Estimates up further on completion of bond buybacks
Eastnine delivered a solid Q3 report, with operational figures broadly in line with estimates (rental income -1% and NOI +0% vs ABGSCe). We increased our CEPS estimates by >30% ahead of the report thanks to the inclusion of interest income on the MFG cash consideration, but we again hike estimates today. The major explanation is the bond buyback completed in early Q4'23 of ~EUR 45m with an interest rate of EURIBOR +500bp.
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