Effective operational delivery
Improved debt metrics post value gains & acquisition
12.8x P/IFPM and 0.48x P/EPRA NRV 2023e
Raised occupancy rate from positive net letting
Net letting in Q2 was EUR 1.8m (2.1m TTM), in sharp contrast to the EUR -1.7m in 2021. Although Baltic GDP forecasts are declining, Eastnine is still experiencing growing demand, primarily from IT sector tenants, and believes its tenants could thrive even in a weaker business cycle due to their emphasis on improved profitability. Thanks to the strong net letting, we lift our occupancy rate gradually up to 93.4% by Q1’23e, from 91.5% in Q2, while the net operating income margin is down somewhat in ’22e & ’23e from higher energy costs. We trim our central admin forecast somewhat but are still above the reported earnings capacity. All in all, a strong report that results in positive estimate revisions on CEPS of ~2-3%.
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