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Kolmannen osapuolen analyysi

Oscar Properties: Feedback from Capital Markets Day - ABG

Oscar Properties Holding

Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja

Lataa raportti (PDF)
Added details on the means of reaching SEK 20bn
Expect acquisitions in industrial/logistics
Reduced financing costs a major focus ahead

Building blocks for 2024 target unveiled
Oscar Properties targets a property value of SEK 20bn, which is ~SEK 13bn more than the ~SEK 7bn as of Q4’21. Of the SEK 13bn difference, SEK 2bn should stem from changes in investment property values, SEK 0.4bn from operating profit, SEK 3bn from development of building rights and SEK 8bn from acquisitions. First, the change in value should come from unlocked value gains in investment properties. OP highlighted today that most acquisitions are made off-market, and that a number of these were revalued shortly after the deal was closed; we see potential for this to continue. Further, OP has identified new building rights in acquired portfolios that the seller had not priorly discovered (the Valerum and Älvsjö portfolios). Lastly, the acquisitions will likely be made through equity issues, but probably not in the immediate future, as the CEO currently thinks the valuation is too low to raise equity.

30-30-30 industrials, logistics/warehouse and office
In 2024, with a SEK 20bn property value, the segment split is aimed to be 30% industrials, 30% logistics/warehouse and 30% office, compared to 12% (industrials), 22% (logistics/warehouse) and 38% (office) today. Although some of this should be helped by the identified building rights within existing zoning plans, of which 89% are industry/logistics, the main contribution will come from acquisitions within industry/logistics ahead. The company seemed upbeat about its prospects for finding good deals within this segment, referring to many properties that are attractively priced on the market. Moreover, this segment ambition supports OP’s WAULT target of five years, as presented today. The avg. lease duration on industrial properties is 5-10 years, broadly speaking, while office leases are typically below five years. WAULT as of Q4’21 was 3.6 y...
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