Creopretium

#LocalOperatingPartner • Independent Corporate Finance & Strategy Advisory • Co-investments with select investors • #DedicatedDifferentDynamic #WeAreCreopretium

[Creopretium @Creopretium]

We are here to help you as a local operating partner, find out more at https://t.co/VI0DzBeZZZ #Creopretium #Dedicated #Different #Dynamic

[Hans Derninger @HansDerninger]

It’s almost always a unwise move for a Universal bank to try invest to have a meaningful franchise in Equities, better leave that to investment banks. #universalbank #strategy #Handelsbanken https://t.co/b2u4JXAlnI

[Hans Derninger @HansDerninger]

Regarding the outdrawn underperformance at the Swedish universal bank @Handelsbanken with @Industrivarden as main shareholder, a gem by Professor Donald Sull in Harvard Business Review from 1999 - ”Why good companies go bad”. #Handelsbanken https://t.co/6u6JV0PEpG

[Hans Derninger @HansDerninger]

OMX Swedish Real Estate up 1.7% today, ahead of the monetary policy announcement by the Riksbank tomorrow. #NordicRealEstate #Riksbank #Monetarypolicyannouncement

[Creopretium @Creopretium]

Swedish financial weekly Affärsvärlden on the Swedish universal bank Handelsbanken. Time for the owner, AB INDUSTRIVÄRDEN to clean the stairs from above at Handelsbanken? The chairman since 2015 is on his CEO and the stock has been a notorious underperformer for a long time.

[Affärsvärlden @AFV_magasin]

På Handelsbanken predikar man sparsamhet och decentralisering, men VD Michael Green agerar tvärtom. Nervös detaljstyrning medan sidoverksamheter får fria tyglar att slösa som de vill. Inget storbankslugn för Micke mikro-manager, skriver @benson_ptr https://t.co/OvCR2rCyyr

[Hans Derninger @HansDerninger]

If CEO @Castellum_ab (STO:CAST)
makes a decent job allocating capital, i.e. ROI > WACC, the lower dividend payout ratio is not necessarily a bad thing for shareholders. https://t.co/DWsxjmOi8M…
#Castellum

[Hans Derninger @HansDerninger]

Tele2 AB (publ) (https://t.co/wOEbFZ6hDM), the telecom operator. Multiple contracting on the back of slow growth and rising cost of capital. Equity free cash flow yield up 3.4 p.p. 2019-2023. #equityvaluation #cashflow #maturebusiness #slowgrowth #telco

[Hans Derninger @HansDerninger]

Swedish property group SBB faces debt demand from US hedge fund #SBB
https://t.co/s2EDTx573V

[Hans Derninger @HansDerninger]

If Castellum's CEO wants to own more in Entra, shouldn't the board of #Castellum make a public takeover offer to the shareholders of #Entra?
#NordicPublicRealEstate

[Hans Derninger @HansDerninger]

Sound proposal as too many board members lacks skin-in-the game. #Governance #PrincipalAgentProblem #FiduciaryDuty https://t.co/Av5I5AOgg1

[Hans Derninger @HansDerninger]

Nice piece on bond arithmetics by @richfalkwallace

[Creopretium @Creopretium]

Incoming interim Chairman @Alecta, Mr. Jan-Olof Jacke rules out new investments in Heimstaden Bostad under the current terms. #Alecta #HeimstadenBostad #AlectaGate article in the Swedish financial daily Dagens industri: https://t.co/yA9EAQdXdQ

[Hans Derninger @HansDerninger]

Chairman @Cloetta Mikael Norman heads for the exit, declining re-election. Has anyone seen an update on the BIG investment in new production facilities in the Netherlands recently? #Cloetta https://t.co/ZZn5cyirAK

[Hans Derninger @HansDerninger]

Volymen av osålt lager i primärmarknaden är på historiskt höga nivåer. Kommer bostadsutvecklare sänka priserna i höst? https://t.co/iGOBrQ2iCl #bostadsmarknaden

[Creopretium @Creopretium]

Samhällsbyggnadsbolaget i Norden AB $SBB #SBB #CapitalStructure #PublicNordicRealEstate #RunningtheNumbers #EarningsSeason

[Hans Derninger @HansDerninger]

$SBB debt has not repriced as equity, this suggests risk appetite coupled with momentum in equity not necessarily change of fundamentals. Picture for attention, #SBB Bond 1.125% 19/26 EUR. Source: Börse Frankfurt

[Hans Derninger @HansDerninger]

Does not bode well for the Swedish real estate market. ”The forecast is that the policy rate will be raised at least one more time this year and after that will remain at a contractionary level for a relatively long period of time.” https://t.co/DpH0KQXir4

[Hans Derninger @HansDerninger]

This week’s the Economist on sticky inflation, rates and monetary policy. A balancing act for central banks with high stakes. https://t.co/rGCGBP2Pmw from @TheEconomist https://t.co/rGCGBP2Pmw

[Hans Derninger @HansDerninger]

Credit quality in Swedish commercial real estate continues to deteriorate on the back of higher rates. Fastpartner downgraded to Ba1 by Moody’s.

[Hans Derninger @HansDerninger]

A sharp contraction in monetary aggregates not seen in the 21st century. #Sweden #monetaryconditions

[Hans Derninger @HansDerninger]

Bloomberg article on $SBB. The problem is not property per se, the problem is the capital structure, risk management and risk appetite. Debt is a lethal drug if used in the wrong way. Debt does not add alpha only beta. #debt #doubleedgedsword
https://t.co/2Cx35umz58