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Randviken Fastigheter

Randviken Fastigheter

Randviken was founded in 2017 and has been very active in the transaction market since then. The company went public through a reversed takeover of Raybased in 2021 and has a target to grow its property portfolio to SEK 20bn by 2025. Approximately 50% of the property portfolio is made up of light industrial and logistics properties, and we expect most of the growth in the coming years to come from additional acquisitions.

Randviken aims to grow its property portfolio to SEK 20bn by 2025, which we believe would result in significantly better financing terms (interest- & capital maturities, interest rates) and portfolio diversification, i.e. lower overall risk. Additionally, we argue that its opportunistic approach combined with a strong management team and board of directors, will be able to generate accretive deals and value-enhancing projects.

General macro developments in the operating markets are crucial for commercial real estate companies. Randviken is active in growing regions (population & paid tax), but any changes to GDP growth or unemployment could pose a risk to occupancy rates and therefore the company’s rental income/earnings. Furthermore, Randviken’s interest maturity is one of the shortest in our coverage, which implies that it is more sensitive (short-term) to increases in interest rates.

SEKm 2021 2022e 2023e
Rental Income 101 402 477
Rental growth (%) 0 298,6 18,6
Net operating income 81 318 376
NOI margin (%) 80,4 79,1 79
CEPS Adj 0,48 4,24 5,03
CEPS Adj. growth (%) 0 787,3 18,9
DPS 0 0 0
EPRA NAVPS 62,49 70,8 80,93
EPS 14,8 6,64 8,17
EPS Adj 0 0 0
P/CEPS Adj. (x) 163,4 12,2 10,2
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,25 0,73 0,64
Implicit yield (%) 1,2 4,7 5
div.yield (%) 0 0 0
LTV (%) 55,4 55,4 55,8
SEKm 2021 2022e 2023e
Rental income 101 402 477
Other income 0 0 0
Operating costs -20 -84 -100
Net operating income 81 318 376
NOI margin (%) 80,4 79,1 79
Value change realized 0 0 0
Value change unrealized 519 177 227
Administration costs -43 -36 -40
All other income & costs 0 0 0
EBIT 485 459 563
Net financial items -25 -88 -106
Value change derivatives 0 0 0
Pretax profit 460 371 457
Deferred profit tax -115 -71 -87
Current tax -2 -6 -7
Net profit 343 295 363
Minority interest 0 0 0
Net profit to shareholders 343 295 363
Other income statement related information 2021 2022 2023
Cash earnings 11 188 224
Tax rate (%) -25,4 -20,6 -20,6
Net investments -4549 -900 -955
Acquisitions 0 -200 -800
Other investments -11 0 0
Divestments 0 54 0
EPS 14,8 6,64 8,17
CEPS 0,48 4,24 5,03
CEPS adj. 0,48 4,24 5,03
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 0 298,6 18,6
NOI growth (%) 0 291,8 18,5
CEPS growth (%) 0 787,3 18,9
CEPS adj. growth (%) 0 787,3 18,9
Balance Sheet 2021 0 0
Properties 6401 7478 8660
Deferred tax asset 27 27 27
Receivables 27 52 63
Cash and liquid assets 362 320 337
Other assets 76 118 135
Current liabilities 141 275 331
Total assets 6891 7969 9185
Shareholders equity 2672 2991 3354
Minority 5 5 5
Deferred tax 109 180 267
Interest bearing debt 3965 4518 5227
Short-term debt 0 0 0
Derivatives 141 275 331
Total liabilities and equity 6891 7969 9185
Other balance sheet related information 2021 0 0
Net IB debt 3546 4141 4834
Rental area m2 (000) 470 532 600
Rent per m2 214 755 795
Equity ratio (%) 38,8 37,5 36,5
Loan to value (%) 55,4 55,4 55,8
Net loan to value (%) 67,6 64,7 64,2
ICR real estate 2 3 3
Interest rate on debt (%) 1 2 2
Occupancy rate (%) 94 92 93
NAV per share 0 0 0
BVPS 60,63 67,36 75,53
EPRA NAV per share 62,49 70,8 80,93
Valuation 2021 0 0
Shares outstanding adj. 44 44 44
Share price 66,43 51,6 51,6
Market cap. (m) 2927 2291 2291
P/E 5,3 7,8 6,3
Net IB debt / share 80 93 109
P/CEPS 163,4 12,2 10,2
P/CEPS adj. 163,4 12,2 10,2
EV/EBIT 14,4 14 12,7
Implicit yield (%) 1,2 4,7 5
Yield on BV (%) 1,3 4,2 4,3
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,25 0,73 0,64
P/BVPS 1,29 0,77 0,68
EV/NOI 86,2 20,27 18,94

Equity research

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Media

Randviken Fastigheter - Company presentation with CEO Gustaf Segerborg

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Bo Westerberg 11.7 % 11.7 % 31 Mar 2022
FastPartner AB 9.4 % 9.4 % 31 Mar 2022
Samhällsbyggnadsbolaget i Norden AB 9.1 % 9.1 % 31 Mar 2022
Landia AB 8.3 % 8.3 % 31 Mar 2022
Rmw Rand AB 6.1 % 6.1 % 31 Mar 2022
Cernera Kapital AB 5.3 % 5.3 % 31 Mar 2022
Tosito AB 4.6 % 4.6 % 31 Mar 2022
Nordea Fonder 4.3 % 4.3 % 31 Mar 2022
Danske Invest (Lux) 3.3 % 3.3 % 30 Apr 2022
Relevante Wealth Management AB 3.0 % 3.0 % 31 Mar 2022
Source: Holdings by Modular Finance AB