Even though Eastnine delivered a Q4 report with stellar operating property management performance, we do acknowledge (and understand) that any news around the MFG divestment is key for the share price and the company outlook. Management has previously stated that a divestment may be completed in Q1'23 . With EUR 193m of cash consideration, leveraged at 50%, Eastnine may acquire properties for almost EUR 400m. Assuming these potential acquisitions were done at the current average property yield (~5.6%), this would add ~EUR 22m of NOI, equivalent to an increased NOI of >65% vs our 2023 estimate of ~EUR 33m.
Trading at 2023e P/CEPS of 17x
The share is trading at a 2023e P/CEPS of 17x and ~0.5x the reported EPRA NRV, below office peers and with the estimate potential from the MFG divestment noted earlier.
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