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-operationally-stable-hurt-by-energy-costs-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

Net operating income -7% vs ABGSCeIFPM in the earnings capacity up by 6%Occupancy rate up 0.6pp q-o-q Income from property management -9% vs. ABGSCeRental income came in at SEK 171m (153m), ...

Net operating income -7% vs ABGSCeIFPM in the earnings capacity up by 6%Occupancy rate up 0.6pp q-o-q Income from property management -9% vs. ABGSCeRental income came in at SEK 171m (153m), compared to our forecast of SEK 173m. Net operating income was SEK 107m (101m), -7% vs. ABGSCe. Higher energy prices impacted the NOI margin, which affects residential-focused property companies to a higher degree vs commercial names, as rent per sqm in general is lower and commercial companies can pass on increased cost to tenants. Income from property management (IFPM) amounted to SEK 66m (66m) relative to our estimate of SEK 73m. IFPM per share in the earnings capacity came up 6% from the previous quarter. Net leasing summed up to SEK 1.4m (1.8m) in Q2 and SEK 5.2m (9.6m) TTM, and the occupancy rate increased to 95.7% (95.1% in Q1’22 and 95.3% in Q2’21). Trianon renovated 18 (28) apartments in Q2 and 61 (68) in H1’22, while it targets 200 apartments for the full year.<br><br>EPRA NRVPS +6% q-o-q (adj. for DPS) to SEK 37.3Value changes amounted to SEK 37m (208m) or +0.3%, we expected +0.4%. The valuation yield was flat q-o-q (-0.6pp y-o-y) at 3.9%. The yield in the residential segment was flat q-o-q while it increased by 0.2 and 0.1pp in the community service and retail segments, respectively. EPRA NRVPS increased 6% q-o-q and 36% y-o-y (adj. for paid dividends) to SEK 37, in line with our forecast of SEK 37. Net LTV was 56.1% compared to 54.6% in Q1’22. The average interest rate decreased to 1.8% (1.9% in Q1) and the interest maturity decreased to 1.4y (2.0y in Q1). The isolated Q2 numbers would imply estimate revisions of -5% on CEPS, while 0% on EPRA NRV. However, we note that CEPS (IFPM less tax/share) in the earnings capacity is up by 6% q-o-q.<br><br>Trades ~30% below its 4y P/IFPM averageThe share is trading at 18x LTM P/IFPM and a 28% discount to reported EPRA NRV. These metrics are well below its 4y averages (26x &amp; 24% premium). Compared to peers, current multiples are ~10% and ~5% ab...Läs mer på ABG Sundal Collier