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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 398 503 641
Rental growth (%) 44,4 26,3 27,3
Net operating income 192 249 320
NOI margin (%) 48,3 49,4 49,9
CEPS Adj 0,16 0,22 0,35
CEPS Adj. growth (%) 20,6 43,6 57,8
DPS 0 0 0
EPRA NAVPS 6,64 7,15 8,27
EPS 0,96 0,23 0,28
EPS Adj 1 0,26 0,31
P/CEPS Adj. (x) 54,4 37,3 23,6
P/E Adj. (x) 8,5 32,4 27,3
P/EPRANAV (x) 1,28 1,17 1,01
Implicit yield (%) 3,1 2,6 2,8
div.yield (%) 0 0 0
LTV (%) 52,5 58 61,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 398 503 641
Other income 0 0 0
Operating costs -206 -254 -321
Net operating income 192 249 320
NOI margin (%) 48,3 49,4 49,9
Value change realized 0 0 0
Value change unrealized 436 51 0
Administration costs -35 -39 -41
All other income & costs 0 0 0
EBIT 607 266 300
Net financial items -77 -77 -91
Value change derivatives -5 -6 0
Pretax profit 525 183 209
Deferred profit tax -91 -42 -42
Current tax 0 0 0
Net profit 434 141 167
Minority interest 0 0 0
Net profit to shareholders 418 125 151
Cash earnings 68 122 193
Tax rate (%) -17,4 -23,1 -20
Net investments 2403 1854 2064
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 0,96 0,23 0,28
CEPS 0,16 0,22 0,35
CEPS adj. 0,16 0,22 0,35
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 44,4 26,3 27,3
NOI growth (%) 40,9 29,3 28,6
CEPS growth (%) 20,6 43,6 57,8
CEPS adj. growth (%) 20,6 43,6 57,8
Properties 6431 8337 10400
Deferred tax asset 0 0 0
Receivables 74 74 74
Cash and liquid assets 122 122 122
Other assets 249 315 401
Current liabilities 5 0 0
Total assets 6876 8847 10997
Shareholders equity 3059 3238 3665
Minority 0 0 0
Deferred tax 164 464 614
Interest bearing debt 3648 5145 6717
Short-term debt 0 0 0
Derivatives 5 0 0
Total liabilities and equity 6876 8847 10997
Net IB debt 3379 4838 6360
Rental area m2 (000) 405 405 405
Rent per m2 984 1243 1583
Equity ratio (%) 44,5 36,6 33,3
Loan to value (%) 52,5 58 61,1
Net loan to value (%) 58,6 63,2 65,8
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 5,94 6,72
EPRA NAV per share 6,64 7,15 8,27
Shares outstanding adj. 436 545 545
Share price 6,7 8,38 8,38
Market cap. (m) 2921 4568 4568
P/E 8,9 36,5 30,2
Net IB debt / share 8 9 12
P/CEPS 54,4 37,3 23,6
P/CEPS adj. 54,4 37,3 23,6
EV/EBIT 11,7 35,4 36,4
Implicit yield (%) 3,1 2,6 2,8
Yield on BV (%) 3 3 3,1
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,28 1,17 1,01
P/BVPS 1,21 1,41 1,25
EV/NOI 36,82 37,8 34,15
N/A N/A N/A

Equity research

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
ICA-handlarnas Förbund 40.1 % 40.1 % 31 Aug 2020
Länsförsäkringar Fonder 9.9 % 10.0 % 31 Aug 2020
Nordika 8.4 % 8.4 % 31 Aug 2020
Svea Ekonomi AB 8.3 % 8.4 % 31 Mar 2017
Eiendomsspar 6.3 % 6.3 % 31 Aug 2020
Handelsbanken Fonder 3.9 % 3.9 % 31 Aug 2020
Nordnet Pensionsförsäkring 3.8 % 3.8 % 31 Aug 2020
Helene Sundt AB 2.8 % 2.8 % 31 Aug 2020
Samhällsbyggnadsbolaget i Norden AB 2.6 % 2.6 % 31 Aug 2020
ODIN Fonder 2.2 % 2.2 % 31 Aug 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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