~13x 2023e P/IFPM of and 0.26x P/EPRA NRV On pre-Q2 estimates, the share is valued at ~13x 2023e P/IFPM and a 74% discount to EPRA NRV. OP is higher leveraged than the sector (~71% net LTV Q1’22 vs. ~46% avg. of peers CAST, FPAR, and WIHL) while it is valued some 20% above (P/IFPM) and 60% below (P/EPRA NRV). We have a fair value range of SEK 5.5-8.0.
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