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Eastnine

Eastnine

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.

EURm 2023 2024e 2025e
Rental income 36 37 38
Rental growth 19,36 1,5 3
NOI 34 34 35
NOI margin (%) 93 93 93
CEPS 0,78 0,95 0,99
CEPS growth (%) 30,62 22,85 3,44
DPS 0,42 0,47 0,49
EPRA NRV per share 18,58 19,47 20,36
EPS -1 1,14 1,17
EPS adj. 0 0 0
P/CEPS 18,8 15,3 14,8
P/E (x) -14,6 12,8 12,5
P/EPRA NRV 0,79 0,75 0,72
Implicit yield (%) 6,7 6,9 7,1
Dividend yield (%) 2,9 3,2 3,3
Net LTV (%) 27,14 25,57 24,11
LTV (%) 0 0 0
EURm 2023 2024e 2025e
Rental income 36 37 38
Other income 0 0 0
Operating costs -3 -3 -3
NOI 34 34 35
NOI margin (%) 93 93 93
Adm. costs -4 -5 -5
All other income & costs 0 0 0
Recurring EBIT 30 30 31
Net financial items -12 -8 -8
Income from property management 18 22 23
Value chg. realized 0 0 0
Value chg. unrealized -35 8 8
Value chg. derivatives -8 0 0
Pretax profit -25 30 31
Deferred tax 3 -4 -4
Current tax 0 -1 -1
Net profit -22 25 26
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders -22 25 26
Cash earnings 17 21 22
Other related information N/A N/A N/A
Tax Rate (%) 10,4 15 15
Investments in developments -2 -7 -7
Acquisitions 0 0 0
Other investments N/A N/A N/A
Divestments 0 0 0
EPS -1 1,14 1,17
CEPS 0,78 0,95 0,99
Dividend per share 0,42 0,47 0,49
Payout ratio of CEPS 54,46 48,76 49,5
Rental growth 19,36 1,5 3
NOI growth 22,35 1,49 3
CEPS growth 30,62 22,85 3,44

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Peter Elam Håkansson 26.2 % 26.2 % 29 Jan 2024
Bonnier Fastigheter Invest AB 17.4 % 17.4 % 29 Jan 2024
Arbona AB (publ) 10.2 % 10.2 % 29 Jan 2024
Kestutis Sasnauskas 4.5 % 4.5 % 29 Jan 2024
Patrik Brummer 3.7 % 3.7 % 29 Jan 2024
Avanza Pension 2.3 % 2.3 % 29 Jan 2024
Nordnet Pensionsförsäkring 2.0 % 2.0 % 29 Jan 2024
Karine Hirn 1.8 % 1.8 % 29 Jan 2024
Dimensional Fund Advisors 1.4 % 1.4 % 31 Jan 2024
Staffan Malmer 1.2 % 1.2 % 29 Jan 2024
Source: Holdings by Modular Finance AB