Our sales estimates are up, mainly due to Företagsparken’s stronger-than expected sales growth in Q4. In its earnings capacity, net operating income was up to SEK 212m (121m in Q3) and the NOI margin improved to 74% (70% in Q3). Företagsparken has recently made public that it targets SEK 20bn in property value by year-end ’23 and SEK 6bn by the end of H1’22. We have raised our template acquisition forecasts and now model ~SEK 4.9bn in H1 and SEK 7.1bn in ’23e. Studentbostäder’s current share price level leads the ’22e contribution from associated companies and joint ventures to decrease by ~SEK 45m, which explains the slower EBIT growth in ’22e than ’23e. We have raised our ’22e value change assumptions for Företagsparken and Point based on improved business momentum and last quarter’s value uplifts, which were well above our forecasts.
First zoning plan approved & strong sales growth for Point
Point received its first zoning plan approval during Q1 in Motala, and expects construction to start in the spring. According to Fastighetsägarna and HUI, store sales in small and mid-sized cities have been more resistant to the pandemic than those of larger cities. Point’s earnings capacity also climbed above previous peaks in Q4 while the NOI margin reached 54%. Fastator’s majority-owned property management company Nordic PM increased sales by 50% q-o-q, and although net profit is ~net-zero, its growing relevance likely enables Fastator to cut operating costs.
EPRA NRV: Priced 45% below and grows 13% per year
The annual dividend per share was proposed at SEK 1.0 (0.65), implying a ~55% increase from last year – a sign of strength. We forecast Fastator’s EPRA NRV including dividends to grow by ~13% annually in our forecast period, and the share is
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