Stendörren: Q3 weaker than expected - ABG

NOI increased 13% y-o-y, -1% vs. ABGSCe
Value gains of 0.0% vs. ABGSCe 0.5%
NOI margin in the earnings capacity up 2.0 pp


Income from property management -8% vs. ABGSCe

Total income came in at SEK 184m (159m), compared to our forecast of SEK 187m. Net operating income (NOI) was SEK 144m (128m), -3% compared to our estimate. Income from property management (IFPM) amounted to SEK 74m (82m), -8% vs. ABGSCe. Net leasing summed up to SEK 4m (14m) and SEK 52m (27m) R12m, and the occupancy rate remained at 91% (91% in Q2’22 and 88% in Q3’21). Net operating income in the earnings capacity came up by 4.5%, mostly driven by decreased operating costs. As a result, the NOI margin increased by 2.0 pp q-o-q to 77.4%. Renegotiated rents increased by an average of 21%.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/stendorren/Equity-research/2022/11/stendorren---q3-weaker-than-expected/