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SENASTE
Trianon reported net operating income 2% ahead of our estimate despite a SEK 4.4m negative impact owing to COVID-19. While near-term results confirm solid operational performance, we find Trianon's long-term prospects more significant. With 73% of its portfolio exposed to residential and community service properties and almost 700 apartments in its project portfolio due for construction start within 12 months assuming regulatory approvals, we see good potential for Trianon to continue its low-risk growth journey. We estimate 2020-22 EPS growth of 13-23%, driven by decreased cost of debt, renovation and acquisitions, with corresponding NAV growth of 12.9-15.4%. We see the main share price triggers as: 1) project starts, 2) acquisitions, 3) asset revaluation. After a change of analyst, we increase our NAV-based fair value range to SEK 115-142 (95-133) per share.
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