Eastnine: Impressive occupancy trend - ABG

Higher occupancy and positive net letting
Clearly outperforming Swedish office peers
'25e P/CEPS ~14x (~-25% vs. sector avg) with estimate potential


Minor revisions following a solid Q3 report

Eastnine delivered a Q3 report with earnings broadly in line with expectations, while operational figures (occupancy/net letting) surprised on the positive side and the sequential net LTV contraction of >3pp was higher than we anticipated. Management speaks positively about both the acquisition pipeline and the underlying fundamentals/demand in its markets. Poland/Lithuania/Latvia have seen their real GDP growth clearly outperform the European average during the past ~25 years, with continued outperformance expected in the next ~4-5 years.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/eastnine/Equity-research/2024/10/eastnine---impressive-occupancy-trend/