Back to its roots

Research evidence excerpt

Back to its roots

Equity Research - 30 June 2026 06:38 CEST

Reason: Preview of resultsPublic Property Invest

• Small FX-driven estimate changes

• Trading at 12.3x CE on '27e vs. sector at 15.4x

• BUY - TP of SEK 23.5 (22.5) Constr. & Real Estate

Q2 expectations PUBLI-SE/PUBLI SS

Public Property will report its Q2 report on 15 July. The company will Share price (SEK) 26/6/2026 19.10

change its reporting currency to SEK (NOK) following the change of Target price (22.50) 23.50

primary listing venue to OMX Nasdaq. It has disclosed historical figures

in SEK back to Q1'24 ahead of the quarterly report. We have not made

any underlying changes to our estimates besides adjusting for the last MCap (SEKm) 18,062

CPI readings for '27e indexations and the weaker SEK in the quarter. We MCap (EURm) 1,630

think the FX changes support rental income by SEK 8m q-o-q, offset by No. of shares (m) 945.7

a known negative net letting that will hurt rental income by SEK 7m q-o- Free float (%) 20.6

q. As such, we forecast rental income of SEK 862m. We think the NOI Av. daily volume (k) 430

margin has improved q-o-q on lower electricity costs. The company guides

for clean administration costs of SEK 64m in the quarter, but we think Next event Q2 report 15 July 2026

there will be large costs related to the listing change and other transaction-

related costs, so we estimate SEK 104m in the quarter. Net financials Performance

will be hurt by a SEK 60m charge on the repayment of the bridge loan.

Overall, we expect pre-tax profit ex value changes of SEK 258m for Q2. 22.00

21.00

Balance sheet does not support additional growth

20.00

At the end of Q1, the EPRA LTV was at 53%, net debt-to-EBITDA at 9.9x

including projects, and ICR at 2.2x. Although these levels are not very high 19.00