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SENASTE
We believe the Q1 report confirms our case that Trianon is a growth story. Trianon reported solid growth for Q1 with IFPM per share growth of 12% y/y and EPRA NAV up 31% y/y. The strong NAV growth was supported by revaluations of 3.0%, driven by 10 bp yield compression, investments and improved cash flows. Despite the strong revaluations, the yield on residentials was unchanged q/q at 4.2%. We still argue that residentials are too conservatively valued as we see transactions documenting 2.75-3.5%. We raise our NAV-based fair value range to SEK 131-167 (128-156), reflecting 3-5% positive NAV revisions due to the asset revaluation beat.
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