contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


studentbostader-i-norden-letting-momentum-and-macro-headwinds-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Studentbostäder i Norden operates in the real estate industry. The company is a lessor and manager of student housing. The main focus is on the development of student housing in its own administration. Studenbostäder i Norden operates on the Nordic market. The company was originally established in 2009 and previously went by the name Prime Living. The head office is located in Uppsala. 

Studentbostäder i Norden

Operational momentum – expect higher occupancy q-o-q Higher interest rate path leads to negative CEPS ‘23-‘24e 2022e P/NAV of 0.37x, ~40% below residential peers Strong student letting market...

Operational momentum – expect higher occupancy q-o-q Higher interest rate path leads to negative CEPS ‘23-‘24e 2022e P/NAV of 0.37x, ~40% below residential peers Strong student letting market Studentbostäder i Norden AB will release its Q3 report on 10 November. We expect sales of SEK 68m (+33% y-o-y). Several real estate companies with exposure to student housing have experienced an increase in occupancy post-COVID-19. Going forward, we believe this may be further accelerated by (a) recession fear, leading to more students (the number of applicants is contracyclical), and (b) volatile and declining residential prices, meaning more people want to rent rather than buy an apartment. The Q2 earnings capacity (portfolio as of 30 June 2022) had a vacancy rate of 8.2%, a figure we expect will significantly decrease q-o-q. Estimate changes and financing metrics We make minor estimate changes for rental income, while NOI comes down by ~4-2% in 22-24e due to cost inflation, most notably electricity prices. Since June ’22, the Swedish Riksbank has hiked the interest rate by 150 bps and now guides for an additional ~100 bps over the course of the coming meetings. Bank margins were stable in H1’22 but we expect that they might increase somewhat going forward, adding to financing costs. We incorporate the higher interest rate path and bank margins, leading to negative CEPS in 2023e and 2024e. As previously noted, the outstanding bond has an ICR covenant of 1.5x, which we argue is at risk given that the ICR ranges between ~0.9x and ~1.3x per our estimates. P/NAV ~40% below peers, which we view as justified The share is trading at a 2022e P/EPRA NRV of ~0.4x. This is obviously cheap in a historical context, but sentiment is weak due to current macroeconomic conditions. Residential peers such as Balder, Trianon and Wallenstam are trading at 2022e P/EPRA NRV of ~0.5x to ~0.7x, with an average of ~0.6x. Given that SBS has higher leverage and higher beta, we believe a discount to is... Läs mer på ABG Sundal Collier