New Risk • May 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 38% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 7.2% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (18% net profit margin). Reported Earnings • May 02
First quarter 2026 earnings released First quarter 2026 results: Revenue: kr4.56b (down 1.3% from 1Q 2025). Net income: kr583.0m (down 85% from 1Q 2025). Profit margin: 13% (down from 84% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 29
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr4.42b (up 5.1% from 3Q 2024). Net income: kr1.91b (up 56% from 3Q 2024). Profit margin: 43% (up from 29% in 3Q 2024). Reported Earnings • Aug 22
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr4.43b (up 3.9% from 2Q 2024). Net income: kr782.0m (up 22% from 2Q 2024). Profit margin: 18% (up from 15% in 2Q 2024). Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr4.61b (flat on 1Q 2024). Net income: kr2.01b (up kr2.01b from 1Q 2024). Profit margin: 44% (up from 0% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: kr14.49 (vs kr79.58 loss in FY 2023) Full year 2024 results: EPS: kr14.49 (up from kr79.58 loss in FY 2023). Revenue: kr17.6b (up 9.0% from FY 2023). Net income: kr2.76b (up kr17.9b from FY 2023). Profit margin: 16% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Announcement • Jan 11
Skelleftebostäder Aktiebolag agreed to acquire remaining 57% stake in Byggrätt Norr Ab from Riksbyggen, LindbÄCks Bygg Aktiebolag and Heimstaden AB (publ) (OM:HEIM PREF). Skelleftebostäder Aktiebolag agreed to acquire remaining 57% stake in Byggrätt Norr Ab from Riksbyggen, LindbÄCks Bygg Aktiebolag and Heimstaden AB (publ) (OM:HEIM PREF) on January 10, 2025. Upon completion, Skelleftebostäder Aktiebolag will own 100% stake in Byggrätt Norr Ab. By acquiring all shares in Byggrätt Norr, Skebo ensures the company's continued role as part of the development in Skellefteå. As a wholly owned subsidiary, the company will be part of Skebo's long-term strategy to create more housing and support the municipality's set growth goals. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr17.20, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 29x in the Real Estate industry in Sweden. Total loss to shareholders of 31% over the past three years. Reported Earnings • Oct 26
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr4.36b (up 41% from 3Q 2023). Net income: kr1.22b (up kr2.70b from 3Q 2023). Profit margin: 28% (up from net loss in 3Q 2023). Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr4.34b (flat on 2Q 2023). Net income: kr819.0m (up kr5.38b from 2Q 2023). Profit margin: 19% (up from net loss in 2Q 2023). Reported Earnings • Apr 25
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr4.38b (up 16% from 1Q 2023). Net income: kr0 (up kr7.66b from 1Q 2023). Profit margin: 0% (up from net loss in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Apr 24
Heimstaden AB (publ) to Report Fiscal Year 2024 Final Results on Feb 28, 2025 Heimstaden AB (publ) announced that they will report fiscal year 2024 final results on Feb 28, 2025 Announcement • Apr 04
Heimstaden AB (Publ) Appoints Bente Landsnes as Board Member Heimstaden AB (publ) at its Annual General Meeting 2024 held on April 4, 2024, approved Bente Landsnes as new Board Member. Upcoming Dividend • Mar 28
Upcoming dividend of kr0.50 per share Eligible shareholders must have bought the stock before 04 April 2024. Payment date: 10 April 2024. The company last paid an ordinary dividend in February 2016. The average dividend yield among industry peers is 3.2%. Announcement • Mar 20
Heimstaden AB Appoints Christian Fladeland as Co-CEO Christian Fladeland and Helge Krogsbøl will jointly serve as CEOs of Heimstaden AB. Christian will oversee Investments, Corporate Finance, and Capital Raising, while Helge will lead the Management Team, Group Operations, and the Country Organisations. Heimstaden prioritises continuous improvement, adjusting the Management Team to enhance financial and operational performance further. Heimstaden's Management Team consists of: Helge Krogsbøl, co-Chief Executive Officer; Christian Fladeland, co-Chief Executive Officer; Thomas Alexander Hansen, Chief Financial Officer; Suzanna Malmgren, Chief People and Culture Officer; Eva Møland Tørsleff, Chief Legal Officer; Christian V. Dreyer, Chief Communications and Public Affairs Officer; Paul Spina, Chief Asset Management and Sustainability Officer; Rodin Lie, Chief Technology Officer and; Nikolaj Degn Brammer, Chief Commercial Officer. Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: kr17.0b (up 15% from FY 2022). Net loss: kr15.2b (loss widened 228% from FY 2022). New Risk • Feb 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 38% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.6% average weekly change). Declared Dividend • Feb 27
