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Investing.com - Jefferies initiated coverage on Kojamo Oyj (HE:KOJAMO) with a Buy rating and a price target of EUR12.50 on Monday.
The Finnish residential landlord, which owns 40,946 housing units, is positioned to benefit from the recovery in Finland’s residential market in coming years, according to Jefferies.
Kojamo has already made significant progress in reducing its vacancy rate to 5.6% in Q2 2025 from 8.4% at the end of 2024, with Jefferies expecting the current market oversupply in major Finnish cities to reach balance during 2026.
Following recent asset disposals worth €242 million, Kojamo’s leverage is now under control and expected to reduce further, with projections showing a loan-to-value ratio of 41% by 2027, which could lead to a Moody’s credit rating outlook upgrade to Stable.
Jefferies forecasts flat funds from operations per share (FFOPs) for Kojamo between 2024-2029, but sees improved prospects beyond 2026 with a 2.9% FFOPs compound annual growth rate from 2026-2029, and expects the company to reinstate its dividend for fiscal year 2025.
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