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-projects-to-drive-earnings-growth-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

Strong Q1 with continued expansion in NOI marginEst. revisions related to investments and interest ratesTrading ~35% below residential peers on 2024eQ1 report and estimate revisionsStudentbost...

Strong Q1 with continued expansion in NOI margin Est. revisions related to investments and interest rates Trading ~35% below residential peers on 2024e Q1 report and estimate revisions Studentbostäder i Norden delivered a strong Q1 report with rental income and NOI margin of ~6% and ~4pp above our estimates, respectively. Looking ahead, we postpone our assumption of rental income contributions from development projects in 2023 from Q2 and/or Q3 into Q4, which impacts 2023e rental income and NOI negatively by ~4%. 2024e rental income is boosted by an acquisition in Copenhagen. Looking at CEPS, interest rate expectations have skyrocketed since we initiated on 29 March, hence we incorporate higher interest expenses than previously. One should keep in mind that Studentbostäder has not yet reached a critical mass in terms of management properties, and CEPS is growing from a low base. More project gains to come Q1 property value changes amounted to ~SEK 110m, of which ~64% stem from project gains (~SEK 70m). SBS has ~1,800 units in ongoing projects (almost 40% of the current base of management properties), of which we estimate a project margin above 20%, showcasing the organic value creation in the years to come. All ongoing projects have construction agreements with relatively fixed prices, which is comforting in an environment of high inflation for development costs. Higher growth and lower multiples, with higher risks The share is trading at a discount to the Q1’22 reported EPRA NRV of ~30%, compared to residential peers such as Balder, Trianon and Wallenstam at an average discount of ~10%. Looking ahead, we expect SBS to generate an EPRA NRV growth of ~17% p.a. in 2022-2024e (above peers), hence the deviation to peers increases looking at P/NAV in 2022e-2024e. However, both the project volume and the gearing (net LTV or NIBD/EBIT) is higher in SBS, and the ICR is currently below the company target of 2.0x, which poses risks. We adjust our fair value range to SEK 8... Läs mer på ABG Sundal Collier