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Fastighets AB Trianon: 3 directors

A director at Fastighets AB Trianon bought 115,000 shares at 16.661SEK and the significance rating of the trade was 45/100. 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 two year...

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

Trianon - Actionable response to higher interest rates

We postpone timelines for some projects Major swap portfolio restructured – 40% secured to 2025 25x P/IFPM and 1.0x P/EPRA NRV in 2022e

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

Trianon - Slight NOI miss but an overall solid report

Net operating income -1% vs ABGSCe, -3% vs cons. +0.7% in value changes (ABGSCe +0.9%) Positive net leasing of SEK 3.7m (3.8m)

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

Trianon - ESG profile

On the social front, the company takes actions to include as many people as possible in its workforce. Finding internships for adolescents living in their properties, including social impact clauses in contracts with other parties, and creating venues are just a few of the initiatives Trianon works with. On the environmental side, the company constantly monitors the use of water and electricity at its properties. There is, however, a risk of not prioritising the most environmentally friendly sol...

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

Trianon - Respected property management in the south

We increase our indexation assumptions for ’23e and ’24e 52bps increase to the average interest rate in ’22e-’24e ~1.15x P/EPRA NRV and ~30x P/IFPM in ’23e

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

Trianon - Increased project focus

Growing project pipeline to start yielding in 2022 Strong market supportive of more value changes 1.07x ’23e P/EPRA NRV for a 12% CAGR

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

Trianon - Lower NOI margin but limited full-year impact

NOI and IFPM in earnings capacity up by ~5% and ~4% 5.5% value changes and valuation yield 3.9% (4.2% Q3) 186 renovated apartments in 2021 (132)

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