Buy Or Sell Opportunity • Jun 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to kr128. The fair value is estimated to be kr105, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 90%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 1,217% in the next 2 years. 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 British dividend payers (5.8%). Lower than average of industry peers (5.2%). Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: kr0.87 (vs kr5.47 in FY 2024) 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 is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Consumer Durables industry in the United Kingdom. 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. Declared Dividend • Feb 09
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 4.7%. 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 305% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 01
Full year 2025 earnings released: EPS: kr0.87 (vs kr5.47 in FY 2024) 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 is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables industry in the United Kingdom. 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. Announcement • 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. Announcement • 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 Announcement • 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. 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. Announcement • 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. New Risk • Oct 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Dividend is not well covered by earnings (116% payout ratio). Large one-off items impacting financial results. Reported Earnings • Oct 23
Third quarter 2025 earnings released: kr0.51 loss per share (vs kr0.60 profit in 3Q 2024) 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 is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in the United Kingdom. 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. Announcement • 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 The stock has been flat over the last 90 days, currently trading at 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. Announcement • 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. Announcement • 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. Announcement • 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. Reported Earnings • Jul 13
Second quarter 2025 earnings released: EPS: kr1.18 (vs kr2.54 in 2Q 2024) 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 is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Consumer Durables industry in the United Kingdom. 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. Announcement • 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. Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: kr0.54 (vs kr0.74 in 1Q 2024) 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 is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Consumer Durables industry in the United Kingdom. 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 17% to kr136. The fair value is estimated to be kr111, 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. Announcement • 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 British dividend payers (6.1%). Lower than average of industry peers (4.4%). Announcement • 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 released: EPS: kr5.47 (vs kr15.95 in FY 2023) 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 is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Consumer Durables industry in the United Kingdom. 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. New Risk • Feb 19
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.8% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.6% net profit margin). 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 4.7%. 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. New Risk • Feb 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.8% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (1.6% net profit margin). Reported Earnings • Feb 01
Full year 2024 earnings released: EPS: kr5.47 (vs kr15.95 in FY 2023) 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 is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Consumer Durables industry in the United Kingdom. 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. Announcement • Feb 01
JM AB (publ), Annual General Meeting, Apr 09, 2025 JM AB (publ), Annual General Meeting, Apr 09, 2025. Announcement • Jan 31
JM AB (Publ) Proposes Dividend for 2024 JM AB (publ) proposes a dividend of SEK 3.25 (3.00) for 2024. Announcement • 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. Announcement • 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 Announcement • 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. Announcement • 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 released: EPS: kr2.54 (vs kr3.44 in 2Q 2023) 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 is forecast to stay flat during the next 3 years compared to a 5.6% growth forecast for the Consumer Durables industry in the United Kingdom. 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. Announcement • 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 08
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. Announcement • 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. Announcement • 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 British dividend payers (6.0%). Lower than average of industry peers (5.0%). Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: kr15.95 (vs kr22.80 in FY 2022) 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 is expected to decline by 5.0% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to grow by 5.3%. 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. Announcement • 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 Reported Earnings • Jan 30
Full year 2023 earnings released: EPS: kr15.95 (vs kr22.80 in FY 2022) 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 is expected to decline by 9.8% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to grow by 2.7%. 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. Announcement • 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. Announcement • 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 20% After last week's 20% share price gain to kr178, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr76.91 per share. Recent Insider Transactions • Nov 19
