Anette Frumerie, CEO of Besqab. Photo: Besqab.
  • SBB and Besqab stock market winners in Q3

    PUBLICERAD 2018-10-05 AV sverrirthor
    UPPDATERAD: 2018-10-22 10:30


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    Samhällsbyggnadsbolaget i Norden and Besqab were the best performers among construction and real estate shares in the third quarter, while troubled Prime Living plunged the most.

    SBB, which focuses on tax-funded community properties, increased its market cap by one third in the past quarter, and the housing company Besqab was almost as successful.

    This may be set against Fastighetsnytt’s real estate index, which rose 9 per cent in the third quarter, while the Stockholm Stock Exchange as a whole advanced 7 per cent.

    The lion’s share of SBB’s 33 percent rise came in September when several insiders bought shares in the company. In particular, the company’s COO Lars Thagesson bought more than SEK 12 million worth of SBB shares during the month.

    Furthermore, Victoria Park’s founder Greg Dingizian bought 10 million B shares in SBB through his company Adma Förvaltnings AB.

    Earlier this year, Dingizian sold its entire share in Victoria Park to US Starwood for almost SEK 900 million as part of a bid. Starwood later sold the shares on to the German real estate company Vonovia.

    Besqab reported a rise of 29 per cent in the third quarter. Prior to that, the share had been on a downward trend for almost two years. The share peaked at SEK 240 in autumn 2016 and was traded at just over SEK 100 at the start of the third quarter.

    The student housing company, Prime Living, fell 66 per cent in the third quarter, mainly due to concerns about the company’s liquidity situation. Most of the fall came after ABG Sundal Collier’s recommendation switch from buy to sell. At the same time, the share price target was slaughtered to SEK 30 from SEK 100.

    ABG’s analysis, which expressed concerns about Prime Living’s liquidity situation, was published in late August. The day before, the quarterly report had shown that a project in Spånga had exceeded the budget significantly more than previously assessed by the company.

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