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 CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...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
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
      id
    }
    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 {
    id
    name
    pageUrl
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      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
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


oscar-properties-mixed-bag-of-messages-from-q1-abg

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Oscar Properties Holding

Positive top line revisions while lowered NOI marginBorrowing terms should improve even with higher repo‘24e P/IFPM of ~13x and P/EPRA NRV of 0.35xThe occupancy rate possibly troughed in Q1 ...

Positive top line revisions while lowered NOI margin Borrowing terms should improve even with higher repo ‘24e P/IFPM of ~13x and P/EPRA NRV of 0.35x The occupancy rate possibly troughed in Q1 We increase our rental income estimates based on 1) higher indexation assumptions of 150bp in ‘23e and 100bp in ‘24e, to 3.0% and 2.5%, 2) the ~5% Q1 beat, although the effect is somewhat delayed due to postponed closures for unsigned acquisitions. The occupancy fell 10bp q-o-q to 88% in Q1, but according to management this is due to terminated contracts in Q4’21, and the letting activity YTD has been better. The Q1 NOI margin was weaker than expected at 59%, and we lower our full-year margin assumption to 68% (compared to the earnings capacity of 77%) Higher net financials (explained more below) mainly explain the negative CEPS revision; however, CEPS is still a small number which causes estimate changes in percentages to be volatile. Interest rate estimates up on higher repo rate We continue to estimate that OP improves the terms of its loans ahead as 1) the company grows towards its portfolio growth target of SEK 20bn at year-end ’24 (vs SEK 7bn Q1’22), and 2) its average interest rate is remarkably high (4.6% as of Q1’22). However, our net financial forecasts go up in this review as we have incorporated repo rate hikes of 100bp for all companies in our coverage. This decreases income from property management (IFPM) and CEPS in ’22-‘24e. In addition, we previously included some yield compression in our estimates, but due to changed market conditions we have removed this, which in part explains our lower EPRA NRV estimates. ‘24e P/IFPM roughly in line with peers The valuation is tricky on ’22 and ’23 estimates as CEPS is depressed while EPRA NRV is well above market value. As cash earnings reach critical mass in 2024, we find ‘24e more useful, and note ~13x P/IFPM and 0.35x P/EPRA NRV. These valuation metrics are roughly in line (P/IFPM) and ~50% below (P/EPRA NRV) the average fo... Läs mer på ABG Sundal Collier