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Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
A2QQJY FASTATOR AB

Fastator - Transaction activity up due to two new JVs

High transaction activity via JVs and existing holdings Point and Studentbostäder both had strong quarters P/NAVPS of 85%, NAVPS CAGR of 37% in last 3 years

06/04/21 June 4, 2021 8 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
MAXF MaxFast Propert...

MaxFastigheter - Q1 was quiet, keep an eye on the bid

NOI of SEK 40m, up 22% y-o-y EO adj. rec PTP up 18% y-o-y & CEPS up 5% Small value uplifts and lower cash yield

MAXF MAXFAST PROPERTIES AB
05/11/21 May 11, 2021 6 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
24STOR 24STORAGE AB

24Storage - Eventful quarter – proceeding towards targets

Rental income per lettable sqm SEK 2,065 (2,028 in Q4) EPRA NAVPS increased 5% y-o-y, to SEK 40.5 P/EPRA NAVPS last reported of 110%, in line with sector

05/10/21 May 10, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
STEF B Stendoerren Fas...

Stendörren Fastigheter - Falling recurring PTP, rising EPRA NAVPS

Cold weather and rental loss behind drop in NOI Commitment to resi development declared post-Q1 2021e P/CEPS of 27x is above sector average by 27%

STEF B STENDOERREN FASTIGHETER AB CLASS B
05/10/21 May 10, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
EAST EASTNINE AB

Eastnine - Stable Q1, better momentum in 1st half of Q2

NOI fell 7% q-o-q due to vacancies, up 14% y-o-y Strong balance sheet allows for growth ambitions Last reported P/EPRA NAV in line with past average

05/07/21 May 7, 2021 6 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
TRIAN B Fastighets AB T...

Trianon - Strong quarter and more to come

Q1 NOI up 16% y-o-y, to SEK 88m EPRA NAVPS up 31% y-o-y, 22% for ‘21e ‘22e P/CEPS of 19.9x, vs. sector avg. of 19.2x

TRIAN B FASTIGHETS AB TRIANON CLASS B
05/06/21 May 6, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
CATE CATENA AB

Catena - Capturing the strong logistics wave

NOI up ~5% to SEK 259m, consensus at SEK 258m 6% vacancy temporary – underlying momentum remains 3.7% value uplifts due to strong market (ABGSCe 0.5%)

04/30/21 April 30, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
CATE CATENA AB

Catena - Acquisitions and projects major drivers in Q1

Rental income to grow 7% y-o-y (5% in Q1’20) Among the lowest T12m NIBD/EBIT in the sector Valued at 6% below NP3 and 47% below Sagax on NAV

04/20/21 April 20, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
FPAR FASTPARTNER

Fastpartner - Earnings growth above office peers

Recurring PTP growth of 10% and NOI 7% y-o-y in Q1e EPRA NAV to grow 14% in Q1e and 5.1% in ’21e (5.4%) -8% P/CE in ’21e and -5% P/EPRA NAV, vs. sector avg.

04/16/21 April 16, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
EAST EASTNINE AB

Eastnine - Baltic growth with Nordic risk

High operational leverage and cheap financing Baltic prime office market outlook is bright We expect acquisitions to add to estimates

03/29/21 March 29, 2021 49 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
MAXF MaxFast Propert...

MaxFastigheter - Stenhus likely to acquire MaxFastigheter

Largest owners have indicated approval Larger operations and better financing combine MaxFast’s ‘21e P/CEPS from 17.5x to 20.7x this morning

MAXF MAXFAST PROPERTIES AB
03/03/21 March 3, 2021 4 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
CATE CATENA AB

Catena - Solidified operations in a growing RE market

Occupancy at 96.2%; top tenants report good momentum EPRA NAVPS +21% vs. ABGSCe +13% 5% above sector on P/CE, with 9% yearly CEPS growth

03/02/21 March 2, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
24STOR 24STORAGE AB

24Storage - Solid expansion and LFL growth in 2020

Revenue growth of 21% to SEK 78m in 2020 Value gains of 4.3% vs. ABGSCe of 3.0% Fair value range of SEK 33-58

03/01/21 March 1, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
TRIAN B Fastighets AB T...

Trianon - Double-digit growth and an eventful quarter

Recurring PTP grew 26% to SEK 244m for FY’20 SEK 500m Burlöv acquisition main positive in Q4 +0.91% value revisions in Q4, +4.7% in 2020

TRIAN B FASTIGHETS AB TRIANON CLASS B
02/25/21 February 25, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
STEF B Stendoerren Fas...

Stendörren Fastigheter - Awaiting the portfolio potential

Modest income trend offset by low costs +88% recurring PTP in 2020 (-25%) Building rights portfolio remains large at SEK 1.4bn

STEF B STENDOERREN FASTIGHETER AB CLASS B
02/25/21 February 25, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
DIOS Dios Fastighete...

Diös Fastigheter - Strong year despite challenging environment

Revenue of SEK 1,878m (1,854), +1% y-o-y Net lettings up 19% in 2020 to SEK 51m (43) ‘21e P/CE of 10x vs. sector average of 18.4x

DIOS DIOS FASTIGHETER AB
02/16/21 February 16, 2021 7 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
MAXF MaxFast Propert...

MaxFastigheter - Looking beyond COVID-19

COVID-19: No defaults and 1.1% rental discounts 30% rental income growth in 2020 ’21e P/CE at 12.8x vs. sector average at 18.4x

MAXF MAXFAST PROPERTIES AB
02/16/21 February 16, 2021 6 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
FPAR FASTPARTNER

Fastpartner - Fended off COVID-19 and returned to ATHs

2020 IFPM +12% despite 50% office exposure Adj. EPRA NAVPS of SEK 83.8, CEPS SEK 4.25 Ongoing investments in projects of SEK 1,122m (+30%)

02/16/21 February 16, 2021 6 EN
Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger
AMAST Amasten Fastigh...

Amasten - Terminating coverage

ABGSC ceases coverage of Amasten Transferring coverage to institutional research Last published estimates are shown in this report

AMAST AMASTEN FASTIGHETS AB
12/18/20 December 18, 2020 8 EN
Staffan Bulow ... (+3)
  • Staffan Bulow
  • Tobias Kaj
  • Victor Krüeger
A2QQJY FASTATOR AB

Fastator - 37% NAVPS growth in Q3

NAVPS of SEK 110 vs. ABGSCe of SEK 116 NAVPS growth of 37% y-o-y and 3% q-o-q P/NAVPS (last reported) of 106%

11/06/20 November 6, 2020 9 EN
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