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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 2020 2021e 2022e
Rental Income 189 208 221
Rental growth (%) 29,9 10,1 6,4
Net operating income 144 161 173
NOI margin (%) 76,5 77,4 78,1
CEPS Adj 2,46 2,71 3,11
CEPS Adj. growth (%) 4,2 10,3 14,8
DPS 0 0 0
EPRA NAVPS 46,65 52,57 59,74
EPS 2,89 2,33 2,68
EPS Adj 3,41 3,01 3,36
P/CEPS Adj. (x) 13,7 12,4 10,8
P/E Adj. (x) 9,9 11,2 10
P/EPRANAV (x) 0,72 0,64 0,56
Implicit yield (%) 6,2 6,4 6,7
div.yield (%) 0 0 0
LTV (%) 62,1 61,3 60,5
N/A N/A N/A
SEKm 2020 2021e 2022e
Rental income 189 208 221
Other income 0 0 0
Operating costs -44 -47 -48
Net operating income 144 161 173
NOI margin (%) 76,5 77,4 78,1
Value change realized 0 0 0
Value change unrealized 7 0 0
Administration costs -20 -21 -21
All other income & costs 0 0 0
EBIT 131 140 151
Net financial items -52 -56 -58
Value change derivatives 7 0 0
Pretax profit 87 83 93
Deferred profit tax -5 -8 -9
Current tax -8 -10 -11
Net profit 74 65 73
Minority interest 0 0 0
Net profit to shareholders 63 50 58
Cash earnings 53 59 67
Tax rate (%) -15 -22 -22
Net investments 318 134 150
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 2,89 2,33 2,68
CEPS 2,46 2,71 3,11
CEPS adj. 2,46 2,71 3,11
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 29,9 10,1 6,4
NOI growth (%) 28,9 11,3 7,5
CEPS growth (%) 4,2 10,3 14,8
CEPS adj. growth (%) 4,2 10,3 14,8
Properties 2640 2774 2924
Deferred tax asset 6 8 10
Receivables 85 94 100
Cash and liquid assets 225 225 225
Other assets 44 49 52
Current liabilities -7 -7 -7
Total assets 3000 3149 3310
Shareholders equity 939 1004 1077
Minority 0 0 0
Deferred tax 79 89 100
Interest bearing debt 1989 2063 2141
Short-term debt 0 0 0
Derivatives -7 -7 -7
Total liabilities and equity 3000 3149 3310
Net IB debt 1640 1701 1769
Rental area m2 (000) 216 221 221
Rent per m2 875 941 1001
Equity ratio (%) 31,3 31,9 32,5
Loan to value (%) 62,1 61,3 60,5
Net loan to value (%) 83,9 82,5 80,9
ICR real estate 2 2 3
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 94,2 94,2 94,2
NAV per share 0 0 0
BVPS 43,38 46,39 49,75
EPRA NAV per share 46,65 52,57 59,74
Shares outstanding adj. 22 22 22
Share price 29,52 33,6 33,6
Market cap. (m) 639 727 727
P/E 11,6 14,4 12,5
Net IB debt / share 76 79 82
P/CEPS 13,7 12,4 10,8
P/CEPS adj. 13,7 12,4 10,8
EV/EBIT 18 17,4 16,5
Implicit yield (%) 6,2 6,4 6,7
Yield on BV (%) 5,5 5,8 5,9
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 0,72 0,64 0,56
P/BVPS 0,77 0,72 0,68
EV/NOI 16,38 15,1 14,44
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 % 30 Sep 2020
PriorNilsson Fonder 5.5 % 5.5 % 31 Dec 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