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Eastnine: Uneventful Q1: all eyes on CMD in May - ABG

ABG Sundal Collier 25 Apr 06:55

Rec. PTP -6% vs ABGSCe
Sector-low LTV leaves room to grow
Limited revisions, all eyes on CMD in 3w

Small miss on both NOI and net interest

Eastnine delivered a Q1 report with rental income of EUR 9m (-1.2% vs ABGSCe), NOI of EUR 8m (-1.6% vs ABGSCe) at a NOI margin of 92.2% (-0.3% vs ABGSCe). Net financials were higher than expected as maturing loans were refinanced at a higher interest rate than previously, leading to rec. PTP of EUR 5m being -6.1% vs ABGSCe. Occupancy came down -40 bps sequentially to 92.7% and the WAULT was extended 0.3 years to 4.1 years. Like-for-like rental growth decreased 0.0% (9.0% in 4Q'23). Earnings capacity IFPM decreased to EUR 21m, which is -3.0% q-o-q and -2.0% vs. ABGSC 2024e.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/eastnine/Equity-research/2024/4/eastnine---uneventful-q1-all-eyes-on-cmd-in-may/

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