LHV Institutional 'EfTEN Real Estate Fund III (EFT1T ET) Company update, April 14th, 2021'
* The Fund invests directly in commercial real estate in the Baltic states, primarily targeting properties that are already cash-generating. EfTEN targets properties that are strategically located in the retail, office, and logistics segments, with reliable tenants and predominantly long-term leases.* In order to assess the value of the Fund, we used six metrics, including 1) P/E, 2) P/Book, 3) EV/EBIT, 4) Cash Distribution Yield, 5) P/EPRA NRV & Net Initial Yield correlation, and 6) Cash Distribution Discount Model. We decided to prefer the correlation implied P/EPRA NAV and CDDM as more prominent valuation metrics for the Fund, compared to other peer valuation metrics.
* Overall, based on our current projections for EfTEN and other assumptions, we decided to upgrade our FVR from the previous EUR 17.50-18.40 to EUR 19.30-20.30 per share. Under current market conditions, we should exercise caution when considering prevailing fair value ranges, as there is a high level of volatility in the market that has a significant impact on the outcome. This report contains a full set of financial forecasts and is useful for gaining an initial insight into the company. Please also refer to the tables and charts in the attachment.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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