Aros Bostad: Condominium starts in H2'24 - ABG
Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar
GP margins holding up better than peers
Timing of rise in consumer confidence to determine 2024 starts
Adj. P/E <10x in 2025e
Q4 report and estimate revisions
Aros delivered a Q4 report where sales grew 41% y-o-y and the GP margin amounted to ~18%. Aros started one project (111 rental apartments, part of the Patrizia deal) and sold 22 units out of the 61 that were for sale. Mid-term estimates are heavily dependent on condominium starts (see more details below), while the Q4 report itself does not lead to any major estimate revisions.
Timing of rise in consumer confidence to determine 2024 starts
Adj. P/E <10x in 2025e
Q4 report and estimate revisions
Aros delivered a Q4 report where sales grew 41% y-o-y and the GP margin amounted to ~18%. Aros started one project (111 rental apartments, part of the Patrizia deal) and sold 22 units out of the 61 that were for sale. Mid-term estimates are heavily dependent on condominium starts (see more details below), while the Q4 report itself does not lead to any major estimate revisions.