • Feb 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: kr5.47 (down from kr15.95 in FY 2023). Revenue: kr14.3b (down 9.2% from FY 2023). Net income: kr353.0m (down 66% from FY 2023). Profit margin: 2.5% (down from 6.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 01
JM AB (publ), Annual General Meeting, Apr 09, 2025 JM AB (publ), Annual General Meeting, Apr 09, 2025. Aankondiging • Jan 31
JM AB (Publ) Proposes Dividend for 2024 JM AB (publ) proposes a dividend of SEK 3.25 (3.00) for 2024. Price Target Changed • Jan 14
Price target increased by 8.3% to kr208 Up from kr192, the current price target is an average from 4 analysts. New target price is 28% above last closing price of kr162. Stock is down 0.9% over the past year. The company is forecast to post earnings per share of kr5.21 for next year compared to kr15.95 last year. Aankondiging • Jan 08
JM AB (Publ) Announces Appointment of Maria Branestam as Director of HR, Effective No Later Than July 4, 2025 JM AB (publ) announced the appointment of Maria Branestam as Director of HR and will be responsible for leading the Group HR organization. Maria will take up the position no later than July 4, 2025, and will be part of JM's Executive Management. Maria Branestam holds a degree in social work and comes most recently from MAX Burgers AB, where she has been Head of HR Operations since 2021. Prior to that, she has held similar roles in, among others, Martin & Servera and Nordea. Aankondiging • Oct 23
JM AB (publ) to Report Q1, 2025 Results on Apr 24, 2025 JM AB (publ) announced that they will report Q1, 2025 results on Apr 24, 2025 Aankondiging • Aug 20
JM AB (publ) Announces Potential Lay-Off Within the Production Organization JM AB (publ) announced 145 potential lay-offs within the production organization in Sweden due to redundancy. Despite signs of an improved housing market, it remains cautious. The market situation has led to new housing projects not being able to start at the same pace and with the corresponding number of residential units as in the projects that have been completed. It is therefore necessary to adapt the staffing in the production organization to the redundancy that arises in connection with fewer housing starts. The potential lay-offs mainly concerns wage-earners in the Swedish production organization. Even though JM sees an increased interest from customers, it will take more time for the housing market to recover to the volumes that have been prevalent in the new production of housing in recent years. Major Estimate Revision • Jul 17
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr11.6b to kr12.8b. EPS estimate unchanged at kr6.89. Net income forecast to shrink 4.7% next year vs 0.3% decline forecast for Consumer Durables industry in Sweden. Consensus price target of kr192 unchanged from last update. Share price was steady at kr217 over the past week. Aankondiging • Jul 11
JM AB (publ) to Report Fiscal Year 2024 Results on Jan 31, 2025 JM AB (publ) announced that they will report fiscal year 2024 results on Jan 31, 2025 Reported Earnings • Jul 11
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: kr2.54 (down from kr3.44 in 2Q 2023). Revenue: kr4.67b (up 38% from 2Q 2023). Net income: kr164.0m (down 26% from 2Q 2023). Profit margin: 3.5% (down from 6.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Aankondiging • Jun 26
JM AB (publ) Announces Resignation of Malin Lundgren as Director of Human Resources, Effective July 5, 2024 JM AB (publ) announced Malin Lundgren, Director of Human Resources, has chosen to leave the company. Malin will leave her position on July 5, 2024, after nearly four years with the company. JM's HR work has developed in a more strategic and business-oriented direction during Malin Lundgren's time as Director of Human Resources. Recent Insider Transactions • Jun 09
CFO & Head of Investor Relations recently bought kr200k worth of stock On the 4th of June, Tobias Bjurling bought around 980 shares on-market at roughly kr204 per share. This transaction amounted to 65% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tobias' only on-market trade for the last 12 months. Recent Insider Transactions • Apr 26
Independent Director recently bought kr184k worth of stock On the 24th of April, Stefan Bjorkman bought around 1k shares on-market at roughly kr184 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr5.9m more in shares than they have sold in the last 12 months. Aankondiging • Apr 20
JM AB (publ) Approves the Appointment of Liia Nõu as New Board Member JM AB (publ) at its Annual General Meeting held on April 18, 2024, approved the appointment of Liia Nõu as new Board Member. Aankondiging • Apr 19
JM AB (publ) Approves Dividend, Payable on April 25, 2024 JM AB (publ) at its Annual General Meeting held on April 18, 2024, resolved to pay a dividend of SEK 3 per share. The record date for payment has been set on April 22, 2024. Euroclear Sweden AB is expected to send the dividend on April 25, 2024. Upcoming Dividend • Apr 12
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 19 April 2024. Payment date: 25 April 2024. Payout ratio is a comfortable 19% and the cash payout ratio is 86%. Trailing yield: 1.6%. Lower than top quartile of Swedish dividend payers (4.3%). Lower than average of industry peers (4.4%). Reported Earnings • Mar 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: kr15.95 (down from kr22.80 in FY 2022). Revenue: kr15.7b (flat on FY 2022). Net income: kr1.03b (down 33% from FY 2022). Profit margin: 6.5% (down from 9.7% in FY 2022). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 58%. Revenue is expected to fall by 5.0% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Aankondiging • Mar 20
JM AB (publ) to Report Fiscal Year 2023 Final Results on Mar 25, 2024 JM AB (publ) announced that they will report fiscal year 2023 final results on Mar 25, 2024 Price Target Changed • Feb 16
Price target increased by 12% to kr145 Up from kr130, the current price target is an average from 2 analysts. New target price is 17% below last closing price of kr174. Stock is down 22% over the past year. The company is forecast to post earnings per share of kr6.77 for next year compared to kr15.95 last year. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 19%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr11.0b to kr11.3b. EPS estimate fell from kr8.61 to kr7.01 per share. Net income forecast to shrink 56% next year vs 39% growth forecast for Consumer Durables industry in Sweden . Consensus price target down from kr130 to kr125. Share price was steady at kr167 over the past week. Reported Earnings • Jan 31
