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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 624 700 737
Rental growth (%) 12,2 12,2 5,3
Net operating income 396 439 471
NOI margin (%) 63,5 62,7 63,9
CEPS Adj 1,33 1,41 1,36
CEPS Adj. growth (%) 14,3 5,4 -3,4
DPS 0,5 0,57 0,63
EPRA NAVPS 36,16 36,92 32,93
EPS 8,4 1,94 -2,76
EPS Adj 0 0 0
P/CEPS Adj. (x) 44,6 22,9 23,7
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,65 0,87 0,98
Implicit yield (%) 2,6 3,3 3,5
div.yield (%) 0,8 1,8 1,9
LTV (%) 55,2 55,8 59,9
SEKm 2021 2022e 2023e
Rental income 624 700 737
Other income 0 0 0
Operating costs -228 -261 -266
Net operating income 396 439 471
NOI margin (%) 63,5 62,7 63,9
Value change realized 0 0 0
Value change unrealized 1311 -37 -750
Administration costs -56 -67 -61
All other income & costs 0 0 0
EBIT 1694 355 -314
Net financial items -94 -136 -185
Value change derivatives 67 195 0
Pretax profit 1667 415 -498
Deferred profit tax -346 -73 103
Current tax -9 -1 -1
Net profit 1311 341 -396
Minority interest -7 0 0
Net profit to shareholders 1269 305 -433
Cash earnings 202 221 213
Tax rate (%) -21,3 -17,8 -20,6
Net investments -957 -473 -487
Acquisitions -868 -8 0
Other investments -315 -10 0
Divestments 587 0 0
EPS 8,4 1,94 -2,76
CEPS 1,33 1,41 1,36
CEPS adj. 1,33 1,41 1,36
Dividend per share Adj 0,5 0,57 0,63
Payout ratio of CEPS (%) 37,5 40,9 46
Rental growth (%) 12,2 12,2 5,3
NOI growth (%) 7,5 10,8 7,4
CEPS growth (%) 14,3 5,4 -3,4
CEPS adj. growth (%) 14,3 5,4 -3,4
Properties 12666 13122 12859
Deferred tax asset 56 49 49
Receivables 179 39 41
Cash and liquid assets 87 178 159
Other assets 367 235 238
Current liabilities 331 116 124
Total assets 13581 14174 13920
Shareholders equity 4805 5047 4523
Minority 439 395 395
Deferred tax 857 919 816
Interest bearing debt 7149 7698 8063
Short-term debt 0 0 0
Derivatives 331 116 124
Total liabilities and equity 13581 14174 13920
Net IB debt 6779 7119 7503
Rental area m2 (000) 488 492 501
Rent per m2 1278 1423 1472
Equity ratio (%) 35,4 35,6 32,5
Loan to value (%) 55,2 55,8 59,9
Net loan to value (%) 57,1 60 63,9
ICR real estate 4 3 2
Interest rate on debt (%) 1 2 2
Occupancy rate (%) 95 95,6 96
NAV per share 0 0 0
BVPS 30,6 32,14 28,81
EPRA NAV per share 36,16 36,92 32,93
Shares outstanding adj. 157 157 157
Share price 48,64 32,15 32,15
Market cap. (m) 7636 5048 5048
P/E 7,1 16,5 -11,7
Net IB debt / share 43 45 48
P/CEPS 44,6 22,9 23,7
P/CEPS adj. 44,6 22,9 23,7
EV/EBIT 9,5 34,1 -39,8
Implicit yield (%) 2,6 3,3 3,5
Yield on BV (%) 3,1 3,3 3,7
Dividend yield (%) 0,8 1,8 1,9
P/NAV 0 0 0
P/EPRA NAV 1,65 0,87 0,98
P/BVPS 1,94 1 1,12
EV/NOI 40,79 27,62 26,48

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 28.5 % 33.4 % 15 Jul 2022
Briban Invest AB 26.4 % 31.8 % 28 Jun 2022
Martin Gren (Grenspecialisten) 9.7 % 7.2 % 28 Jun 2022
SEB Fonder 6.9 % 5.2 % 31 Jul 2022
Länsförsäkringar Fonder 6.4 % 4.7 % 31 Jul 2022
Mats Cederholm 3.0 % 3.5 % 25 May 2022
Familjen Eklund 2.5 % 1.9 % 28 Jun 2022
Handelsbanken Fonder 2.2 % 1.6 % 31 Jul 2022
ODIN Fonder 2.1 % 1.5 % 31 Jul 2022
Tredje AP-fonden 1.2 % 0.9 % 28 Jun 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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