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Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Trianon - Q3 review

Small estimate changes in ’22e-‘24e Solid demand for CSP and strong net leasing Refinancing secures liquidity and adds stability

Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Trianon - Solid report, but higher net financials than exp.

NOI increased 10% y-o-y, 1% vs ABGSCe Income from property management -7% vs. ABGSCe Value gains of 0.4% vs. ABGSCe 0.4%

Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Trianon - Stable in even the worst-case scenario

Estimate potential for an unprecedented rent increase Mostly hit by increased interest rate expectations Trading at ~16x and ~0.6x last reported IFPM and NAV

Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Sector Fast Comment - Rate hike impact on commissioned coverage

The Swedish Riksbank has hiked the repo rate by 100bps... …we have mapped out how this effects our coverage See sensitivity analysis below

Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

Trianon - ABGSC’s Investor Days feedback

Interest rate sensitivity provided by Trianon Yield of 3.9% is above H1’22 transaction market Potential tailwinds in coming tenant negotiations

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