We increase our CEPS estimates by ~1% for '25-'26
Eastnine delivered a Q4 report with earnings in line with ABGSCe. The earnings capacity was slightly higher than we expected, driven by net interest. The Board proposed a DPS of SEK 1.20 (~2.5% dividend yield) and changed its pay-out ratio to >30% of income from property management after current tax (vs. >50% previously). Eastnine made the change since it sees plenty of investments, which we view positively. Management also highlights positive underlying demand in its markets. Poland/Lithuania/Latvia have seen their real GDP growth clearly outperform the European average during the past ~25 years, with continued outperformance expected in the next ~4-5 years.
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