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: kr15.95 (down from kr22.80 in FY 2022). Revenue: kr16.0b (up 1.5% from FY 2022). Net income: kr1.03b (down 33% from FY 2022). Profit margin: 6.4% (down from 9.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 58%. Revenue is expected to fall by 9.8% p.a. on average during the next 3 years compared to a 3.1% decline forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Aankondiging • Jan 30
Jm AB (Publ) Proposes Dividend for 2023 JM AB (publ) proposed SEK 3.00 (14.00) in dividend for 2023 with the intention of an extraordinary general meeting in the fourth quarter of 2024 to propose resolution on an additional dividend of SEK 3.00. Aankondiging • Jan 11
JM AB (publ) to Report Fiscal Year 2023 Results on Jan 30, 2024 JM AB (publ) announced that they will report fiscal year 2023 results at 8:00 AM, Central European Standard Time on Jan 30, 2024 Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr173, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr75.61 per share. Recent Insider Transactions • Nov 20
Insider recently sold kr174k worth of stock On the 17th of November, Jan Strömberg sold around 1k shares on-market at roughly kr145 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr5.7m more than they sold in the last 12 months. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr131, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Consumer Durables industry in Europe. Total loss to shareholders of 45% over the past three years. Major Estimate Revision • Nov 01
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from kr14.1b to kr15.6b. EPS estimate increased from kr16.41 to kr21.33 per share. Net income forecast to shrink 57% next year vs 11% growth forecast for Consumer Durables industry in Sweden . Consensus price target down from kr145 to kr130. Share price fell 11% to kr119 over the past week. Recent Insider Transactions • Oct 30
Independent Director recently bought kr113k worth of stock On the 26th of October, Thomas Thuresson bought around 1k shares on-market at roughly kr113 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr5.8m more in shares than they have sold in the last 12 months. Reported Earnings • Oct 27
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: kr5.46 (up from kr4.14 in 3Q 2022). Revenue: kr4.45b (up 72% from 3Q 2022). Net income: kr352.0m (up 28% from 3Q 2022). Profit margin: 7.9% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 47%. Earnings per share (EPS) also surpassed analyst estimates by 103%. Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Consumer Durables industry in Sweden. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 26
Price target decreased by 12% to kr130 Down from kr148, the current price target is an average from 2 analysts. New target price is 10% above last closing price of kr118. Stock is down 26% over the past year. The company is forecast to post earnings per share of kr16.41 for next year compared to kr22.80 last year. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr138, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr129 per share. Major Estimate Revision • Jul 26
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr14.2b to kr14.0b. EPS estimate also fell from kr18.76 per share to kr16.48 per share. Net income forecast to shrink 47% next year vs 1.1% growth forecast for Consumer Durables industry in Sweden . Consensus price target down from kr153 to kr148. Share price rose 8.0% to kr167 over the past week. Recent Insider Transactions • Jul 21
Insider recently bought kr301k worth of stock On the 13th of July, Anders Wimmerstedt bought around 2k shares on-market at roughly kr149 per share. This transaction increased Anders Wimmerstedt's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr1.4m. Insiders have collectively bought kr7.5m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 17
Insider recently bought kr301k worth of stock On the 13th of July, Anders Wimmerstedt bought around 2k shares on-market at roughly kr149 per share. This transaction increased Anders Wimmerstedt's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr1.4m. Insiders have collectively bought kr7.5m more in shares than they have sold in the last 12 months. New Risk • Jul 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 27% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 27% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Jul 13
Second quarter 2023 earnings released: EPS: kr3.44 (vs kr4.56 in 2Q 2022) Second quarter 2023 results: EPS: kr3.44 (down from kr4.56 in 2Q 2022). Revenue: kr3.38b (down 7.8% from 2Q 2022). Net income: kr222.0m (down 28% from 2Q 2022). Profit margin: 6.6% (down from 8.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 16% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jun 11
Chief Executive Officer of JM Suomi Oy recently bought kr320k worth of stock On the 9th of June, Markus Heino bought around 2k shares on-market at roughly kr145 per share. This transaction increased Markus' direct individual holding by 22x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr1.4m. Insiders have collectively bought kr6.7m more in shares than they have sold in the last 12 months. Aankondiging • May 18
AMF Fonder AB and AMF Tjänstepension AB acquired an unknown minority stake in JM AB (publ). AMF Fonder AB and AMF Tjänstepension AB acquired an unknown minority stake in JM AB (publ) on May 17, 2023.AMF Fonder AB and AMF Tjänstepension AB completed the acquisition of an unknown minority stake in JM AB (publ) on May 17, 2023. Recent Insider Transactions • May 17
Independent Director recently bought kr102k worth of stock On the 12th of May, Thomas Thuresson bought around 700 shares on-market at roughly kr146 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr1.4m. Insiders have collectively bought kr5.5m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 04
Insider recently bought kr1.4m worth of stock On the 28th of April, Jan Strömberg bought around 8k shares on-market at roughly kr166 per share. This transaction increased Jan Strömberg's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr5.5m more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 24
Upcoming dividend of kr14.00 per share at 8.2% yield Eligible shareholders must have bought the stock before 31 March 2023. Payment date: 06 April 2023. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 8.2%. Within top quartile of Swedish dividend payers (5.1%). Higher than average of industry peers (5.1%).