We view the occupancy rate of 88% as a potential and an increased focus on asset management could, in our opinion, lead to sector-high like-for-like rental income growth. We also argue that the average yield requirement of 5.7% is too high relative to transactions seen in the direct market and estimate yield compression of 45 bps until ‘23e. The share is trading at NTM P/CEPS of 35.2x and a premium to EPRA NRV of 38%. We assign a fair value range of SEK 260-305, which based on our NTM estimates implies P/CEPS of 33x-39x and P/EPRA NRV of 1.30x-1.53x.
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