Rental income came in at SEK 177m (161m), -2% vs our forecast of SEK 181m. Net operating income (NOI) was SEK 129m (111m), we expected SEK 131m, with a slightly better NOI margin than ABGSCe. Central admin and net financials were broadly in line and income from property management came in 3% below us at SEK 72m (53m). However, slightly lower cost for the hybrid bond and lower paid tax than expected causes CEPS to come in 1% below ABGSCe. Net leasing summed up to SEK 15m (14m) and SEK 41m (26m) trailing 12 months (11m). The occupancy rate improved to 90% (89% in Q4’21). The CEO highlights that if including known net leasing the occupancy rate is 92% 12 months from now. The increase of rents in renegotiations was 20%. NOI in the earnings capacity fell slightly (-0.5%), we will need to dig deeper to understand the reason for that.
EPRA NRVPS in line with ABGSCe (+34% y-o-y) Unrealised and realised value changes amounted to SEK 129m (169m) or +1.1%, in line with ABGSCe. The value changes stem from improved cash flows from new letting, renegotiated rents but also changed market rent assumptions and changed yield requirements. The average valuation yield was down 0.2pp q-o-q (0.4pp y-o-y) to 5.5%. EPRA NRVPS increased 3.6% q-o-q and 34% y-o-y to SEK 193, in line with our forecast. Net LTV fell to 48% from 50.1% in Q4’21. The average interest rate was unchanged q-o-q at 2.3%. The average interest maturity was 3.5 years (3.7 in Q4).
Trading ~37% below peers The share is currently trading at ‘23e P/IFPM of ~20x compared to Catena at ~19x. Compared to a wider logistics/warehouse peer group (CATE, NP3, SAGA & SLP), STEF is trading ~37% below the average on last 12 months P/EPRA NRV. Läs mer på ABG Sundal Collier
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