Property value changes amounted to SEK -1,760m or -4.7% (ABGSCe -2.1%) — key peers in Stockholm (Atrium Ljungberg and Fabege) reported property value changes of -2.4% and -4.1%, respectively. The valuation yield increased by ~50bps q-o-q to 4.8% (and up ~40bps y-o-y). Reported EPRA NRV per share amounted to SEK 107 vs Q3'22 at SEK 115. Net LTV was 45.8% (42.7% in Q3’22). Investments in projects and tenant adjustments in Q4'22 amounted to SEK 201m (249m) and 747m TTM (777m), compared to FPAR’s ambition of SEK 600-800m per year.
Trading at P/CEPS ~21x vs five-year average of ~23x
The share is trading at ~21x 2023e CEPS and at a ~19% discount to reported EPRA NRV, compared to its 5-year average of 23x and a 3% premium.
Aktuellt
SENASTE
