Kojamo (Hold, TP: EUR20.50) - Pandemic hits occupancy and LFL
Q3 rental income was 1% above our forecast and Infront consensus. On lower direct property costs, EBIT was 3% above Infront and 6% above our estimate. The underlying Q3 was thus a beat on FFO, despite the occupancy rate drop of 30bp QOQ, driven by a 60bp QOQ drop in the Helsinki region. The higher vacancy rate resulted in LFL rentals of -0.2% YOY. We reiterate our HOLD and have raised our target price to EUR20.5 (19) as we publish 2024 forecasts and roll forward our NAV valuations.Kojamo Oyj is a Finland-based private residential real estate company. It offers rental apartments and housing services for tenants primarily in the Helsinki region, the Tampere, Turku, Kuopio and Lahti regions, as well as in the cities of Oulu and Jyvaskyla. The Company's portfolio comprises over 35 000 rental apartments. The Company operates within two segments: Lumo and VVO. The Lumo segment includes commercial housing services and apartments primarily are free from restrictions under state-subsidized housing loans (ARAVA) and/or interest subsidy legislation. The VVO segment includes the rental apartments subject to restrictions on rent levels under ARAVA and/or interest subsidy legislation.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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