MaxFastigheter Attractive 39% NRV discount
We see the lack of rent discounts in Q3 as a sign of tenant-base strength, as well as confirmation of the asset book value by the external appraiser, as the value change was unchanged in the quarter - despite the pandemic. Postponing its growth target by one year (asset value of SEK5bn at end-Q2 2022) makes sense to us in the current market, and we still see upside potential from its growth strategy. We have lowered our 2021–2022e EPS by c5% after updating our revenue and net interest estimates, but reiterate our fair value of SEK31–42/share.MaxFastigheter i Sverige AB is a Sweden-based company, which is primarily focused on real estate development and operations industry. The Company owns, manages and develops commercial properties. The Company's property portfolio consists of commercial properties located on various local venues in Sweden, such as Avesta, Eskilstuna, Fagersta, Karlstad, Norrkoping, Sandsvall, Vasteras, Osthammar. Its property portfolio's leasable area is approximately 70,000 sqm.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.