MaxFastigheter Lower Covid-19 hit than expected
Covid-19 had less of an impact on revenues than we had expected and the debt maturity improved after several refinancings: it is now 2.0 years on average, with no bond maturing until October 2021. Cash earnings and a minor unrealised asset value gain supported the increase in EPRA NRV to SEK45 (+2.1% QOQ), implying that the stock is at a 36% discount. We have adjusted our estimates and have tweaked our fair value to SEK31–42/share (SEK30–41) on our updated NAV forecast.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.
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