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Randviken Fastigheter

Randviken Fastigheter

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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.

Financials

SEKm 2021 2022e 2023e
Rental Income 101 422 497
Rental growth (%) 0 318,6 17,9
Net operating income 81 332 393
NOI margin (%) 80,4 78,7 79
CEPS Adj 0,48 3,91 4,54
CEPS Adj. growth (%) 0 718,5 16,3
DPS 0 0 0
EPRA NAVPS 62,49 71,27 81,16
EPS 14,8 7,73 7,96
EPS Adj 0 0 0
P/CEPS Adj. (x) 163,4 14,5 12,5
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,25 0,79 0,7
Implicit yield (%) 1,2 4,7 5
div.yield (%) 0 0 0
LTV (%) 55,4 57,1 57,8
SEKm 2021 2022e 2023e
Rental income 101 422 497
Other income 0 0 0
Operating costs -20 -90 -104
Net operating income 81 332 393
NOI margin (%) 80,4 78,7 79
Value change realized 0 0 0
Value change unrealized 519 239 237
Administration costs -43 -37 -38
All other income & costs 0 0 0
EBIT 485 534 592
Net financial items -25 -117 -147
Value change derivatives 0 0 0
Pretax profit 460 417 445
Deferred profit tax -115 -69 -86
Current tax -2 -4 -6
Net profit 343 343 354
Minority interest 0 0 0
Net profit to shareholders 343 343 354
Other income statement related information 2021 2022 2023
Cash earnings 11 173 202
Tax rate (%) -25,4 -17,7 -20,6
Net investments -4549 -929 -955
Acquisitions -4538 -859 -800
Other investments -11 2 0
Divestments 0 83 0
EPS 14,8 7,73 7,96
CEPS 0,48 3,91 4,54
CEPS adj. 0,48 3,91 4,54
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 0 318,6 17,9
NOI growth (%) 0 309,9 18,3
CEPS growth (%) 0 718,5 16,3
CEPS adj. growth (%) 0 718,5 16,3
Balance Sheet 2021 0 0
Properties 6401 7580 8773
Deferred tax asset 27 31 31
Receivables 27 48 58
Cash and liquid assets 362 347 348
Other assets 76 128 143
Current liabilities 141 150 180
Total assets 6891 8110 9318
Shareholders equity 2672 3033 3387
Minority 5 11 11
Deferred tax 109 182 268
Interest bearing debt 3965 4733 5472
Short-term debt 0 0 0
Derivatives 141 150 180
Total liabilities and equity 6891 8110 9318
Other balance sheet related information 2021 0 0
Net IB debt 3546 4331 5070
Rental area m2 (000) 470 580 648
Rent per m2 214 727 767
Equity ratio (%) 38,8 37,4 36,3
Loan to value (%) 55,4 57,1 57,8
Net loan to value (%) 67,6 67 66,3
ICR real estate 2 3 2
Interest rate on debt (%) 1 3 3
Occupancy rate (%) 94 93 93
NAV per share 0 0 0
BVPS 60,63 68,3 76,27
EPRA NAV per share 62,49 71,27 81,16
Valuation 2021 0 0
Shares outstanding adj. 44 44 44
Share price 66,43 56,6 56,6
Market cap. (m) 2927 2513 2513
P/E 5,3 7,3 7,1
Net IB debt / share 80 98 114
P/CEPS 163,4 14,5 12,5
P/CEPS adj. 163,4 14,5 12,5
EV/EBIT 14,4 12,8 12,8
Implicit yield (%) 1,2 4,7 5
Yield on BV (%) 1,3 4,4 4,5
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,25 0,79 0,7
P/BVPS 1,29 0,83 0,74
EV/NOI 86,2 20,64 19,33

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Randviken Fastigheter - Company presentation with CEO Gustaf Segerborg

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
FastPartner AB 9.3 % 9.3 % 28 Jun 2022
Samhällsbyggnadsbolaget i Norden AB 9.0 % 9.0 % 28 Jun 2022
Landia AB 8.3 % 8.3 % 28 Jun 2022
Swedbank Försäkring 7.2 % 7.2 % 28 Jun 2022
Tosito AB 4.9 % 4.9 % 28 Jun 2022
Nordea Fonder 4.3 % 4.3 % 30 Jun 2022
Danske Invest 3.3 % 3.3 % 30 Jun 2022
Creades AB 2.3 % 2.3 % 31 Dec 2021
Carnegie Fonder 1.9 % 1.9 % 30 Jun 2022
Livförsäkringsbolaget Skandia 1.9 % 1.9 % 28 Jun 2022
Source: Holdings by Modular Finance AB