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MaxFastigheter

MaxFastigheter

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.

SEKm 2020 2021e 2022e
Rental Income 187 210 219
Rental growth (%) 28,6 12,4 4,4
Net operating income 144 162 171
NOI margin (%) 76,9 77,4 78,2
CEPS Adj 2,31 2,77 3,06
CEPS Adj. growth (%) -2,1 19,9 10,4
DPS 0 0 0
EPRA NAVPS 48,04 54,27 61,68
EPS 3,65 2,38 2,63
EPS Adj 4,16 3,06 3,32
P/CEPS Adj. (x) 14,7 15,6 14,1
P/E Adj. (x) 8,1 14,1 13
P/EPRANAV (x) 0,71 0,8 0,7
Implicit yield (%) 6,2 6 6,2
div.yield (%) 0 0 0
LTV (%) 55,8 55,2 54,8
SEKm 2020 2021e 2022e
Rental income 187 210 219
Other income 0 0 0
Operating costs -43 -47 -48
Net operating income 144 162 171
NOI margin (%) 76,9 77,4 78,2
Value change realized 0 0 0
Value change unrealized 38 0 0
Administration costs -21 -21 -21
All other income & costs 0 0 0
EBIT 161 141 150
Net financial items -52 -56 -58
Value change derivatives 8 0 0
Pretax profit 116 85 92
Deferred profit tax -17 -8 -9
Current tax -10 -10 -11
Net profit 90 66 72
Minority interest 0 0 0
Net profit to shareholders 79 51 57
Cash earnings 50 60 66
Tax rate (%) -22,7 -22 -22
Net investments 509 131 150
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 3,65 2,38 2,63
CEPS 2,31 2,77 3,06
CEPS adj. 2,31 2,77 3,06
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 28,6 12,4 4,4
NOI growth (%) 28,2 13,1 5,4
CEPS growth (%) -2,1 19,9 10,4
CEPS adj. growth (%) -2,1 19,9 10,4
Properties 2861 2992 3142
Deferred tax asset 4 6 8
Receivables 63 70 74
Cash and liquid assets 60 60 60
Other assets 33 37 39
Current liabilities 2 2 2
Total assets 3021 3166 3323
Shareholders equity 1170 1237 1309
Minority 0 0 0
Deferred tax 87 98 109
Interest bearing debt 1762 1830 1904
Short-term debt 0 0 0
Derivatives 2 2 2
Total liabilities and equity 3021 3166 3323
Net IB debt 1598 1653 1722
Rental area m2 (000) 215 221 221
Rent per m2 867 950 991
Equity ratio (%) 38,7 39,1 39,4
Loan to value (%) 55,8 55,2 54,8
Net loan to value (%) 63,7 63,2 62,5
ICR real estate 2 3 3
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 92,8 92,8 92,8
NAV per share 0 0 0
BVPS 54,08 57,14 60,46
EPRA NAV per share 48,04 54,27 61,68
Shares outstanding adj. 22 22 22
Share price 29,52 43,2 43,2
Market cap. (m) 639 935 935
P/E 9,3 18,2 16,4
Net IB debt / share 74 76 80
P/CEPS 14,7 15,6 14,1
P/CEPS adj. 14,7 15,6 14,1
EV/EBIT 14,5 18,3 17,7
Implicit yield (%) 6,2 6 6,2
Yield on BV (%) 5 5,4 5,5
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 0,71 0,8 0,7
P/BVPS 0,63 0,76 0,71
EV/NOI 16,22 15,93 15,51

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Main shareholders - MaxFastigheter

Main shareholders Share capital % Voting shares % Verified
Investment AB Öresund 25.7 % 25.7 % 31 Mar 2021
Filip Andersson 10.0 % 10.0 % 31 Mar 2021
Brobryggen Intressenter AB 7.6 % 7.6 % 30 Sep 2020
PriorNilsson Fonder 5.4 % 5.4 % 31 Mar 2021
Sven Engwall 3.3 % 3.3 % 31 Mar 2021
Rellco Invest AB 2.3 % 2.3 % 31 Mar 2021
Tngn Invest AB 2.2 % 2.2 % 31 Mar 2021
Fastighets AB Balder 2.0 % 2.0 % 31 Mar 2021
EkoFast Invest AB 2.0 % 2.0 % 31 Mar 2021
Futur Pension 2.0 % 2.0 % 31 Mar 2021
Source: Holdings by Modular Finance AB