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
    }
  }
}


trianon-lower-noi-margin-but-limited-full-year-impact-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Trianon operates in the real estate industry and focuses on the acquisition, development and management of residential, commercial, office and community properties. The company's portfolio includes rental and tenant-owned properties. The operations are mainly concentrated on the Swedish market. Trianon was founded in 1973 and is headquartered in Malmö, Sweden.

Trianon

NOI and IFPM in earnings capacity up by ~5% and ~4%5.5% value changes and valuation yield 3.9% (4.2% Q3)186 renovated apartments in 2021 (132)Q4 NOI margin lower (63.5%) vs. ABGSCe (67.9%)Rental...

NOI and IFPM in earnings capacity up by ~5% and ~4% 5.5% value changes and valuation yield 3.9% (4.2% Q3) 186 renovated apartments in 2021 (132) Q4 NOI margin lower (63.5%) vs. ABGSCe (67.9%) Rental income came in at SEK 160m (148m) compared to our forecast of SEK 166m. Net operating income (NOI) amounted to SEK 102m (99m), relative to our estimate of SEK 113m, mainly explained by higher electricity costs. Income from property management (IFPM) was SEK 64m (54m) compared to our forecast of SEK 73m. Net leasing summed up to SEK 0.8m (1m) and SEK 5.5m (9m) trailing 12 months. Trianon renovated 54 apartments in Q4, resulting in 186 for the full year (132 in 2020). DPS is proposed to SEK 2.00 (1.80) vs ABGSCe 2.00. EPRA NRVPS +47% y-o-y (adj. for DPS) to SEK 145 (101) Unrealised and realised value changes amounted to SEK 609m (85m) or + 5.5%, we expected SEK 101m or 0.9%. EPRA NRVPS increased 47% y-o-y (adj. for DPS) to SEK 18 (101), 10% higher than our forecast of SEK 131. The valuation yield excl. projects was 3.9%, compared to 4.2% in Q3. Residential and offices were down the most. The Q4 net LTV came down to 53.5% from 56.3% in Q3, helped by the SEK 400m share issue in November. 25x and 1.23x P/IFPM and P/EPRA NRV The share is trading at ‘23e P/IFPM of ~25x and P/EPRA NRV of 1.23x. These valuation metrics are some ~40% (P/IFPM) below and ~15% (P/EPRA NRV) above consensus for peers such as Balder, K2A and Wallenstam. The isolated Q4 numbers would imply negative estimate revisions of ~2%. Läs mer på Introduce