Yesterday, ALM Equity reported its Q1/24 figures with a +56% top-line beat but also an adjusted NAV -16% below our expectations. The report did not lead to any major changes to our estimates; however, we have adjusted our forward-looking adjusted NAV by approximately -8% for 2024-2026e, resulting in a lowered target price. The company stated that through the sale of tenant-owned apartments and building rights (post-merger with Nyttobostäder), it will be able to generate liquidity of SEK 3.6bn af ....
