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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. Roughly 20% of the company’s holdings comprise other investments. 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.

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 2022 2023e 2024e
Rental income 30 36 38
Rental growth 40,72 19,53 3,86
NOI 27 33 34
NOI margin (%) 90,7 90,2 90,2
CEPS 0,59 0,67 0,69
CEPS growth (%) 38,28 13,13 2,75
DPS 0,32 0,36 0,4
EPRA NRV per share 21,94 20,94 21,65
EPS 1,7 -0,58 0,91
EPS adj. 0 0 0
P/CEPS 19,6 17,3 16,9
P/E (x) 6,8 -20,2 12,8
P/EPRA NRV 0,53 0,56 0,54
Implicit yield (%) 7,1 8,5 8,8
Dividend yield (%) 2,7 3,1 3,4
LTV (%) 0 0 0
EURm 2022 2023e 2024e
Rental income 30 36 38
Other income 0 0 0
Operating costs -3 -4 -4
NOI 27 33 34
NOI margin (%) 90,7 90,2 90,2
Adm. costs -4 -5 -5
All other income & costs 0 0 0
Recurring EBIT 23 28 29
Net financial items -10 -13 -14
Income from property management 13 15 15
Value chg. realized 0 0 0
Value chg. unrealized 9 -30 8
Value chg. derivatives 19 0 0
Pretax profit 42 -15 24
Deferred tax -4 2 -4
Current tax 0 0 0
Net profit 38 -13 20
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 38 -13 20
Cash earnings 13 15 15
Other related information N/A N/A N/A
Tax Rate (%) 10,6 15 15
Investments in developments -6 -6 -7
Acquisitions -121 0 0
Other investments N/A N/A N/A
Divestments 0 0 0
EPS 1,7 -0,58 0,91
CEPS 0,59 0,67 0,69
Dividend per share 0,32 0,36 0,4
Payout ratio of CEPS 53,58 53,52 57,87
Rental growth 40,72 19,53 3,86
NOI growth 42,88 18,91 3,87
CEPS growth 38,28 13,13 2,75

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 -

Main shareholders Share capital % Voting shares % Verified
Peter Elam Håkansson 25.9 % 25.9 % 24 Feb 2023
Bonnier Fastigheter Invest AB 13.7 % 13.7 % 24 Feb 2023
Arbona AB (publ) 10.0 % 10.0 % 24 Feb 2023
Kestutis Sasnauskas 4.3 % 4.3 % 24 Feb 2023
Lazard Asset Management 3.9 % 3.9 % 31 Dec 2022
Patrik Brummer 3.7 % 3.7 % 24 Feb 2023
Avanza Pension 2.1 % 2.1 % 24 Feb 2023
Karine Hirn 1.8 % 1.8 % 24 Feb 2023
Nordnet Pensionsförsäkring 1.8 % 1.8 % 24 Feb 2023
Dimensional Fund Advisors 1.5 % 1.5 % 28 Feb 2023
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Britt-Marie Nyman + 2 000 BUY 19 May 2021
Britt-Marie Åfors Nyman + 1 225 BUY 18 May 2021
Liselotte Hjorth + 7 500 BUY 11 May 2021
Christian Hermelin + 2 006 BUY 7 May 2021
Christian Hermelin + 1 000 BUY 7 May 2021
Kestutis Sasnauskas + 4 800 BUY 16 Dec 2020
Kestutis Sasnauskas + 4 000 BUY 16 Dec 2020
Lars Peter Elam Håkansson + 1 541 BUY 24 Nov 2020
Lars Peter Elam Håkansson + 733 BUY 24 Nov 2020
Lars Peter Elam Håkansson + 1 026 BUY 24 Nov 2020

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