Third quarter dividend of kr0.50 announced Shareholders will receive a dividend of kr0.50. Ex-date: 4th April 2024 Payment date: 10th April 2024 Dividend yield will be 14%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (13% cash payout ratio). The dividend has remained flat since 8 years ago. However, payments have been volatile during that time. Announcement • Feb 21
Heimstaden AB (Publ) Appoints Eva Møland Tørsleff as New Chief Legal Officer, Effective 1 March 2024 va Møland Tørsleff brings over 27 years of expertise in Nordic real estate as she joins Heimstaden as Chief Legal Officer 1 March 2024. Eva is a lawyer admitted to the Danish High Courts and Commercial High Court, earned her Master of Law from the University of Aarhus in 1996. She comes from the position as Head of Legal at Nordstern, and also carries experience from renowned Danish firms such as Plesner and Accura. Eva will be a part of the Senior Executive Management Team and report to the CEO. Upcoming Dividend • Dec 28
Upcoming dividend of kr0.50 per share at 15% yield Eligible shareholders must have bought the stock before 04 January 2024. Payment date: 10 January 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 15%. Within top quartile of Swedish dividend payers (4.9%). Higher than average of industry peers (3.4%). Announcement • Dec 19
Heimstaden AB (publ) Announces Kristian Berentsen Decides to Resign as Chief Legal Officer, Effective 31 May 2024 Heimstaden AB (publ) announced Chief Legal Officer Kristian Berentsen has decided to resign, effective 31 May 2024. Reported Earnings • Oct 25
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr4.29b (down 16% from 3Q 2022). Net loss: kr1.48b (loss narrowed 53% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 27
Upcoming dividend of kr0.50 per share at 20% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 10 October 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 20%. Within top quartile of Swedish dividend payers (5.5%). Higher than average of industry peers (4.2%). Announcement • Sep 26
Louise Schaldemose Joins Heimstaden as Director of Group Letting Louise Schaldemose will take on her new role on 1 October and will support an experienced team of local Heads of Letting across all Heimstaden's locations. Heimstaden is Europe's second largest residential real estate company, owning and managing more than 160,000 homes across ten countries. With a real economic occupancy rate of 98.2%, Heimstaden's platform provides a Friendly customer experience through all touchpoints, from initial awareness until moving out. Bringing over eight years of experience within letting and management at Ikano and home in Copenhagen, Denmark, Schaldemose will contribute valuable knowledge to the Heimstaden Letting Team. She will be reporting to Eddo Rats, Chief Operating Officer. Announcement • Sep 16
Heimstaden AB (Publ) Appoints Christian Fladeland as Deputy CEO Heimstaden's Chief Investment Officer, Christian Fladeland, will also serve as Deputy CEO, effective immediately. Since joining Heimstaden in January 2019, Christian has played a vital role in the company's senior executive management, making his appointment as Deputy CEO a natural progression due to his significant contributions to the company's positive development. In addition to overseeing the company's investment teams, Christian also leads the Corporate Finance Team. Prior to joining Heimstaden, Christian held Partner positions at Colliers International and Sadolin & Albæk. He holds a bachelor's and master's degrees from The University of Copenhagen. Reported Earnings • Aug 20
Second quarter 2023 earnings released: kr23.92 loss per share (vs kr0.95 loss in 2Q 2022) Second quarter 2023 results: kr23.92 loss per share (further deteriorated from kr0.95 loss in 2Q 2022). Revenue: kr4.33b (up 30% from 2Q 2022). Net loss: kr4.56b (loss widened kr4.38b from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 27
