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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.

Net LTV is higher than the sector average and the interest maturity is relatively short. With low-yielding assets and high financial leverage, the earnings risk is higher than peers in times of increasing interest rates.

Financials

SEKm 2022 2023e 2024e
Rental income 294 387 475
Rental growth 25,48 31,68 22,72
NOI 170 221 276
NOI margin (%) 57,7 57 58,1
CEPS 0,19 -0,1 -0,24
CEPS growth (%) 49,24 -149,97 148,09
DPS 0 0 0
EPRA NRV per share 10,46 9,38 11,39
EPS 0,36 -0,85 1,27
EPS adj. 0 0 0
P/CEPS 16,2 -32,4 -13,1
P/E (x) 8,5 -3,6 2,4
P/EPRA NRV 0,3 0,33 0,27
Implicit yield (%) 2,8 3,1 3,2
Dividend yield (%) 0 0 0
LTV (%) 0 0 0
SEKm 2022 2023e 2024e
Rental income 294 387 475
Other income 0 0 0
Operating costs -125 -166 -199
NOI 170 221 276
NOI margin (%) 57,7 57 58,1
Adm. costs -34 -36 -43
All other income & costs 0 0 0
Recurring EBIT 136 185 233
Net financial items -96 -205 -285
Income from property management 40 -21 -52
Value chg. realized 0 0 0
Value chg. unrealized 80 -216 407
Value chg. derivatives 0 0 0
Pretax profit 126 -237 355
Deferred tax -51 49 -73
Current tax -1 0 0
Net profit 74 -188 282
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 74 -188 282
Cash earnings 39 -21 -52
Other related information N/A N/A N/A
Tax Rate (%) 41,3 20,6 20,6
Investments in developments -747 -961 -997
Acquisitions -397 0 -480
Other investments 3 0 0
Divestments 0 0 0
EPS 0,36 -0,85 1,27
CEPS 0,19 -0,1 -0,24
Dividend per share 0 0 0
Payout ratio of CEPS 0 0 0
Rental growth 25,48 31,68 22,72
NOI growth 29 30,3 24,92
CEPS growth 49,24 -149,97 148,09

Equity research

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Media

Studentbostäder i Norden - Company presentation with CEO & IR Rebecka Eidenert & CFO David Svensson

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Aktiebolaget Fastator (publ) 24.5 % 24.5 % 28 Dec 2022
Otre Fund LP 21.4 % 21.4 % 30 Sep 2022
Svea Bank AB 7.4 % 7.4 % 30 Jun 2022
Träbyn Invest AB 3.2 % 3.2 % 28 Dec 2022
Lars Runby 1.7 % 1.7 % 28 Dec 2022
Samhällsbyggnadsbolaget i Norden AB 1.7 % 1.7 % 28 Dec 2022
Avanza Pension 1.7 % 1.7 % 28 Dec 2022
Familjen Kamprads stiftelse 0.9 % 0.9 % 28 Dec 2022
GADD & Cie S.A. 0.8 % 0.8 % 31 Jan 2023
Henric Wiman 0.8 % 0.8 % 28 Dec 2022
Source: Holdings by Modular Finance AB