Solid earnings capacity and estimates raised
Net operating income was +4% vs. ABGSCe while income from property management was 5% below our expectations, driven by higher than expected net financials. The earnings capacity (NOI) increased 8.5% q-o-q, driven by the acquisitions announced during Q3; in total SEK 738m, or ~6% of property values. We include these in our estimates and also update our project assumptions, since this was the first quarter in which Stendörren gave guidance on NOI contribution per project. Finally, we lower our CPI assumptions for 2025e-2026e, weighing somewhat on estimates. All in all, we raise our CEPS estimates by ~3% for '25e and ~7% for '26e.
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