Studentbostäder i Norden: Q4 beat and solid outlook - ABG

Q4 NOI +29% y-o-y, +14% vs ABGSCe
Property values -0.6%, net LTV 65.8%
Occupancy at ~99%


Q4 snapshot

Studentbostäder delivered a Q4 report with rental income of SEK 90m (+11% vs ABGSCe) and NOI of SEK 52m (+14% vs ABGSCe) with a margin of 57.7% (+0.6 pp y-o-y, +1.9 pp vs ABGSCe at 55.9%). Occupancy came in at an impressive 98.8% (99.7% in Q3'22) and the earnings capacity rental income (including project completions and signed acquisitions) increased by 4.9% q-o-q to SEK 451m. Management notes that the number of students generally increase in uncertain times, at the same time as new development project starts in Sweden currently is limited.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/studentbostader-i-norden/Equity-research/2023/2/studentbostader-i-norden---q4-beat-and-solid-outlook/