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Eastnine

Eastnine

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Eastnine is a Swedish long-term real estate manager of modern, sustainable offices and logistics premises at prime locations in the Baltics and Poland. A majority of the property value is located in Vilnius, where EAST is the largest prime office owner. The Baltics are growing faster than the Nordics and both the office and logistics markets are picking up speed. The region is also technically advanced and has an attractive tax regime.

Sustainability information

Real estate companies are subject to macro risks, supply of premises risk, supply of capital risk, debt availability risk, forex risk, regulatory risk, rental income risk, property cost risk, property value risk and ownership risk. We argue that the key specific risks related to Eastnine are macro risks, forex risks and portfolio risks.

Financials

EURm 2024 2025e 2026e
Rental income 42 62 64
Rental growth 14,81 50 2,04
NOI 39 59 60
NOI margin (%) 92,8 94,2 94,3
CEPS 0,23 0,32 0,35
CEPS growth (%) 18,59 38,47 9,32
DPS 0,11 0,11 0,12
EPRA NRV per share 4,71 5,26 5,69
EPS 0,07 0,54 0,47
EPS adj. 0 0 0
P/CEPS 17,6 12,7 11,6
P/E (x) 60 7,6 8,5
P/EPRA NRV 0,86 0,77 0,71
Implicit yield (%) 4,3 6,6 6,9
Dividend yield (%) 2,6 2,8 2,9
Net LTV (%) 49,63 46,06 43,11
LTV (%) 0 0 N/A
EURm 2024 2025e 2026e
Rental income 42 62 64
Other income 0 0 0
Operating costs -3 -4 -4
NOI 39 59 60
NOI margin (%) 92,8 94,2 94,3
Adm. costs -4 -5 -5
All other income & costs 0 0 0
Recurring EBIT 35 54 55
Net financial items -12 -21 -20
Income from property management 22 32 35
Value chg. realized 0 0 0
Value chg. unrealized -4 30 19
Value chg. derivatives -5 1 0
Pretax profit 13 63 55
Deferred tax -5 -9 -7
Current tax -2 -1 -1
Net profit 6 52 46
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 6 52 46
Cash earnings 21 31 34
Other related information N/A N/A N/A
Tax Rate (%) 52,1 16,9 15
Investments in developments -4 -5 -5
Acquisitions -320 0 0
Other investments N/A N/A N/A
Divestments 0 0 0
EPS 0,07 0,54 0,47
CEPS 0,23 0,32 0,35
Dividend per share 0,11 0,11 0,12
Payout ratio of CEPS 46,51 35,27 33,88
Rental growth 14,81 50 2,04
NOI growth 14,64 52,24 2,16
CEPS growth 18,59 38,47 9,32

Equity research

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Media

Eastnine - Company presentation with CEO Kestutis Sasnauskas & CFO Britt-Marie Nyman
Eastnine - Company presentation with CEO Kestutis Sasnauskas

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Main shareholders - Eastnine

Main shareholders Share capital % Voting shares % Verified
Peter Elam Håkansson 26.0 % 26.0 % 28 Apr 2025
Bonnier Fastigheter Invest AB 15.8 % 15.8 % 28 Apr 2025
Arbona AB (publ) 9.2 % 9.2 % 29 Jan 2025
Kestutis Sasnauskas 4.5 % 4.5 % 28 Apr 2025
Patrik Brummer 3.4 % 3.4 % 28 Apr 2025
Karine Hirn 1.7 % 1.7 % 28 Apr 2025
Göran Gustafssons Stiftelser 1.6 % 1.6 % 28 Apr 2025
Dimensional Fund Advisors 1.3 % 1.3 % 30 Apr 2025
Martin Olof Brage Larsén 1.0 % 1.0 % 28 Apr 2025
Gustaf Hermelin 0.9 % 0.9 % 28 Apr 2025
Source: Holdings by Modular Finance AB