BST:4M2B

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Amasten Fastighets AB (publ) builds, develops, and manages real estate properties in Sweden.


Snowflake Analysis

Proven track record and fair value.

Share Price & News

How has Amasten Fastighets's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 4M2B's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.8%

4M2B

2.8%

DE Real Estate

3.1%

DE Market


1 Year Return

17.8%

4M2B

-5.9%

DE Real Estate

0.1%

DE Market

Return vs Industry: 4M2B exceeded the German Real Estate industry which returned -5.9% over the past year.

Return vs Market: 4M2B exceeded the German Market which returned 0.2% over the past year.


Shareholder returns

4M2BIndustryMarket
7 Day-1.8%2.8%3.1%
30 Day3.2%8.2%5.6%
90 Day-12.0%-3.6%-1.8%
1 Year17.8%17.8%-4.5%-5.9%1.8%0.1%
3 Year92.3%92.3%29.4%21.6%-7.2%-14.3%
5 Year126.6%126.6%98.5%72.6%4.3%-9.1%

Price Volatility Vs. Market

How volatile is Amasten Fastighets's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Amasten Fastighets undervalued compared to its fair value and its price relative to the market?

6.44x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 4M2B (€0.65) is trading above our estimate of fair value (€0.07)

Significantly Below Fair Value: 4M2B is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 4M2B is good value based on its PE Ratio (6.4x) compared to the Real Estate industry average (10.3x).

PE vs Market: 4M2B is good value based on its PE Ratio (6.4x) compared to the German market (19.3x).


Price to Earnings Growth Ratio

PEG Ratio: 4M2B's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: 4M2B is good value based on its PB Ratio (1x) compared to the DE Real Estate industry average (1.4x).


Next Steps

Future Growth

How is Amasten Fastighets forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-32.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 4M2B's earnings are forecast to decline over the next 3 years (-32.2% per year).

Earnings vs Market: 4M2B's earnings are forecast to decline over the next 3 years (-32.2% per year).

High Growth Earnings: 4M2B's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 4M2B's revenue (16.6% per year) is forecast to grow faster than the German market (5.8% per year).

High Growth Revenue: 4M2B's revenue (16.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 4M2B's Return on Equity is forecast to be low in 3 years time (5.3%).


Next Steps

Past Performance

How has Amasten Fastighets performed over the past 5 years?

47.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 4M2B has a large one-off gain of SEK425.0M impacting its March 31 2020 financial results.

Growing Profit Margin: 4M2B's current net profit margins (91.9%) are higher than last year (71.3%).


Past Earnings Growth Analysis

Earnings Trend: 4M2B's earnings have grown significantly by 47% per year over the past 5 years.

Accelerating Growth: 4M2B's earnings growth over the past year (102.7%) exceeds its 5-year average (47% per year).

Earnings vs Industry: 4M2B earnings growth over the past year (102.7%) exceeded the Real Estate industry 10%.


Return on Equity

High ROE: 4M2B's Return on Equity (13.8%) is considered low.


Next Steps

Financial Health

How is Amasten Fastighets's financial position?


Financial Position Analysis

Short Term Liabilities: 4M2B's short term assets (SEK164.3M) do not cover its short term liabilities (SEK894.8M).

Long Term Liabilities: 4M2B's short term assets (SEK164.3M) do not cover its long term liabilities (SEK3.1B).


Debt to Equity History and Analysis

Debt Level: 4M2B's debt to equity ratio (116.6%) is considered high.

Reducing Debt: 4M2B's debt to equity ratio has reduced from 140.5% to 116.6% over the past 5 years.

Debt Coverage: 4M2B's debt is not well covered by operating cash flow (1.6%).

Interest Coverage: 4M2B's interest payments on its debt are not well covered by EBIT (2.4x coverage).


Balance Sheet


Next Steps

Dividend

What is Amasten Fastighets's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate 4M2B's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate 4M2B's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if 4M2B's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if 4M2B's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of 4M2B's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.3yrs

Average management tenure


CEO

Jan-Erik Hojvall (60yo)

3.33yrs

Tenure

kr2,362,000

Compensation

Mr. Jan-Erik Hojvall has been Chief Executive Officer of Amasten Fastighets AB (publ) since 2017. He possesses 30 years’ experience of the property sector, including serving as CEO of Rikshem for six years ...


CEO Compensation Analysis

Compensation vs Market: Jan-Erik's total compensation ($USD250.63K) is below average for companies of similar size in the German market ($USD1.08M).

Compensation vs Earnings: Jan-Erik's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Jan-Erik Hojvall
Chief Executive Officer3.33yrskr2.36m0.19% SEK665.3k
Hans Ragnarsson
CFO & Deputy CEO2.33yrsno data0.043% SEK153.7k
Malin Arnbom
Communications Manager2.33yrsno data0.0042% SEK15.1k
Mikael Ranes
Managing Director2.33yrsno data0.26% SEK921.3k

2.3yrs

Average Tenure

60yo

Average Age

Experienced Management: 4M2B's management team is considered experienced (2.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bengt Kjell
Independent Chairman of the Boardno datano datano data
Magnus Bakke
Director1.33yrskr111.00k0.093% SEK332.5k
Anneli Lindblom
Independent Directorno datano datano data
Peter Wågström
Director2.33yrskr88.00k0.13% SEK459.7k
Kristina Sawjani
Independent Directorno datano datano data
Jakob Pettersson
Director1.33yrsno datano data

1.3yrs

Average Tenure

52yo

Average Age

Experienced Board: 4M2B's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: 4M2B insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 152.2%.


Top Shareholders

Company Information

Amasten Fastighets AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Amasten Fastighets AB (publ)
  • Ticker: 4M2B
  • Exchange: BST
  • Founded:
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: kr3.757b
  • Listing Market Cap: kr358.615m
  • Shares outstanding: 546.12m
  • Website: https://www.amasten.se

Number of Employees


Location

  • Amasten Fastighets AB (publ)
  • Nybrogatan 12
  • Stockholm
  • Stockholm County
  • 114 39
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AMASTOM (OMX Nordic Exchange Stockholm)YesSeries A Common SharesSESEKJan 2013
4M2BBST (Boerse-Stuttgart)YesSeries A Common SharesDEEURJan 2013
AMAST PREFOM (OMX Nordic Exchange Stockholm)NPV PREFSESEKJul 2014

Biography

Amasten Fastighets AB (publ) builds, develops, and manages real estate properties in Sweden. It also develops and manages housing properties. The company was formerly known as Amasten Holding AB (publ) and changed its name to Amasten Fastighets AB (publ) in November 2017. Amasten Fastighets AB (publ) is headquartered in Stockholm, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/31 23:44
End of Day Share Price2020/05/29 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.