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

Studentbostäder i Norden - Fully occupied

Occupancy in Q3’22 at 99.7%, up ~8 pp q-o-q Topline growth of >20% p.a. in 2023-2024e 2023 P/NAV at ~0.4x, ~35% below resi. peers

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

Studentbostäder i Norden - NOI below, IFPM above, ~100% occupancy

Rec. EBIT +17% y-o-y to SEK 28m, ABGSCe at 33m Net LTV -120 bps q-o-q, +60 bps vs ABGSCe Occupancy up ~8 pp q-o-q to 99.7%

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

Studentbostäder i Norden - Letting momentum and macro headwinds

Operational momentum – expect higher occupancy q-o-q Higher interest rate path leads to negative CEPS ‘23-‘24e 2022e P/NAV of 0.37x, ~40% below residential peers

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

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