Svedbergs Group: House transactions return to growth - ABG
Q1 report due 29 April We forecast net sales of SEK 589m, EBITA of SEK 92m We lower '25e-'27e EBITA by 5-6% on FX, FVR to SEK 43-58 (45-60)
ANNONS
End-markets keep improving
Several market indicators are looking gradually better for Svedbergs Group. In Sweden, house (and apartment) transactions have returned to growth since Q3'24, which offsets some of the Svedbergs brand's struggle with still-lower (-12% y-o-y in Q4) housing starts y-o-y. In the UK, the Group's biggest end-market, house transactions are growing swiftly as well (+20% in Q4, +15% in Q1e). CPA forecasts suggest gradual market recovery picking up, especially in H2'25. Oxford Economics' estimates suggest house transactions in the Netherlands grew ~13% y-o-y in 2024, a positive signal for Thebalux, the newest addition to the Group.
