Intea Fastigheter-Backed by structural tailwinds-07/12/2026

研报英文原文证据摘录

Intea Fastigheter-Backed by structural tailwinds-07/12/2026

res (SEKm) 2,477

to proceed with the planned new police facility in Linköping, the remaining pipeline

is expected to add ~51% to current rental value by 2030, supporting strong Net debt (SEKm) 14,562

earnings visibility. With net LTV at 47.6%, below the 50–55% target range, Minority interests (SEKm) 332

management sees no need for new equity to fund the current pipeline. This is Enterprise value 26e (SEKm) 33,439

further supported by a yield gap of slightly below 3pp, among the widest in the Total Return Index

sector. We forecast 28/6% IFPM growth and 12/11% EPRA NRV growth in

2026/2027E, with further upside potential from unannounced acquisitions and 105

project starts.

Valuation still attractive, Buy reiterated 95

Intea continues to combine strong growth with low vacancy, supported by 90

structural demand for social infrastructure. With 97% of contracted annual rent

derived from public-sector tenants and a public-sector WAULT of 7.8 years, the 85

portfolio provides stable and predictable cash flows. The shares trade at 80

16.0/15.2x IFPM and 1.26/1.15x EPRA NRV in 2026/2027E, below reported LTM

averages of 19.0x and 1.33x, despite rapid earnings growth and high visibility from 75

Jul-25 Sep-25 Nov-25 Feb-26 Apr-26 Jun-26the project pipeline. We view the valuation gap as unwarranted and expect it to

Intea Fastigheter EPRA.EUR-FTX

narrow as the pipeline converts into cash flow. We make minor negative estimate

revisions to rental income and NOI, partly offset by lower market rate curves lifting Source: FactSet

CEPS and IFPM. We reiterate Buy and slightly adjust TP to SEK 87 (88).

SEKm 2024 2025 2026e 2027e 2028e

Sales 1,201 1,561 1,892 2,092 2,294

NOI 991 1,308 1,588 1,761 1,935

NOI margin (%) 83 84 84 84 84