Diös: Net financials behind PTP miss - ABG

Q2 NOI +14% y-o-y ,-2% vs ABGSCe
Higher net financials than expected, IFPM -15% vs ABGSCe
Positive net letting and continued high occupancy


First take on Q2 figures

Total income amounted to SEK 620m (-1% vs ABGSCe 626m), NOI 433m (-2% vs ABGSCe 388m) with a margin which contracted by 20 bps y-o-y to 69.8% (ABGSCe at +50 bps y-o-y to 70.5%). Recurring PTP 220m (-15% vs ABGSCe 259m), driven by higher financial expenses than expected (SEK 193m, ABGSCe at SEK 164m). The average interest rate paid during the quarter was 4.5%. Net letting of SEK 16m in the quarter is solid, and the like-for-like rental income growth was 10.6% (10.6% in Q1) and the NOI 10.5% (8.7% in Q1). The occupancy rate amounted to 92% (flat q-o-q). All in all, a report with NOI slightly below our estimates, strong operational metrics, but significantly higher net financial expenses take recurring PTP -15% vs ABGSCe.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/dios/Equity-research/2023/7/dios---net-financials-behind-ptp-miss/