Randviken delivered a Q1 report with rental income of SEK 97m (+5% vs ABGSCe at SEK 92m) and NOI of SEK 73m (+4% vs ABGSCe at SEK 70m). Net financial expenses was -27m, hence the IFPM amounted to SEK 38m (compared to our estimate of SEK 41m). Randviken did significant acquisitions during the first quarter, driving the earnings capacity rental income (excluding non-completed acquisitions as per 31 March 2021) to SEK 448m, up 14% q-o-q. All in all, a solid report, NOI estimates likely to come up ~2-3%, but higher financial expenses will weigh negatively on IFPM/CEPS.
EPRA NRV per share at SEK 65, +2% vs ABGSCe
Property value changes in Q1 amounted to SEK 66m (+1.0% of property value) compared to our estimate of SEK 32m (+0.5%). The valuation yield expanded by 10 bps q-o-q to 4.90%, partly explained by acquisitions done during Q1. The net LTV amounted to 58.3%, up/down 290 bps q-o-q and 159 bps higher/lower than our estimate of 56.7%. The interest maturity stands at ~1 year.
Public takeover bid from Stenhus
Stenhus Fastigheter announced a public takeover bid for all the outstanding shares in RFAST the 14th of April. More than 50% of the owners have already accepted the terms, including major owner such as Fastpartner, SBB and Landia. Adding to this, key personnel such as Gustaf Segerborg (CEO) and Tobias Emanuelsson (Chairman, Founder) are positive to the bid/merger. We expect it go through. ~69% of the consideration is to be paid in shares. Läs mer på ABG Sundal Collier
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