Upcoming dividend of kr0.50 per share at 13% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 10 July 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 13%. Within top quartile of Swedish dividend payers (5.5%). Higher than average of industry peers (4.1%). New Risk • Jun 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 3.5% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (9.3% average weekly change). Announcement • Jun 01
Rutger Kaeding Joins Heimstaden as Head of Corporate Finance Rutger Kaeding starts 1 July as Head of Corporate Finance to lead an experienced team of 21 colleagues across Heimstaden's markets. With over 20 years' experience, Rutger comes from the position of Head of Corporate Finance and Treasury at DIC Asset AG in Frankfurt and will be relocating to Copenhagen with his family. During his seven years at DIC Asset AG, he led the corporate finance and treasury team responsible for debt financing and capital markets, liquidity planning, and treasury activities for the EUR 14 billion commercial property portfolio. Heimstaden is Europe's second larger residential real estate company, owning more than 160,000 homes in ten countries, valued at SEK 342 billion. Last year, Heimstaden Bostad secured SEK 25 billion in bank financing and an additional SEK 12 billion in the first quarter of 2023. Rutger will, together with Managing Director of Corporate Finance Adam Lindh, continue to develop the team. He will report to Chief Investment Officer Christian Fladeland. Reported Earnings • Apr 28
First quarter 2023 earnings released: kr55.00 loss per share (vs kr22.59 profit in 1Q 2022) First quarter 2023 results: kr55.00 loss per share (down from kr22.59 profit in 1Q 2022). Revenue: kr4.21b (up 20% from 1Q 2022). Net loss: kr1.06b (down 125% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 24% per year. Upcoming Dividend • Mar 28
Upcoming dividend of kr0.50 per share at 10% yield Eligible shareholders must have bought the stock before 04 April 2023. Payment date: 12 April 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of Swedish dividend payers (5.2%). Higher than average of industry peers (3.8%). Announcement • Jan 03
Heimstaden Makes Changes in Its Management Team Heimstaden AB is making changes in its Management Team. Arve Regland, who has held a combined CFO position in Heimstaden AB and Fredensborg AS, will take the more strategic role as Group CFO of Fredensborg AS, as Thomas Alexander Hansen (47) is appointed CFO of Heimstaden AB. Thomas has for the past nine years held senior positions within the areas of financial reporting and control, financial systems, international tax, and commercial operations in Scatec ASA. Prior to joining Scatec, he was Director of Financial Reporting & Tax in Circle K Europe AS and auditor and advisor at KPMG. Thomas will be a part of the Heimstaden Management team and report to CEO Helge Krogsbøl. Arve will, as CFO in Fredensborg, work closely with Heimstaden's Management Team, and in particular the CEO and CFO. To strengthen the synergies between Investments and Financing, the DCM & Treasury team will report to Chief Investment Officer Christian Fladeland. Heimstaden's Management Team from January 3, 2023: Helge Krogsbøl, Chief Executive Officer; Thomas Alexander Hansen, Chief Financial Officer; Eddo Rats, Chief Operating Officer; Karmen Mandic, Chief Brand and Marketing Officer; Suzanna Malmgren, Chief People and Culture Officer; Katarina Skalare, Chief Sustainability Officer; Christian V. Dreyer, Chief Corporate Communications Officer; Christian Fladeland, Chief Investment Officer; Paul Spina, Chief Asset Management and Development Officer; Rodin Lie, Chief Technology Officer; Steen Lønberg Jørgensen, Head of Capital Raising & Client Relations; Kristian Berentsen, Chief Legal Officer; Nikolaj Degn Brammer, Chief Business Development Officer. Upcoming Dividend • Dec 28
Upcoming dividend of kr0.50 per share Eligible shareholders must have bought the stock before 04 January 2023. Payment date: 11 January 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Swedish dividend payers (5.8%). Higher than average of industry peers (3.7%). Reported Earnings • Oct 26
Third quarter 2022 earnings released: kr53.91 loss per share (vs kr14.73 profit in 3Q 2021) Third quarter 2022 results: kr53.91 loss per share (down from kr14.73 profit in 3Q 2021). Revenue: kr3.55b (up 47% from 3Q 2021). Net loss: kr3.16b (down 213% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 27
