Eastnine: In a unique position - ABG

CEPS up further on bond buybacks
We expect acquisitions in the next ~6 months
Valuation below the sector, with stronger metrics


Estimates up further on completion of bond buybacks

Eastnine delivered a solid Q3 report, with operational figures broadly in line with estimates (rental income -1% and NOI +0% vs ABGSCe). We increased our CEPS estimates by >30% ahead of the report thanks to the inclusion of interest income on the MFG cash consideration, but we again hike estimates today. The major explanation is the bond buyback completed in early Q4'23 of ~EUR 45m with an interest rate of EURIBOR +500bp.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/eastnine/Equity-research/2023/10/eastnine---in-a-unique-position-/