Aros Bostad: Condominium starts in H2'24 - ABG

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.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/aros-bostad/Equity-research/2024/2/aros-bostad---condominium-starts-in-h224/