Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Trianon

Trianon

Rental apartments and community service properties

Trianon is a real estate company that owns, manages, acquires and develops properties in and around Malmö, Skåne. The property portfolio is largely concentrated on rental apartments, but also includes some community service, retail and office properties. Current CEO and Malmö local Olof Andersson acquired Trianon in 2006. From three properties in the portfolio at acquisition, Trianon has grown into what we know it as today.

Real estate companies are subject to macro risks, supply of premises risk, supply of capital risk, debt availability risk, forex risk, regulatory risk, rental income risk, property cost risk, property value risk and ownership risk. We argue that specific risks related to Trianon are ownership risk, geographical risk and dependency on certain individuals in the business.

SEKm 2022 2023e 2024e
Rental income 705 753 801
Rental growth 12,99 6,93 6,26
NOI 431 467 504
NOI margin (%) 61,2 62 63
CEPS 1,16 0,59 0,58
CEPS growth (%) -15,96 -48,86 -2,54
DPS 0,55 0 0
EPRA NRV per share 36,4 29,74 32,47
EPS 0,79 -4,88 2,14
EPS adj. 0 0 0
P/CEPS 19 37,2 38,1
P/E (x) 28 -4,5 10,3
P/EPRA NRV 0,6 0,74 0,68
Implicit yield (%) 3,8 4 4,2
Dividend yield (%) 2,5 0 0
LTV (%) 0 0 0
SEKm 2022 2023e 2024e
Rental income 705 753 801
Other income 0 0 0
Operating costs -273 -286 -296
NOI 431 467 504
NOI margin (%) 61,2 62 63
Adm. costs -73 -72 -74
All other income & costs 22 24 25
Recurring EBIT 372 420 455
Net financial items -149 -271 -309
Income from property management 230 155 152
Value chg. realized 0 0 0
Value chg. unrealized -235 -1049 345
Value chg. derivatives 196 0 0
Pretax profit 194 -900 491
Deferred tax -23 193 -93
Current tax -8 -8 -8
Net profit 163 -714 390
Minority interest 0 0 0
Div. Pref/D-shares and hybrids -40 -54 -54
Net profit to shareholders 124 -768 336
Cash earnings 182 93 91
Other related information N/A N/A N/A
Tax Rate (%) 15,8 20,6 20,6
Investments in developments -555 -302 -276
Acquisitions -8 -112 0
Other investments N/A N/A N/A
Divestments 0 0 0
EPS 0,79 -4,88 2,14
CEPS 1,16 0,59 0,58
Dividend per share 0,55 0 0
Payout ratio of CEPS 47,53 0 0
Rental growth 12,99 6,93 6,26
NOI growth 8,91 8,35 7,92
CEPS growth -15,96 -48,86 -2,54

Equity research

Read earlier research

Media

Trianon - Company presentation with CEO Olof Andersson
Trianon - Company presentation with CEO Olof Andersson & CFO Mari-Louise Hedsby

Main shareholders - Trianon

Main shareholders Share capital % Voting shares % Verified
Olof Andersson 29.0 % 33.8 % 3 Mar 2023
Briban Invest AB 26.3 % 31.8 % 28 Dec 2022
Martin Gren (Grenspecialisten) 9.6 % 7.1 % 28 Dec 2022
SEB Fonder 7.2 % 5.4 % 28 Feb 2023
Länsförsäkringar Fonder 5.7 % 4.3 % 28 Feb 2023
Mats Cederholm 3.0 % 3.5 % 28 Dec 2022
Familjen Eklund 2.5 % 1.9 % 28 Dec 2022
ODIN Fonder 2.2 % 1.6 % 28 Feb 2023
Tredje AP-fonden 1.2 % 0.9 % 31 Dec 2022
Humle Fonder 1.2 % 0.9 % 28 Feb 2023
Source: Holdings by Modular Finance AB

Insider list - Trianon

Name Quantity Code Date
Richard Hultin + 1 330 BUY 25 Aug 2021
Boris Lennerhov - 1 900 SELL 12 Aug 2021
Mari-Louise Hedbys - 1 700 SELL 7 Jun 2021
Mari-Louise Hedbys - 1 396 SELL 7 Jun 2021
Mari-Louise Hedbys - 686 SELL 20 May 2021
Mari-Louise Hedbys - 1 024 SELL 20 May 2021
Mari-Louise Hedbys - 5 544 SELL 20 May 2021
Viktoria Bergman + 2 400 BUY 6 May 2021
Olof Andersson + 75 000 BUY 30 Mar 2021
Jan Barchan + 75 000 BUY 30 Mar 2021

Show More