Trianon:Ability to grow for many years to come - Nordea

In Q2, Trianon was active in investments, including listed, shares, projects and building rights. The rental income lost by divesting Multihuset exceeds that gained by the investments, however, resulting in 5-7% negative cash earnings revisions for 2021E-23E. We still expect Trianon to outperform the sector in 2021, with 38% adjusted EPS growth and NAV growth of 22%. Trianon repeatedly delivers among the highest growth in the sector, due to its strong cash flows and high reinvestment capacity. We also see significant revaluation potential in the residential portfolio. Marketing material commissioned by Trianon.

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