Eastnine: MFG option priced at zero - ABG

• Solid Q2 report, NAV down on MFG
• Recent increase in interest rate expectations
• 2023e P/CEPS at ~16x with option

Strong property management, as usual
The Q2 report beat our estimates on NOI (+3%) and IFPM (+4%), again. The LTM NOI margin of ~93% (up 4.9pp y-o-y in Q2) is the highest of all companies we cover. Our estimate changes for CEPS are due to a rapid increase in interest rate expectations in recent weeks, while the EPRA NRV changes stem from the MFG write-down.

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/8d6180a5eeac4fb0aa27e5a6d3ee8592/pdf/mfg-option-priced-at-zero-.pdf