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-slight-noi-miss-but-an-overall-solid-report-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 -1% vs ABGSCe, -3% vs cons.+0.7% in value changes (ABGSCe +0.9%)Positive net leasing of SEK 3.7m (3.8m)Adj. for one-offs, IFPM was broadly in line with estimatesRental income...

Net operating income -1% vs ABGSCe, -3% vs cons. +0.7% in value changes (ABGSCe +0.9%) Positive net leasing of SEK 3.7m (3.8m) Adj. for one-offs, IFPM was broadly in line with estimates Rental income came in at SEK 171m (151m), in line with our forecast and 3% below Infront consensus. Net operating income (NOI) of SEK 100m (88m) was slightly below ABGSCe and 3% below consensus. The deviation in income from property management (IFPM) was slightly lower (-2% vs ABGSCe) due to better net financials than we had expected. When adjusting for a one-off (SEK 3m) in central admin, IFPM is +2% vs ABGSCe (-1% vs consensus). IFPM per share in the earnings capacity came up 1.6% from the previous quarter. Net leasing summed up to SEK 3.7m (3.8m) and SEK 5.6m (10.2m) TTM, and the occupancy rate stayed intact q-o-q and y-o-y at 95%. Trianon renovated 46 (40) apartments in Q1, compared to its full-year target of 200 apartments. EPRA NRVPS +2.4% q-o-q to SEK 148Unrealised and realised value changes amounted to SEK 93m (279m) or +0.7%, we expected 0.8%. Value-enhancing investments in existing properties, newly signed leases in the commercial portfolio and project gains explain the value change. EPRA NRVPS increased 2.4% q-o-q and 37% y-o-y (adj. for dividends) to SEK 148, 0% versus our forecast of SEK 149. The valuation yield fell 30bps q-o-q in Q4 but stayed flat (3.9%) in Q1. The valuation yields for community service properties appears to be down somewhat. Net LTV was 54.6%, versus 55.2% in Q4’21. The average interest rate remained at 1.9%. Share trades 20-30% above Balder and WallenstamOn pre-Q1 numbers and 2022 estimates, the share is trading at ~24x P/IFPM and 0.97x P/EPRA NRV. These valuation metrics are some 20-30% above the average of Infront consensus numbers for the residential peers Balder and Wallenstam.Läs mer på ABG Sundal Collier