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Studentbostäder i Norden

Studentbostäder i Norden

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Studentbostäder i Norden was founded in 2018 and is the only listed pure student housing player in the Nordics. It manages, develops and acquires student apartments with the aim to fill the significant student housing shortage in the Nordic region. The company went public through a reversed merger of Prime Living in 2020 and targets to grow its property portfolio to 10,000 student apartments by 2025.

Studentbostäder i Norden has grown fast in a very interesting niche, student housing. The student housing market in Sweden is dominated by municipalities and foundations, with only ~20% owned by private companies. That implies, in our view, potential for a niche player to gain market share. Also, by having a Nordic scope, the number of potential deals increase. We expect the development projects to generate good development gains and valuation uplifts, and if Studentbostäder i Norden is able to reach its target of 10,000 student apartments by 2025, we see upside potential to our estimates.

Real estate companies are subject to macro risks, supply of premises risk, supply of capital risk, debt availability risk, regulatory risk, rental income risk, property cost risk and property value risk. Studentbostäder i Norden’s loan-to-value is above the sector average and the interest maturity is below the average, implying that the company is more sensitive to increased interest rates. Other specific risks related to Studentbostäder i Norden are ownership risk, and project risk.

Financials

SEKm 2021 2022e 2023e
Rental Income 234 305 368
Rental growth (%) 55,7 30,2 20,7
Net operating income 131 193 238
NOI margin (%) 56,1 63,2 64,6
CEPS Adj 0,13 0,22 0,23
CEPS Adj. growth (%) -79,6 73,9 3,1
DPS 0 0 0
EPRA NAVPS 9,84 11,45 13,82
EPS 0,69 1,35 1,9
EPS Adj 0 0 0
P/CEPS Adj. (x) 78,8 35,1 34
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,02 0,68 0,56
Implicit yield (%) 2 2,8 2,9
div.yield (%) 0 0 0
LTV (%) 62,8 65,7 66
SEKm 2021 2022e 2023e
Rental income 234 305 368
Other income 0 0 0
Operating costs -103 -112 -130
Net operating income 131 193 238
NOI margin (%) 56,1 63,2 64,6
Value change realized 0 0 0
Value change unrealized 210 283 437
Administration costs -37 -39 -43
All other income & costs 0 0 0
EBIT 305 437 632
Net financial items -70 -105 -144
Value change derivatives -1 0 0
Pretax profit 234 332 488
Deferred profit tax -102 -56 -96
Current tax 0 -4 -4
Net profit 132 275 387
Minority interest 0 0 0
Net profit to shareholders 132 275 387
Other income statement related information 2021 2022 2023
Cash earnings 24 45 47
Tax rate (%) -43,8 -17,8 -20,6
Net investments -1705 -1564 -1178
Acquisitions 0 -841 0
Other investments 10 4 0
Divestments 0 0 0
EPS 0,69 1,35 1,9
CEPS 0,13 0,22 0,23
CEPS adj. 0,13 0,22 0,23
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 55,7 30,2 20,7
NOI growth (%) 74,1 46,7 23,4
CEPS growth (%) -79,6 73,9 3,1
CEPS adj. growth (%) -79,6 73,9 3,1
Balance Sheet 2021 0 0
Properties 5636 7496 9111
Deferred tax asset 13 1 1
Receivables 29 47 55
Cash and liquid assets 205 152 67
Other assets 82 110 127
Current liabilities 200 322 382
Total assets 5935 7758 9305
Shareholders equity 1833 2145 2532
Minority 0 0 0
Deferred tax 144 199 295
Interest bearing debt 3759 5092 6095
Short-term debt 0 0 0
Derivatives 200 322 382
Total liabilities and equity 5935 7758 9305
Other balance sheet related information 2021 0 0
Net IB debt 3541 4929 6016
Rental area m2 (000) 131 168 190
Rent per m2 1787 1815 1935
Equity ratio (%) 30,9 27,6 27,2
Loan to value (%) 62,8 65,7 66
Net loan to value (%) 70,3 70 67,6
ICR real estate 1 1 1
Interest rate on debt (%) 2 2 3
Occupancy rate (%) 96 96 96
NAV per share 0 0 0
BVPS 9,61 11,14 13,16
EPRA NAV per share 9,84 11,45 13,82
Valuation 2021 0 0
Shares outstanding adj. 191 192 192
Share price 14,98 7,79 7,79
Market cap. (m) 2858 1499 1499
P/E 14,6 5,8 4,1
Net IB debt / share 19 26 31
P/CEPS 78,8 35,1 34
P/CEPS adj. 78,8 35,1 34
EV/EBIT 18,2 14,9 12
Implicit yield (%) 2 2,8 2,9
Yield on BV (%) 2,3 2,6 2,6
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,02 0,68 0,56
P/BVPS 1,05 0,7 0,59
EV/NOI 41,56 33,33 31,57

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Aktiebolaget Fastator (publ) 20.5 % 20.5 % 31 Mar 2022
Otre Fund LP 18.7 % 18.7 % 31 Mar 2022
Svea Bank AB 4.7 % 4.7 % 6 May 2022
Träbyn Invest AB 3.7 % 3.7 % 31 Mar 2022
Avanza Pension 2.0 % 2.0 % 31 Mar 2022
Lars Runby 1.9 % 1.9 % 31 Mar 2022
Amasten Fastighets AB 1.8 % 1.8 % 31 Mar 2022
Familjen Kamprads stiftelse 1.0 % 1.0 % 31 Mar 2022
GADD & Cie S.A. 0.9 % 0.9 % 31 Mar 2022
Henric Wiman 0.9 % 0.9 % 31 Mar 2022
Source: Holdings by Modular Finance AB