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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 216 467 551
Rental growth (%) 1309,8 116,5 18
Net operating income 129 311 375
NOI margin (%) 59,9 66,5 68
CEPS Adj -0,06 -0,37 -0,2
CEPS Adj. growth (%) 99,7 -573 46,6
DPS 0 0 0
EPRA NAVPS 18,31 16,37 12,96
EPS 0,22 -0,41 -2,72
EPS Adj 0 0 0
P/CEPS Adj. (x) -205,3 -9,8 -18,3
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 0,62 0,22 0,28
Implicit yield (%) 2,1 5 5,9
div.yield (%) 0 0 0
LTV (%) 69,2 73,8 76,6
SEKm 2021 2022e 2023e
Rental income 216 467 551
Other income 0 0 0
Operating costs -87 -156 -176
Net operating income 129 311 375
NOI margin (%) 59,9 66,5 68
Value change realized 0 -64 0
Value change unrealized 538 41 -461
Administration costs -63 -55 -45
All other income & costs -52 -63 0
EBIT 505 169 -131
Net financial items -148 -310 -361
Value change derivatives 0 0 0
Pretax profit 357 -141 -492
Deferred profit tax 17 81 99
Current tax -9 1 2
Net profit 364 -59 -391
Minority interest 0 0 0
Net profit to shareholders 364 -59 -391
Other income statement related information 2021 2022 2023
Cash earnings -91 -53 -29
Tax rate (%) 2,1 -58,3 -20,6
Net investments -4777 -2356 -299
Acquisitions -4742 -1707 -225
Other investments -3 -11 -9
Divestments -32 -560 0
EPS 0,22 -0,41 -2,72
CEPS -0,06 -0,37 -0,2
CEPS adj. -0,06 -0,37 -0,2
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 1309,8 116,5 18
NOI growth (%) 1887,7 140,5 20,7
CEPS growth (%) 99,7 -573 46,6
CEPS adj. growth (%) 99,7 -573 46,6
Balance Sheet 2021 0 0
Properties 6894 8118 7947
Deferred tax asset 36 81 81
Receivables 259 328 306
Cash and liquid assets 113 213 359
Other assets 968 939 778
Current liabilities 556 636 677
Total assets 8075 9415 9229
Shareholders equity 2513 2465 2075
Minority 2 2 2
Deferred tax 0 -33 -131
Interest bearing debt 5004 6344 6606
Short-term debt 0 0 0
Derivatives 556 636 677
Total liabilities and equity 8075 9415 9229
Other balance sheet related information 2021 0 0
Net IB debt 4774 5989 6086
Rental area m2 (000) 534 708 725
Rent per m2 404 660 761
Equity ratio (%) 31,1 26,2 22,5
Loan to value (%) 69,2 73,8 76,6
Net loan to value (%) 74,2 80,8 87,6
ICR real estate 0 1 1
Interest rate on debt (%) 5 6 6
Occupancy rate (%) 89 88,1 88,1
NAV per share 0 0 0
BVPS 18,57 17,16 14,45
EPRA NAV per share 18,31 16,37 12,96
Valuation 2021 0 0
Shares outstanding adj. 135 144 144
Share price 13,14 3,67 3,67
Market cap. (m) 1778 526 526
P/E 51,5 -8,9 -1,3
Net IB debt / share 35 42 42
P/CEPS -205,3 -9,8 -18,3
P/CEPS adj. -205,3 -9,8 -18,3
EV/EBIT 12,4 38,1 -49,9
Implicit yield (%) 2,1 5 5,9
Yield on BV (%) 1,9 3,8 4,7
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 0,62 0,22 0,28
P/BVPS 0,61 0,21 0,25
EV/NOI 48,43 20,77 17,47

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Kvalitena 16.2 % 16.2 % 4 Nov 2021
Dragfast AB 12.6 % 12.6 % 27 Jul 2022
Oscar Engelbert 11.2 % 11.2 % 27 Jul 2022
Avanza Pension 8.2 % 8.2 % 27 Jul 2022
Investment AB Öresund 5.8 % 5.8 % 27 Jul 2022
Sven-Olof Johansson 5.1 % 5.1 % 30 Sep 2021
Swedbank Försäkring 3.1 % 3.1 % 27 Jul 2022
Peter Eriksson 3.1 % 3.1 % 27 Jul 2022
Kusinhus AB 1.7 % 1.7 % 27 Jul 2022
Handelsbanken Fonder 1.3 % 1.3 % 31 Jul 2022
Source: Holdings by Modular Finance AB