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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.

Trianon sees renovation potential for more than half of its portfolio and a typical renovation increases rents by just below 15%. The company has also established a significant project portfolio which serves potential for cash earnings growh and EPRA NRV growth through project profits. Having become a larger player within the Öresund region, we argue its capacity to close value-adding acquisitions has increased.

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 2021 2022e 2023e
Rental Income 624 702 743
Rental growth (%) 12,2 12,5 5,9
Net operating income 396 448 478
NOI margin (%) 63,5 63,8 64,4
CEPS Adj 5,34 6,19 6,25
CEPS Adj. growth (%) 14,3 15,9 0,9
DPS 2 2,3 2,5
EPRA NAVPS 144,64 155,36 165,91
EPS 33,62 12,61 10,04
EPS Adj 0 0 0
P/CEPS Adj. (x) 44,6 24,9 24,7
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,65 0,99 0,93
Implicit yield (%) 2,6 3,2 3,3
div.yield (%) 0,8 1,5 1,6
LTV (%) 55,2 54,3 53,9
SEKm 2021 2022e 2023e
Rental income 624 702 743
Other income 0 0 0
Operating costs -228 -254 -264
Net operating income 396 448 478
NOI margin (%) 63,5 63,8 64,4
Value change realized 0 0 0
Value change unrealized 1311 259 259
Administration costs -56 -61 -58
All other income & costs 0 0 0
EBIT 1694 664 702
Net financial items -94 -127 -161
Value change derivatives 67 128 0
Pretax profit 1667 664 541
Deferred profit tax -346 -133 -111
Current tax -9 -1 -1
Net profit 1311 530 429
Minority interest -7 0 0
Net profit to shareholders 1269 495 394
Cash earnings 202 243 245
Tax rate (%) -21,3 -20,2 -20,6
Net investments -957 -464 -498
Acquisitions -868 0 0
Other investments -315 -17 0
Divestments 587 0 0
EPS 33,62 12,61 10,04
CEPS 5,34 6,19 6,25
CEPS adj. 5,34 6,19 6,25
Dividend per share Adj 2 2,3 2,5
Payout ratio of CEPS (%) 37,5 37,2 40
Rental growth (%) 12,2 12,5 5,9
NOI growth (%) 7,5 13,1 6,8
CEPS growth (%) 14,3 15,9 0,9
CEPS adj. growth (%) 14,3 15,9 0,9
Properties 12666 13371 14128
Deferred tax asset 56 47 47
Receivables 179 15 16
Cash and liquid assets 87 69 123
Other assets 367 213 214
Current liabilities 331 167 178
Total assets 13581 14242 15075
Shareholders equity 4805 5231 5535
Minority 439 404 404
Deferred tax 857 978 1088
Interest bearing debt 7149 7462 7871
Short-term debt 0 0 0
Derivatives 331 167 178
Total liabilities and equity 13581 14242 15075
Net IB debt 6779 7064 7418
Rental area m2 (000) 488 491 501
Rent per m2 1278 1430 1483
Equity ratio (%) 35,4 36,7 36,7
Loan to value (%) 55,2 54,3 53,9
Net loan to value (%) 57,1 56,3 56,6
ICR real estate 4 3 3
Interest rate on debt (%) 1 2 2
Occupancy rate (%) 95 95,6 96
NAV per share 0 0 0
BVPS 122,41 133,28 141,01
EPRA NAV per share 144,64 155,36 165,91
Shares outstanding adj. 39 39 39
Share price 194,55 154 154
Market cap. (m) 7636 6045 6045
P/E 7,1 12,2 15,3
Net IB debt / share 173 180 189
P/CEPS 44,6 24,9 24,7
P/CEPS adj. 44,6 24,9 24,7
EV/EBIT 9,5 19,7 19,1
Implicit yield (%) 2,6 3,2 3,3
Yield on BV (%) 3,1 3,3 3,4
Dividend yield (%) 0,8 1,5 1,6
P/NAV 0 0 0
P/EPRA NAV 1,65 0,99 0,93
P/BVPS 1,94 1,16 1,09
EV/NOI 40,79 29,15 27,98

Equity research

Read earlier research

Media

Trianon - Company presentation with CEO Olof Andersson & IR Nina Gilljam
Trianon - Company presentation with Deputy CEO & CFO Mari-Louise Hedbys & IR Nina Gilljam

Main shareholders - Trianon

Main shareholders Share capital % Voting shares % Verified
Olof Andersson 28.3 % 33.3 % 13 May 2022
Briban Invest AB 26.4 % 31.8 % 31 Mar 2022
Martin Gren (Grenspecialisten) 9.7 % 7.2 % 31 Mar 2022
SEB Fonder 7.0 % 5.2 % 30 Apr 2022
Länsförsäkringar Fonder 6.9 % 5.1 % 30 Apr 2022
Mats Cederholm 3.0 % 3.5 % 31 Dec 2021
Familjen Eklund 2.5 % 1.9 % 31 Mar 2022
Handelsbanken Fonder 2.1 % 1.6 % 30 Apr 2022
ODIN Fonder 2.1 % 1.5 % 30 Apr 2022
Tredje AP-fonden 1.2 % 0.9 % 31 Mar 2022
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

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