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Victor Krüeger
  • Victor Krüeger

MaxFastigheter - Terminating coverage

ABG terminates coverage of MaxFastigheter… …as it has been bought by Stenhus Fastigheter Last published estimates are shown in this report

MaxFastigheter I Sverige AB: 2 directors

Two Directors at MaxFastigheter I Sverige AB sold 1,062,497 shares at 44.800SEK. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...

Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger

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

Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger

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

Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger

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

Martin Arnell ... (+5)
  • Martin Arnell
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
Niklas Wetterling
  • Niklas Wetterling

MaxFastigheter Set for strong IFPM growth in 2021

The Q4 report was solid, and showed continued resilience despite Covid-19. We have raised our fair value range to SEK37–44 after lifting our 2022e EPS by 2% following recent acquisitions, as well as trimming our valuation yield following tightening credit spreads in the capital markets. We expect a strong improvement in IFPM (income from property management) per share, with 20% growth in 2021 (from 4.5% in 2020), driven by project completions and acquisitions.

Staffan Bulow ... (+3)
  • Staffan Bulow
  • Tobias Kaj
  • Victor Krüeger

MaxFastigheter - Attractive exposure to discount/grocery retail

Top 10 tenants have been achieving a 10% CAGR CEPS CAGR of 10% in ‘20e-‘22e ‘20e P/CE of 12x implies ~40% discount to sector

Alexander Aukner ... (+13)
  • Alexander Aukner
  • Frank Maaø
  • Håkon Astrup
  • Jesper Ingildsen
  • Joachim Gunell
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen
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