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Oscar Properties

Oscar Properties

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Oscar Properties was founded in 2004 with the common share listed on Nasdaq Stockholm in 2015. From being a residential developer it changed strategy in 2020 to become a property management company. The investment property portfolio grew rapidly in 2021, from ~SEK 1.4bn to SEK 6.7bn, mainly from acquisitions. The main target by year-end 2024 is to reach SEK 20bn in property value. The company looks at properties with higher yields, in most segments and geographies. Oscar Engelbert is the founder and CEO.

Macro developments in the operating markets are crucial for real estate companies. Although Oscar Properties has plenty of real estate experience, its track record as an investment property manager is limited. Near-term growth could be substantially financed via equity issues, which hurts shareholders if operations prove unsuccessful.

Financials

SEKm 2022 2023e 2024e
Rental income 446 494 516
Rental growth 106,91 10,74 4,49
NOI 286 341 361
NOI margin (%) 64,1 68,9 69,9
CEPS -0,59 -0,29 -0,25
CEPS growth (%) 961 -51,46 -11,27
DPS 0 0 0
EPRA NRV per share 13,23 9,95 10,34
EPS -3,16 -2,62 0,29
EPS adj. 0 0 0
P/CEPS -2,4 -5 -5,6
P/E (x) -0,5 -0,5 4,9
P/EPRA NRV 0,11 0,14 0,14
Implicit yield (%) 5,9 7,2 7,5
Dividend yield (%) 0 0 0
LTV (%) 0 0 0
SEKm 2022 2023e 2024e
Rental income 446 494 516
Other income 0 0 0
Operating costs -160 -154 -156
NOI 286 341 361
NOI margin (%) 64,1 68,9 69,9
Adm. costs -57 -48 -52
All other income & costs -179 0 0
Recurring EBIT 229 293 309
Net financial items -311 -337 -349
Income from property management -82 -45 -40
Value chg. realized -89 -20 0
Value chg. unrealized -186 -410 92
Value chg. derivatives 0 0 0
Pretax profit -564 -475 52
Deferred tax 114 94 -14
Current tax -2 4 3
Net profit -451 -377 42
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders -451 -377 42
Cash earnings -84 -41 -37
Other related information N/A N/A N/A
Tax Rate (%) 19,9 20,6 20,6
Investments in developments -99 -80 -60
Acquisitions -306 0 0
Other investments N/A N/A N/A
Divestments 423 165 0
EPS -3,16 -2,62 0,29
CEPS -0,59 -0,29 -0,25
Dividend per share 0 0 0
Payout ratio of CEPS 0 0 0
Rental growth 106,91 10,74 4,49
NOI growth 121,44 19,02 6
CEPS growth 961 -51,46 -11,27

Equity research

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Oscar Engelbert 20.0 % 20.0 % 24 Feb 2023
Dragfast AB 19.5 % 19.5 % 24 Feb 2023
Avanza Pension 7.6 % 7.6 % 24 Feb 2023
Sven-Olof Johansson 5.1 % 5.1 % 30 Sep 2021
Swedbank Försäkring 3.1 % 3.1 % 24 Feb 2023
Peter Eriksson 3.1 % 3.1 % 24 Feb 2023
Kusinhus AB 1.7 % 1.7 % 28 Dec 2022
Andreas Özbek 1.0 % 1.0 % 24 Feb 2023
Agmenta Holding AB 0.8 % 0.8 % 24 Feb 2023
Lectoria AB 0.8 % 0.8 % 24 Feb 2023
Source: Holdings by Modular Finance AB