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Joakim Bornold on the flood of reports: “Very difficult to analyze right now”

The past week has offered an intense flood of reports. On the stock exchange, share prices have reacted dramatically with large price movements in many places. Levler’s savings economist Joakim Bornold points out a sector that looks to be doing much better than this year’s price development shows, tells which price reactions surprised him the most and what will be important to keep track of this report-intensive week. ”The companies’ performance is not a sufficient measure of value “, he says.Updated: 17 July 2022, 22:26Published: 17 July 2022, 21:02The quarterly reports roll in assembly line and during the past week, several large companies have released their interim reports for the second quarter of 2022, which has offered price turbulence in several places. The worst situation was for the real estate company SBB, which plummeted 19 percent on the reporting day, at the same time as several real estate companies place themselves on the winner list. Telecom giant Ericsson fell close to 9 percent and crisis-stricken SAS fell 7 percent on the reporting day. Joakim Bornold, founder and chairman of the savings platform Levler and former savings economist at Söderberg & Partners, says that it is extra much to keep track of during this reporting period, with prevailing market climate in mind. “The companies’ performance is not a sufficient measure of value, but you also have to look at how they are affected by everything that happens around.” The real estate company SBB, which plunged on the reporting day, is very difficult to assess at the moment, says Joakim Bornold the company is surrounded by question marks about the future. ”They are in a very turbulent period, where the quarterly report did not provide much information. How it goes operationally is a bit subordinate to everything else that happens, and the focus is, among other things, on what the ‘new’ SBB will look like in a high-interest rate environment. “” Ilija Batljan is an offensive player, and then there are questions now when SBB play a defensive role – and how they cope with it. “Telecom giant Ericsson also reported during the past week, where a sudden lack of components caused the share to fall close to 9 percent, says Joakim Bornold, who emphasizes that the company has so far been spared from the problem. ”That you now suddenly have problems with components in the important area , and I think that surprised many. I think that is the main reason for the decline. ”Several real estate companies placed at the top, where Castellum and Balder, among others, rose 10 and 8 percent respectively on the reporting day, while the hotel real estate company Pandox rushed over 14 percent. “The real estate sector delivers – and the companies show with the quarterly reports that they are not as pressured at all as the share prices are because interest rates are rising, I think that is the common denominator.”Mix the smaller ones the companies highlight Joakim Bornold Bufab as a surprise. The company reported an ebita profit of SEK 233 million during the second quarter, which was an increase from SEK 185 million during the same quarter in 2021. The share fell close to 12 percent in connection with the report release. ”But they are in the eye of the storm to some extent the logistics problem that remains. That may be why it is difficult to set a price for Bufab at present, but the price reaction still surprised me. ”In the coming week, several large companies will report. Within the prestige index OMXS30, the major banks Nordea and Swedbank report together with the industry giants Atlas Copco, ABB and Alfa Laval. “SEB looked great last week, but got a very bad dividend in the share price, I think. Net interest income is going in the right direction and that it is already visible, so we will see how it goes for not least Swedbank – but it should be clearly positive. ”Joakim Bornold lifts also presented AB Volvo and Volvo Cars as extra interesting. “In the truck sector, there has been a lot of talk about the component shortage easing, it will be interesting to see if it affects AB Volvo’s results.” He adds that in AB Volvo’s case there is also a focus on order intake, which has been a question mark . Outside the OMXS30 list, he highlights Volvo Cars as interesting, where he flags flags for an outdated fleet, among other things. ”It is important that you get the ‘flagship’ Volvo XC90 out now, because it is starting to get old. Then it is easy to hide behind the component shortage, but once it is released, we will see who has actually had a shortage, and which are simply too bad. ”“ This is something that is very tricky and difficult to analyze right now – that many companies, for example, blame poor sales on the lack of components. ”

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