EPRA NRV growth of 13% y-o-y Q2 property value changes amounted to SEK 33m (0.5% of property value) compared to our estimate of SEK 33m (0.5%). EPRA NRV grew 13% y-o-y and 2.3% q-o-q. The average valuation yield amounted to 3.99%, down by 4 bps q-o-q from 4.03% in Q1’22 (4.06% in Q4’21). Approximately SEK 40m of the value changes stem from projects, i.e. ~SEK -6m from investment properties. The net LTV amounted to 60.9%, down 2.0 pp q-o-q, while 5.4 pp lower than our estimate of 66.4%, driven by a later-than-expected closed acquisition. Post Q2, SBS has announced a direct share issue of SEK 125m at SEK 5.01 per share, equivalent to a discount to Q2 EPRA NRV of ~55%.
High beta in sector headwinds Studentbostäder is a relatively small and fast-growing student housing niche player. SBS has a higher share of projects than our sector average, and higher gearing. In an environment of skyrocketing development costs due to inflation, and increased interest rate expectat ... Läs mer på ABG Sundal Collier
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