Upcoming dividend of kr0.50 per share Eligible shareholders must have bought the stock before 04 October 2022. Payment date: 10 October 2022. Payout ratio is a comfortable 3.9% and this is well supported by cash flows. Trailing yield: 9.5%. Within top quartile of Swedish dividend payers (6.1%). Higher than average of industry peers (4.4%). Reported Earnings • Aug 20
Second quarter 2022 earnings released: kr3.11 loss per share (vs kr18.97 profit in 2Q 2021) Second quarter 2022 results: kr3.11 loss per share (down from kr18.97 profit in 2Q 2021). Revenue: kr3.53b (up 58% from 2Q 2021). Net loss: kr182.0m (down 108% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 27
Upcoming dividend of kr0.50 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 2.3% and this is well supported by cash flows. Trailing yield: 8.3%. Within top quartile of Swedish dividend payers (5.4%). Higher than average of industry peers (3.8%). Reported Earnings • May 01
First quarter 2022 earnings released: EPS: kr22.59 (vs kr14.00 in 1Q 2021) First quarter 2022 results: EPS: kr22.59 (up from kr14.00 in 1Q 2021). Revenue: kr3.51b (up 56% from 1Q 2021). Net income: kr4.31b (up 98% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr125 (up from kr28.50 in FY 2020). Revenue: kr9.69b (up 37% from FY 2020). Net income: kr10.2b (up 130% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS kr47.92 (vs kr7.77 in 3Q 2020) Third quarter 2021 results: Revenue: kr2.41b (up 40% from 3Q 2020). Net income: kr2.81b (up 133% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS kr18.97 (vs kr6.08 in 2Q 2020) Second quarter 2021 results: Revenue: kr2.24b (up 27% from 2Q 2020). Net income: kr2.43b (up 156% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 02
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr2.26b (up 44% from 1Q 2020). Net income: kr2.18b (up 154% from 1Q 2020). Profit margin: 97% (up from 55% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 24
Upcoming dividend of kr5.00 per share Eligible shareholders must have bought the stock before 31 March 2021. Payment date: 08 April 2021. Trailing yield: 5.8%. Within top quartile of Swedish dividend payers (3.5%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 21
Full year 2020 earnings released: EPS kr285 (vs kr264 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: kr7.05b (up 39% from FY 2019). Net income: kr4.43b (up 8.1% from FY 2019). Profit margin: 63% (down from 81% in FY 2019). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 13
Full year 2020 earnings released: EPS kr285 (vs kr264 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: kr6.99b (up 38% from FY 2019). Net income: kr4.43b (up 8.1% from FY 2019). Profit margin: 63% (down from 81% in FY 2019). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 08
New 90-day low: kr344 The company is down 2.0% from its price of kr352 on 09 October 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Real Estate industry, which is also down 2.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day low: kr345 The company is down 7.0% from its price of kr370 on 25 August 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 17% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of kr4.08b, up 12% from the prior year. Total revenue was kr6.64b over the last 12 months, up 48% from the prior year. Is New 90 Day High Low • Sep 30
New 90-day low: kr355 The company is down 4.0% from its price of kr369 on 02 July 2020. The Swedish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 14% over the same period. Upcoming Dividend • Sep 25
Upcoming Dividend of kr5.00 Per Share Will be paid on the 8th of October to those who are registered shareholders by the 2nd of October. The trailing yield of 5.4% is in the top quartile of Swedish dividend payers (4.3%), and it is higher than industry peers (2.8%). Announcement • Jul 30
Heimstaden AB (publ) (OM:HEIM PREF) acquired Portfolio of 300 old Building Apartments in Berlin for €54 million. Heimstaden AB (publ) (OM:HEIM PREF) acquired Portfolio of 300 old Building Apartments in Berlin for €54 million on May 14, 2020. Einar Skjerven of Skjerven Group represented Heimstaden AB (publ) in the transaction.
Heimstaden AB (publ) (OM:HEIM PREF) completed the acquisition of Portfolio of 300 old Building Apartments in Berlin on May 14, 2020. 
