Trianon-Buy - Target SEK 23 / Share price SEK 18-05/12/2026

研报英文原文证据摘录

Trianon-Buy - Target SEK 23 / Share price SEK 18-05/12/2026

Trianon

SHORT QUARTERLY REVIEW | 12 MAY 2026

Buy - Target SEK 23 / Share price SEK 18

Forecast changes Comments

% 2026e 2027e 2028e 2Q'26e Trianon delivered a solid Q1 report, with rental income and NOI

Sales (1) (2) (2) (3) slightly above our expectations despite increased property costs

of SEK 5m related to a colder winter. Net letting amounted to SEK

NOI (3) (4) (4) (4)

-0.3m in the quarter, corresponding to SEK -1.9m LTM, while the

CEPS (10) (21) (18) (11) economic occupancy rate increased by 10bps q/q to 96.6%,

EPRA NAV ps (1) (2) (4) (1) underscoring continued operational stability and resilient demand

DPS - - - NM for the portfolio. Lower CA and interest costs, combined with fewer

shares outstanding, contributed to a 20% y/y increase in IFPM per

share, while E.C IFPM increased by 3.9% q/q. We continue to view

the underlying earnings growth as solid, supported by recent

acquisitions and a residential-heavy portfolio with stable cash

flows. However, the recent rise in market interest rate curves

creates a more challenging near-term earnings outlook and has

resulted in downward revisions to our estimates. Despite this, we

forecast IFPM growth of 11% in 2026E, which we view as solid

given the estimate adjustments. At 13.6/13.3x 2026/2027E IFPM

and 0.52/0.50x EPRA NRV, we view the valuation as attractive

given the growth pro@le and operational resilience. While higher

market interest rates weigh on our IFPM and CEPS estimates, we

continue to see the long-term case as intact, supported by future

acquisition opportunities and stable underlying operations. We

reiterate our Buy recommendation and adjust TP to SEK 23 (26).

PROFIT & LOSS (quarter) (SEKm) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26e 3Q'26e 4Q'26e