Logistea (AO) | Buy | Q2 first take: Strong LFL, but IFPM slightly light

Research evidence excerpt

Logistea (AO) | Buy | Q2 first take: Strong LFL, but IFPM slightly light

Logistea Buy | Target Price: SEK20.00

Company description Management

Logistea’s vision is to be the natural long-term partner for companies requiring Niklas Zuckerman, CEO

premises for warehouses, logistics and light industry. This vision is realised Philip Löfgren, CFO

through its mission to acquire, develop and manage properties and land. The Key shareholders

company’s portfolio includes 169 properties across eight countries with a total Free float 64.93%

property value of c. SEK17.4bn. Logistea focuses on long-term leases with Rutger Arnhult incl related parties 20.65%

financially stable tenants, providing a diversified and resilient property base. Nordika 14.42%

Länsförsäkringar Funds 9.72%

Investment case Valuation methodology

Logistea provides above-average growth, with 2025-28E FFO Our target price is based on a DCF and peer valuation, using

and NRV CAGRs of c. 11% and c. 10%. both Logistea’s own history and the Nordic sector as cross-

Long leases provide cash-flow visibility, with 83% of leases checks.

maturing after 2030. We apply a c. 5% premium to 2026E Nordic peer average P/FFO,

The logistics segment offers long-term growth prospects, while justified by strong FFOps growth.

the current market is favourable with low vacancies and a liquid The share trades at c. 12x 2026E P/FFO, a discount to Nordic

transaction market. peers despite faster growth.

Catalysts Risks to our rating

Re-letting at higher rents supports LFL growth. A weaker transaction market could reduce acquisition

Acquisitions above c. 6.3% NIY are FFO-accretive. opportunities and valuation support.

Debt management could lower sector-high debt costs. Higher LTV reducing acquisition capacity.