Stenhus Fastigheter just announced a bid for RFAST, of which ~69% is to be paid in shares and ~31% in cash. Bid amounts to SEK 61.1 per share, equivalent to a premium of ~8% to last close. The portfolios overlap relatively well, in our view, and Stenhus argues there are annual synergies (operational and financial) of ~SEK 20m and mentions the synergies related to overlap in segment exposure and geographical presence.
Valuation
The bid valuation implies a ~3% discount to last reported EPRA NRV and ~14x 2022e CEPS. Randviken carried out a significant rights issue of SEK 800m late in 2021 at SEK 69 per share. We have a fair value range of SEK 66-79 and believe the bid is below what one could expect in a public takeover.
Deal likely to go through
52% of the current shareholders (including major owners such as Fastpartner, SBB and Landia have accepted the offer), This also holds true for key personnel such as Gustaf Segerborg (CEO) and Tobias Emanuelsson (Chairman, Founder).
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