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1. Company Snapshot

1.a. Company Description

JM AB (publ) develops and sells housing and residential areas in the Nordic region.The company operates in five segments: JM Residential Stockholm, JM Residential Sweden, JM International, JM Property Development, and JM Construction.It also engages in the acquisition of development properties; planning, pre-construction, production, management, and sale of residential units; development of rental housing, residential care facilities, and commercial properties; and contract works primarily in the Greater Stockholm area.


The company was founded in 1945 and is headquartered in Solna, Sweden.

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1.b. Last Insights on JM

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.92%)

6. Segments

JM Residential Stockholm

Expected Growth: 2.5%

JM Residential Stockholm's 2.5% growth is driven by increasing demand for housing in the Stockholm region, fueled by population growth and urbanization. Additionally, the Swedish government's investment in infrastructure and transportation projects has improved connectivity, making the area more attractive to residents and investors. Furthermore, JM AB's focus on sustainable and energy-efficient construction has increased its appeal to environmentally conscious consumers.

JM Residential Sweden

Expected Growth: 1.8%

JM Residential Sweden's 1.8% growth is driven by increasing demand for sustainable and energy-efficient housing, fueled by government incentives and rising environmental awareness. Additionally, the segment benefits from Sweden's growing population and urbanization, leading to increased housing needs. JM's strong brand reputation, quality offerings, and strategic partnerships also contribute to its growth.

JM Norway

Expected Growth: 2.2%

JM Norway's 2.2% growth is driven by increasing demand for sustainable housing, government incentives for eco-friendly construction, and a strong economy. Additionally, JM's focus on single-family homes and apartments in urban areas, such as Oslo, contributes to its growth. The company's efficient production process and cost control measures also support its profitability.

Recalculation to the Completion Method

Expected Growth: 0.0%

Given JM AB (publ)'s 0.0% growth, fundamental drivers indicate stagnant revenue due to market saturation, intense competition, and lack of innovation. The company's failure to adapt to changing market conditions, inefficient cost structure, and weak pricing power also contribute to the stagnant growth.

JM Finland

Expected Growth: 1.5%

JM Finland's 1.5% growth is driven by increasing demand for sustainable and energy-efficient housing, fueled by government incentives and regulations. Additionally, the region's growing population and urbanization contribute to the need for new residential construction, while JM's strong brand and market position enable the company to capitalize on these trends.

JM Property Development

Expected Growth: 3.0%

JM Property Development's 3.0% growth is driven by increasing demand for sustainable and community-focused developments, strategic partnerships with local authorities, and a strong pipeline of projects in Sweden's growing regions. Additionally, the company's focus on mixed-use developments and diversification into new segments, such as rental apartments, contributes to its growth momentum.

JM Construction

Expected Growth: 2.8%

JM Construction's 2.8% growth is driven by increasing demand for sustainable and energy-efficient buildings, strategic acquisitions, and a strong order backlog. Additionally, the Swedish government's investments in infrastructure and housing development contribute to the segment's growth. Furthermore, JM's focus on digitalization and process efficiency improvements also support its growth momentum.

7. Detailed Products

Residential Development

JM AB develops and sells residential properties, including apartments and houses, to individuals and families.

Commercial Properties

JM AB develops, owns, and manages commercial properties, including office buildings, retail spaces, and logistics facilities.

Project Development

JM AB develops and sells project properties, including land and building rights, to other developers and contractors.

Property Management

JM AB provides property management services, including maintenance, repairs, and administration, to property owners.

Construction Services

JM AB offers construction services, including building, renovation, and project management, to property owners and developers.

8. JM AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for JM AB (publ) is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for JM AB (publ) is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for JM AB (publ) is medium, as the company has some dependence on its suppliers, but it also has some bargaining power due to its size and reputation.

Threat Of New Entrants

The threat of new entrants for JM AB (publ) is high, as the industry is attractive and there are low barriers to entry, making it easy for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for JM AB (publ) is high, as the industry is highly competitive and there are many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 66.02%
Debt Cost 3.95%
Equity Weight 33.98%
Equity Cost 11.50%
WACC 6.51%
Leverage 194.25%

11. Quality Control: JM AB (publ) passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Kaufman & Broad

A-Score: 6.3/10

Value: 7.7

Growth: 4.7

Quality: 6.1

Yield: 10.0

Momentum: 2.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Aedas Homes

A-Score: 5.9/10

Value: 4.2

Growth: 9.3

Quality: 4.1

Yield: 10.0

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Neinor Homes

A-Score: 5.9/10

Value: 3.1

Growth: 3.6

Quality: 6.2

Yield: 10.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Crest Nicholson

A-Score: 4.5/10

Value: 9.4

Growth: 0.6

Quality: 4.4

Yield: 5.6

Momentum: 3.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
MJ Gleeson

A-Score: 4.4/10

Value: 8.2

Growth: 4.6

Quality: 5.9

Yield: 5.0

Momentum: 0.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
JM

A-Score: 4.2/10

Value: 5.9

Growth: 4.3

Quality: 4.1

Yield: 6.2

Momentum: 1.5

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

131.2$

Current Price

131.2$

Potential

-0.00%

Expected Cash-Flows