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    Lars Norrby • ABG Sundal Collier

    Lars Norrby is a Senior Equity Analyst at SEB, specializing in real estate and property companies with a focus on listed Nordic firms such as Castellum, Kungsleden, Atrium Ljungberg, and Wallenstam. Throughout his career, Norrby has developed a reputation for in-depth sector analysis and has frequently participated in earnings calls for major Nordic real estate firms, providing timely and relevant insights to investors. He began his analyst career in the Swedish financial sector and is currently affiliated with SEB, where he is recognized for his detailed coverage and contributions within finance and commercial services, as reflected in industry networks and analyst directories. Norrby holds advanced sector knowledge and maintains regulatory compliance typical for equity analysts operating in Europe.

    Lars Norrby's questions to BALD-B.ST leadership

    Lars Norrby's questions to BALD-B.ST leadership • Q3 2024

    Question

    Lars Norrby asked about the timing for shifting back to a growth-oriented mode, questioning if stabilized property values and reaching the net debt to EBITDA target were prerequisites, and also inquired if a directed share issue could be considered to accelerate growth.

    Answer

    Jonas Erikson (executive) explained that once property yields stabilize, the combination of NOI-driven value increases and existing cash flow provides significant room for both material investments and continued deleveraging. He stated that while one can never rule out any option, the company's current view is that stabilized yields will allow for a more growth-oriented capital allocation in 2025 without requiring a share issue.

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    Lars Norrby's questions to BALD B.ST leadership

    Lars Norrby's questions to BALD B.ST leadership • Q1 2024

    Question

    Lars Norrby from SEB asked if Balder is seeing any impact from economic uncertainty on tenant decision-making, such as longer decision times or projects being put on hold, and whether the company experienced any material lease terminations during the first quarter.

    Answer

    Erik Selin, executive, responded that Balder has not observed very significant effects, attributing this to its diversified portfolio which has less exposure to more affected office markets like Stockholm. He also confirmed that the company did not experience any material lease terminations in Q1, noting that Balder's contract composition differs from peers and is less exposed to large, risky contracts.

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