Carnegie Investment Bank
Arlandastad Group
Date Title Alternative
2024-04-17 News flow from Skavsta strengthens our investment case Download | Show Close
2024-02-20 Solid revenues in Q4 Download | Show Close
2023-11-17 According to plan Show Close
2023-07-21 Underlying operations still heading in right direction Show Close
2023-02-16 Synergies and low LTV pave the way for further growth Show Close
2022-11-21 Progressing as planned Show Close
Research | 21 Nov 2022 | Arlandastad Group

Progressing as planned

 

Revenue growth in property business and operating companies

The company generated revenues of SEK 208m for the first nine months of the year, corresponding to 70% growth y/y. Income from property management business during the period was SEK 92m and accounted for 44% of total revenue. Revenues from operating companies accounted for 55%. The increase in revenues from operating companies was driven by higher activity related to the lifting of COVID restrictions. Otherwise, rental income continues to increase as new leases are signed.

Marginal changes in estimates

In our assessment, the company’s business is moving in the right direction. Accordingly, we are making no adjustments related to operations. We are, however, raising our estimates for interest expenses in line with the market.

 

Fair value adjustment due to several macro headwinds

Considering the persistent uncertainty related to building costs, the weak transaction market, uncertain and turbulent financing market, we are adjusting our fair value down to SEK 72-74 from SEK 76-78. The company has low debt, high return on equity and is delivering on business-related targets and we therefore believe the high discount to both the real estate sector and NAV is unjustified. In our view, Arlandastad is currently one of the most interesting, listed property companies out there.

 

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