Analyser av Oscar Properties

Oscar Properties: Focus on deleveraging in 2023 - ABG

Positive net leasing in both Q4'22 and 2022 Finalised divestments and more to come Net LTV of 73.

Likely high indexation: positive for rental growth Steep interest hikes limit prospects for the share ~60-70% below peers on P/EPRA NRV ’2...

Old projects marked off – positive Likely a net seller in the coming quarters We trim rental income and NOI by ~10-15% Positive net letting...

Net operating income -17% vs. ABGSCe IFPM in earnings capacity down ~50% Occupancy rate at 87% (88% in Q1) Negative income from property man...

Top-line estimates up due to acquisitions CEPS and NRV estimates down on higher interest rates ~19x P/IFPM and ~0.

SEK 1.1bn acquisition announced at ~SEK 6,500 p. sqm Adds 34% to earnings capacity IFPM (gross) Debt financing secured at lower-than-avera...

Positive top line revisions while lowered NOI margin Borrowing terms should improve even with higher repo ‘24e P/IFPM of ~13x and P/EPRA NRV...

Rental income +5% vs ABGSCe Some questions around higher costs ~50% below peers on ’22e P/EPRA NRV Earnings capacity IFPM up 9% in absolute...