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Amasten

Amasten

Real estate company focused on rental apartments

Amasten owns, manages, acquires and develops properties in Swedish growth municipalities. The portfolio consists of rental apartments (90%) and commercial properties (10%) in northern and central Sweden. The company has been listed on Nasdaq First North since 2014. Amasten has its own, new production concept, which is to build apartments using pre-fabricated modules produced in China with Swedish project management. The project portfolio comprises ~1,000 apartments.

Amasten has ~1,000 rental apartments in its current project portfolio. The company guides that ~130 apartments will be completed in 2020 and the remaining apartments in 2021. Hence, we see potential in development profits and increases in CEPS from its current project portfolio. Amasten owns 29.6% of SSM Holding, which may give it access to SSM’s building rights and allow the integration of Amasten’s Riki concept with SSM.

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 Amasten are ownership risk and product risk.

SEKm 2019 2020e 2021e
Rental Income 398 504 639
Rental growth (%) 44,4 26,4 26,9
Net operating income 192 246 315
NOI margin (%) 48,3 48,9 49,4
CEPS Adj 0,16 0,23 0,35
CEPS Adj. growth (%) 20,6 44,6 53,5
DPS 0 0 0
EPRA NAVPS 6,64 8,23 9,33
EPS 0,96 0,22 0,27
EPS Adj 1 0,25 0,3
P/CEPS Adj. (x) 54,4 31,2 20,3
P/E Adj. (x) 8,5 28,6 23,4
P/EPRANAV (x) 1,28 0,86 0,76
Implicit yield (%) 3,1 2,8 3
div.yield (%) 0 0 0
LTV (%) 52,5 58 61
SEKm 2019 2020e 2021e
Rental income 398 504 639
Other income 0 0 0
Operating costs -206 -257 -324
Net operating income 192 246 315
NOI margin (%) 48,3 48,9 49,4
Value change realized 0 0 0
Value change unrealized 436 36 0
Administration costs -35 -38 -40
All other income & costs 0 0 0
EBIT 607 251 296
Net financial items -77 -76 -91
Value change derivatives -5 -3 0
Pretax profit 525 173 205
Deferred profit tax -91 -38 -41
Current tax 0 0 0
Net profit 434 135 164
Minority interest 0 0 0
Net profit to shareholders 418 119 148
Cash earnings 68 123 189
Tax rate (%) -17,4 -22,1 -20
Net investments 2403 1885 2027
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 0,96 0,22 0,27
CEPS 0,16 0,23 0,35
CEPS adj. 0,16 0,23 0,35
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 44,4 26,4 26,9
NOI growth (%) 40,9 28 28
CEPS growth (%) 20,6 44,6 53,5
CEPS adj. growth (%) 20,6 44,6 53,5
Properties 6431 8353 10380
Deferred tax asset 0 0 0
Receivables 74 74 74
Cash and liquid assets 122 122 122
Other assets 249 315 399
Current liabilities 5 0 0
Total assets 6876 8863 10975
Shareholders equity 3059 3244 3669
Minority 0 0 0
Deferred tax 164 464 614
Interest bearing debt 3648 5155 6692
Short-term debt 0 0 0
Derivatives 5 0 0
Total liabilities and equity 6876 8863 10975
Net IB debt 3379 4848 6335
Rental area m2 (000) 405 405 405
Rent per m2 984 1244 1578
Equity ratio (%) 44,5 36,6 33,4
Loan to value (%) 52,5 58 61
Net loan to value (%) 58,6 63,2 65,6
ICR real estate 2 3 3
Interest rate on debt (%) 3 2 2
Occupancy rate (%) 93 93 93
NAV per share 0 0 0
BVPS 7,02 5,95 6,73
EPRA NAV per share 6,64 8,23 9,33
Shares outstanding adj. 436 545 545
Share price 6,7 7,06 7,06
Market cap. (m) 2921 3849 3849
P/E 8,9 32,4 26
Net IB debt / share 8 9 12
P/CEPS 54,4 31,2 20,3
P/CEPS adj. 54,4 31,2 20,3
EV/EBIT 11,7 34,6 34,4
Implicit yield (%) 3,1 2,8 3
Yield on BV (%) 3 2,9 3
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 1,28 0,86 0,76
P/BVPS 1,21 1,19 1,05
EV/NOI 36,82 35,3 32,29

Equity research

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
ICA-handlarnas Förbund 33.5 % 33.5 % 31 May 2020
Länsförsäkringar Fonder 9.9 % 10.0 % 31 May 2020
Nordika 8.4 % 8.4 % 31 May 2020
Svea Ekonomi AB 8.3 % 8.4 % 31 Mar 2017
Eiendomsspar 5.0 % 5.0 % 31 May 2020
Handelsbanken Fonder 4.5 % 4.5 % 31 May 2020
Swedbank Försäkring 4.0 % 4.0 % 31 May 2020
Helene Sundt AB 2.2 % 2.2 % 5 Jun 2020
Bengt Kjell 2.2 % 2.2 % 19 Mar 2020
ODIN Fonder 1.5 % 1.5 % 31 May 2020
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Mikael Rånes + 8 000 BUY 11 Jun 2020
Jan-Erik Höjvall + 500 BUY 4 Jun 2020
Jan-Erik Höjvall + 2 600 BUY 19 May 2020
Jan-Erik Höjvall + 50 000 BUY 18 May 2020
Jan-Erik Höjvall + 400 BUY 18 May 2020
Ellen Reichard + 125 000 BUY 14 May 2020
Jan-Erik Höjvall + 50 000 BUY 14 May 2020
Mikael Rånes + 200 000 BUY 13 May 2020
Mikael Rånes + 2 000 BUY 13 May 2020
Jan-Erik Höjvall + 200 000 BUY 12 May 2020

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