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MaxFastigheter

MaxFastigheter

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MaxFastigheter is a Swedish real estate company that owns and develops high yield commercial properties. The portfolio comprise retail (58%), leisure (18%), logistics/industry (15%) and other (9%). The retail exposure is mainly retail parks with discount retail and grocery retail. The company has Dollarstore (18%), Granngården (6%), Leos Lekland (6%), Willys (6%), ICA (4%), Rekryteringsmyndigheten (3%), and Burger King (3%) among its clients. The properties are in Karlstad (35%), Eskilstuna (18%), Västerås (16%), Norrköping/Linköping (12%), Stockholm (10%), Gävle (5%) and Uppsala (4%).

In April, MaxFastigheter announced new financial and operational targets. The financial targets are 1) Increase income from property management by at least 12% p.a., 2) Increase EPRA NAVPS by at least 12% p.a., 3) Loan-to-value < 60% and 4) interest coverage ratio of >2x while the operational targets are 1) Property values of SEK 5bn, 2) Change share listing from First North to the main exchange and 3) No property segment should exceed 50% on a medium-term time horizon. In addition, to the above targets the company has a new dividend policy of not distributing any dividend until the SEK 5bn targets is reached.

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 MaxFastigheter are ownership risk and/or financial risk.

Financials

SEKm 2019 2020e 2021e
Rental Income 145 189 208
Rental growth (%) 30,9 29,9 10,1
Net operating income 112 144 161
NOI margin (%) 77,1 76,5 77,4
CEPS Adj 2,36 2,46 2,71
CEPS Adj. growth (%) -9,4 4,2 10,3
DPS 0 0 0
EPRA NAVPS 43,25 46,65 52,57
EPS 4,81 2,89 2,33
EPS Adj 4,81 3,41 3,01
P/CEPS Adj. (x) 15,9 12,4 11,2
P/E Adj. (x) 7,8 8,9 10,1
P/EPRANAV (x) 0,87 0,65 0,58
Implicit yield (%) 5,3 6,1 6,6
div.yield (%) 0 0 0
LTV (%) 59,7 62,1 61,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 145 189 208
Other income 0 0 0
Operating costs -33 -44 -47
Net operating income 112 144 161
NOI margin (%) 77,1 76,5 77,4
Value change realized 0 0 0
Value change unrealized 65 7 0
Administration costs -16 -20 -21
All other income & costs 0 0 0
EBIT 160 131 140
Net financial items -39 -52 -56
Value change derivatives 4 7 0
Pretax profit 125 87 83
Deferred profit tax -15 -5 -8
Current tax -6 -8 -10
Net profit 104 74 65
Minority interest 0 0 0
Net profit to shareholders 104 63 50
Cash earnings 51 53 59
Tax rate (%) -17 -15 -22
Net investments 698 318 134
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 4,81 2,89 2,33
CEPS 2,36 2,46 2,71
CEPS adj. 2,36 2,46 2,71
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 30,9 29,9 10,1
NOI growth (%) 35,4 28,9 11,3
CEPS growth (%) -9,4 4,2 10,3
CEPS adj. growth (%) -9,4 4,2 10,3
Properties 2315 2640 2774
Deferred tax asset 4 6 8
Receivables 66 85 94
Cash and liquid assets 225 225 225
Other assets 34 44 49
Current liabilities 0 -7 -7
Total assets 2643 3000 3149
Shareholders equity 871 939 1004
Minority 0 0 0
Deferred tax 71 79 89
Interest bearing debt 1702 1989 2063
Short-term debt 0 0 0
Derivatives 0 -7 -7
Total liabilities and equity 2643 3000 3149
Net IB debt 1381 1640 1701
Rental area m2 (000) 187 216 221
Rent per m2 775 875 941
Equity ratio (%) 32,9 31,3 31,9
Loan to value (%) 59,7 62,1 61,3
Net loan to value (%) 83,2 83,9 82,5
ICR real estate 2 2 2
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 95 94,2 94,2
NAV per share 0 0 0
BVPS 40,23 43,38 46,39
EPRA NAV per share 43,25 46,65 52,57
Shares outstanding adj. 22 22 22
Share price 30,91 30,4 30,4
Market cap. (m) 669 658 658
P/E 7,8 10,5 13,1
Net IB debt / share 64 76 79
P/CEPS 15,9 12,4 11,2
P/CEPS adj. 15,9 12,4 11,2
EV/EBIT 13,7 17,5 16,9
Implicit yield (%) 5,3 6,1 6,6
Yield on BV (%) 4,8 5,5 5,8
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 0,87 0,65 0,58
P/BVPS 0,93 0,7 0,66
EV/NOI 19,58 15,9 14,67
N/A N/A N/A

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Main shareholders - MaxFastigheter

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 17.7 % 17.7 % 30 Sep 2020
Filip Andersson 9.8 % 9.8 % 30 Sep 2020
Brobryggen Intressenter AB 7.6 % 7.6 % 31 Mar 2020
PriorNilsson Fonder 5.5 % 5.5 % 31 Oct 2020
Sven Engwall 3.3 % 3.3 % 30 Sep 2020
Futur Pension 3.1 % 3.1 % 30 Sep 2020
Rellco Invest AB 2.3 % 2.3 % 30 Sep 2020
NP3 Fastigheter AB 2.0 % 2.0 % 30 Sep 2020
Avanza Pension 2.0 % 2.0 % 30 Sep 2020
EkoFast Invest AB 2.0 % 2.0 % 30 Sep 2020
Source: Holdings by Modular Finance AB