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ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf
Fredrik Stensved ... (+3)
  • Fredrik Stensved
  • Markus Henriksson
  • Victor Krüeger

K2A Knaust & Andersson Fastigheter - Solid Q3 report and upcoming proj...

Q3 report with occupancy +2pp q-o-q Project start in Bro (Stockholm) in Q4’22e Uncertainty remains high – HOLD, TP SEK 16 (unch.)

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

K2A Knaust & Andersson Fastigheter - Topline beat filters through

Q3 NOI +34% y-o-y, +8% vs ABGSCe Net LTV up to 68.2% (+140 bps q-o-q) High beta and several headwinds – HOLD

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

Sector Report - Steering clear of macroeconomic picks

Estimates trimmed by 3-4% for ’22e-‘24e Low leverage & long interest maturity dampen revisions ~40% discount on P/CEPS vs. FABG and HUFV – BUY

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

K2A Knaust & Andersson Fastigheter - Thematic headwinds

Est revisions on higher opex and interest rate path Expect even stronger leasing/occupancy Low-yielding assets – stick to HOLD

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