Unrealised and realised value changes amounted to SEK 884m (327m) or +3.3%, we expected SEK 184m or 0.7%. The average valuation yield requirement came down 29 bps in 2021, which explains most of the valuation uplifts, although higher NOI-assumptions and projects contributed positively as well. EPRA NRVPS increased 25% y-o-y (adj. for DPS) to SEK 98 (80), 7% higher than our forecast of SEK 91 (consensus SEK 92). The net initial yield excl. projects & building rights was 5.22%, compared to 5.14% in Q3. The Q4 net LTV came down to 48.6% from 52.4% in Q3, mainly due to the SEK 800m share issue.
‘22e P/CEPS and P/EPRA NRV ~0-25% below peers
The share is trading at 2022e P/CEPS of 13.1x and a P/EPRA NRV of 1.02x. This is 24% and 0% below our peer group of CAST, EAST, NYF and WIHL. Our fair value range as of the post-result comment in late October, of SEK 90-120 implies 2022e P/CEPS of 11x-15x and P/EPRA NRV of 0.89x-1.19x. We expect cons. estimates to come up by ~2-5% on the back of this report.
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