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Oscar Properties

Oscar Properties

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.

Opportunistic management has in a short time transposed Oscar Properties’ property portfolio. The changed focus in late 2020 towards high-yielding recurring earnings from investment properties raises the possibility that the average interest rate will fall significantly if the investment property management proves successful.

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.

SEKm 2021 2022e 2023e
Rental Income 216 476 563
Rental growth (%) 1309,8 120,6 18,2
Net operating income 129 324 394
NOI margin (%) 59,9 68 70
CEPS Adj -0,06 0,13 0,34
CEPS Adj. growth (%) 99,7 337,3 160,9
DPS 0 0 0
EPRA NAVPS 18,31 18,01 19,14
EPS 0,22 1,05 0,92
EPS Adj 0 0 0
P/CEPS Adj. (x) -205,3 48,9 18,8
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 0,62 0,36 0,34
Implicit yield (%) 2,1 5,5 5,8
div.yield (%) 0 0 0
LTV (%) 69,2 67,1 67,9
SEKm 2021 2022e 2023e
Rental income 216 476 563
Other income 0 0 0
Operating costs -87 -152 -169
Net operating income 129 324 394
NOI margin (%) 59,9 68 70
Value change realized 0 -11 0
Value change unrealized 538 120 112
Administration costs -63 -49 -48
All other income & costs -52 -19 0
EBIT 505 363 458
Net financial items -148 -251 -292
Value change derivatives 0 0 0
Pretax profit 357 112 166
Deferred profit tax 17 42 -30
Current tax -9 -5 -4
Net profit 364 150 132
Minority interest 0 0 0
Net profit to shareholders 364 150 132
Other income statement related information 2021 2022 2023
Cash earnings -91 19 49
Tax rate (%) 2,1 33,5 -20,6
Net investments -4777 -1114 -946
Acquisitions -4742 -820 -900
Other investments -3 2 0
Divestments -32 -265 0
EPS 0,22 1,05 0,92
CEPS -0,06 0,13 0,34
CEPS adj. -0,06 0,13 0,34
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 1309,8 120,6 18,2
NOI growth (%) 1887,7 150,5 21,7
CEPS growth (%) 99,7 337,3 160,9
CEPS adj. growth (%) 99,7 337,3 160,9
Balance Sheet 2021 0 0
Properties 6894 7590 8648
Deferred tax asset 36 86 86
Receivables 259 274 275
Cash and liquid assets 113 248 144
Other assets 968 729 735
Current liabilities 556 556 651
Total assets 8075 8716 9678
Shareholders equity 2513 2665 2797
Minority 2 2 2
Deferred tax 0 8 38
Interest bearing debt 5004 5485 6190
Short-term debt 0 0 0
Derivatives 556 556 651
Total liabilities and equity 8075 8716 9678
Other balance sheet related information 2021 0 0
Net IB debt 4774 5095 5874
Rental area m2 (000) 534 571 638
Rent per m2 404 834 881
Equity ratio (%) 31,1 30,6 28,9
Loan to value (%) 69,2 67,1 67,9
Net loan to value (%) 74,2 75,5 73,2
ICR real estate 0 1 1
Interest rate on debt (%) 5 5 5
Occupancy rate (%) 89 88 88
NAV per share 0 0 0
BVPS 18,57 18,55 19,47
EPRA NAV per share 18,31 18,01 19,14
Valuation 2021 0 0
Shares outstanding adj. 135 144 144
Share price 13,14 6,46 6,46
Market cap. (m) 1778 928 928
P/E 51,5 6,2 7
Net IB debt / share 35 35 41
P/CEPS -205,3 48,9 18,8
P/CEPS adj. -205,3 48,9 18,8
EV/EBIT 12,4 16,4 14,7
Implicit yield (%) 2,1 5,5 5,8
Yield on BV (%) 1,9 4,3 4,6
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 0,62 0,36 0,34
P/BVPS 0,61 0,35 0,33
EV/NOI 48,43 18,42 17,11

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Kvalitena 16.2 % 16.2 % 4 Nov 2021
Dragfast AB 11.6 % 11.6 % 18 May 2022
Oscar Engelbert 11.2 % 11.2 % 30 Apr 2022
Avanza Pension 7.9 % 7.9 % 30 Apr 2022
Investment AB Öresund 6.8 % 6.8 % 30 Apr 2022
Sven-Olof Johansson 5.1 % 5.1 % 30 Sep 2021
Swedbank Försäkring 3.3 % 3.3 % 30 Apr 2022
Peter Eriksson 3.1 % 3.1 % 30 Apr 2022
Nordnet Pensionsförsäkring 2.1 % 2.1 % 30 Apr 2022
Kusinhus AB 1.7 % 1.7 % 30 Apr 2022
Source: Holdings by Modular Finance AB