Xplora Technologies: A relative winner among high yields - ABG

Operationally strong as usual
Short interest maturity, but...
...other characteristics suggest it will be a relative winner


Better Q4 than expected

Nyfosa delivered a Q4 report with NOI 10% above Infront Data Consensus. Part of the beat was driven by higher recharged operating costs and the top-line earnings capacity was relatively in line with cons 2023 estimates, which limits top-line estimate revisions. We adjust our NOI margins up, although not close to the earnings capacity at ~70% (ABGSCe at ~66% in 2023e). From an operational point of view, the positive net letting streak of 14 consecutive quarters ultimately came to a halt, with net letting of SEK -4m in Q4. However, occupancy remains stable (up 60bp to 63.7%), which is more important.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/xplora-technologies/Equity-research/2023/2/xplora-technologies---a-relative-winner-among-high-yields/