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 15% After last week's 15% share price gain to kr130, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 45% over the past three years. Recent Insider Transactions • Oct 29
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 released: EPS: kr5.46 (vs kr4.14 in 3Q 2022) 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 is expected to decline by 26% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to grow by 2.1%. 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. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr138, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Consumer Durables industry in the United Kingdom. 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. Recent Insider Transactions • Jul 16
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 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 26% 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 26% 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 the United Kingdom 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 18% 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 kr7.3m more in shares than they have sold in the last 12 months. Announcement • 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. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr166, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Consumer Durables industry in the United Kingdom. Total returns to shareholders of 7.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr153 per share. 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 British dividend payers (5.6%). Higher than average of industry peers (5.8%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: kr22.80 (vs kr26.06 in FY 2021) Full year 2022 results: EPS: kr22.80 (down from kr26.06 in FY 2021). Revenue: kr15.7b (flat on FY 2021). Net income: kr1.53b (down 15% from FY 2021). Profit margin: 9.7% (down from 12% in FY 2021). Revenue is forecast to decline by 14% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: kr22.80 (vs kr26.06 in FY 2021) Full year 2022 results: EPS: kr22.80 (down from kr26.06 in FY 2021). Revenue: kr15.7b (flat on FY 2021). Net income: kr1.53b (down 15% from FY 2021). Profit margin: 9.7% (down from 12% in FY 2021). Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr238, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 9.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr158 per share. Announcement • Oct 29
JM AB (publ) to Report Fiscal Year 2022 Results on Feb 01, 2023 JM AB (publ) announced that they will report fiscal year 2022 results at 9:00 AM, Central European Standard Time on Feb 01, 2023 Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: kr3.69 (vs kr4.40 in 3Q 2021) Third quarter 2022 results: EPS: kr3.69 (down from kr4.40 in 3Q 2021). Revenue: kr3.00b (down 4.2% from 3Q 2021). Net income: kr246.0m (down 19% from 3Q 2021). Profit margin: 8.2% (down from 9.7% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 12% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom 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 13% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be kr235, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to decline by 6.6% in 2 years. Earnings is forecast to decline by 14% in the next 2 years. Buying Opportunity • Sep 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be kr229, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to decline by 6.6% in 2 years. Earnings is forecast to decline by 14% in the next 2 years. Buying Opportunity • Aug 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be kr235, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to decline by 6.6% in 2 years. Earnings is forecast to decline by 14% in the next 2 years. Reported Earnings • Jul 13
Second quarter 2022 earnings released: EPS: kr4.60 (vs kr6.89 in 2Q 2021) Second quarter 2022 results: EPS: kr4.60 (down from kr6.89 in 2Q 2021). Revenue: kr3.67b (down 9.7% from 2Q 2021). Net income: kr309.0m (down 35% from 2Q 2021). Profit margin: 8.4% (down from 12% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 1.7% compared to a 12% growth forecast for the industry in the United Kingdom. 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 12% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jun 05
Independent Director recently bought kr210k worth of stock On the 1st of June, Thomas Thuresson bought around 1k shares on-market at roughly kr210 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr1.3m. Despite this recent purchase, insiders have collectively sold kr6.6m more in shares than they bought in the last 12 months. Recent Insider Transactions • May 17
Independent Director recently bought kr99k worth of stock On the 12th of May, Annica Anas bought around 500 shares on-market at roughly kr198 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr1.3m. Despite this recent purchase, insiders have collectively sold kr6.9m more in shares than they bought in the last 12 months. Recent Insider Transactions • May 08
CFO & Head of Investor Relations recently bought kr1.3m worth of stock On the 3rd of May, Carl Bandhold bought around 6k shares on-market at roughly kr222 per share. This was the largest purchase by an insider in the last 3 months. This was Carl's only on-market trade for the last 12 months. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: kr5.03 (vs kr4.99 in 1Q 2021) First quarter 2022 results: EPS: kr5.03. Revenue: kr3.84b (up 7.8% from 1Q 2021). Net income: kr344.0m (flat on 1Q 2021). Profit margin: 9.0% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 2.7%, compared to a 10% growth forecast for the industry in the United Kingdom. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: kr26.06 (up from kr22.12 in FY 2020). Revenue: kr15.7b (down 3.8% from FY 2020). Net income: kr1.80b (up 17% from FY 2020). Profit margin: 12% (up from 9.4% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 4.6%, compared to a 9.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. 
