Value gains of 0.0% vs. ABGSCe 0.5%
Occupancy rate remains solid at ~92%
Income from property management -9% vs. ABGSCe
Q3 rental income came in at SEK 514m (465m), 1% above our forecast of SEK 510m. Net operating income was in line with our estimates (SEK 373m) at 371m (338m). However, SEK 103m in financial net vs. our forecast of SEK 78m results in an income from property management 9% below ABGSCe. The occupancy rate amounted to ~92% (~92% in Q2’22 and ~91% in Q3’21). The average interest rate was 2.9% (2.1% in Q2’22 and 1.7% in Q3’21).
EPRA NRVPS +1% q-o-q to SEK 115 (ABGSCe 116)
Property value changes amounted to SEK 0m or +0.0% (ABGSCe +0.5%). The valuation yield remained at 4.3% (unchanged q-o-q and down ~20bps y-o-y). Reported EPRA NRV per share amounted to SEK 115 (SEK 108 adj. for equity instruments) versus our forecasts of SEK 116 and 109, corresponding to +1% q-o-q for both. Net LTV was 42.7% (42.8% in Q2’22). Investments in projects and tenant adjustments in Q3 amounted to SEK 160m (189m) and 794m last 12 months (681m), compared to Fastpartner’s ambition of SEK 600-800m per year. The isolated Q3 numbers would imply estimate revisions of -10% on CEPS, while -1% on EPRA NRV.
Trading ~50% below 5 year average P/EPRA NRV
The share is trading at ~12x LTM P/IFPM and a ~50% discount to reported EPRA NRV (Q2’22). These metrics are clearly below FPAR’s 5y averages (19x and 7% premium) on P/IFPM and P/NRV. Moreover, these are ~0% and ~+10% vs. the average of peers ATLJ, CAST, FABG, HUFV and NYF.
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