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
Research | 21 Jul 2023 | Arlandastad Group

Underlying operations still heading in right direction

 

Revenue increases driven by operating activities

Revenues for Q2 2023 came in at SEK 109.6m (84.3), having expanded by 30% y/y. Revenues from operating activities accounted for 62.5% of the total at SEK 68.5m (54.2), with rental income reaching SEK 40.8m, up 38% y/y. The increase in rental income stemmed chiefly from the operations at Skavsta, increased revenue-based rents, and rent indexation. The company continues to improve the cost-effectiveness of its operations, and despite annual increases in the cost bases of 24% and 23%, property expenses and expenses from operating activities dropped by 16% and 13% compared with Q1 2023. Property expenses include depreciations from commercial properties of SEK 9m during Q2 2023. Gross profits totalled SEK 35.1m (23.8), representing a gross margin of 32% (28%). Long-term NAV per share was SEK 88 (94).

Positive developments in management portfolio and operating activities

As of the end of Q2 2023, the property portfolio had a fair value of SEK 6,055m (6,184). Revaluation of properties bolstered the result by SEK 95.1m (280.8). The value of the building rights and value-added property portfolio was SEK 3.5bn (3.67), with the average building rights value of Explore Arlanda narrowing by some 4% to SEK 3,318 per sqm. Explore Skavsta building rights increased by around 1.7% The company has seen greater activity at both Arlandastad and Skavsta, with the lease programme bringing in new agreements with solid tenants like Tesla. We believe the operating activities will continue their positive contribution hand in hand with improved activity at Skavsta airport and event organisation.

Fair value maintained

The positive direction for revenues, earnings, and value growth in Q2 2023 leads us to reiterate our positive view on the company. In the longer term, we believe Arlandastad Group is well equipped thanks to its relatively moderate LTV and sustainable business model in which synergy effects are still being realised. We raise our revenue and interest income expense estimates for 2023–25 owing to reduced vacancies and rising market interest rates. We maintain our fair value of SEK 68–72.

 

Download (EN)
2023-02-16 Synergies and low LTV pave the way for further growth Show Close
2022-11-21 Progressing as planned Show Close

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