Leasing Strength Offsets Muted Acquisition Activity

研报英文原文证据摘录

Leasing Strength Offsets Muted Acquisition Activity

Sweden | Property & Real Estate

SLP EquityJulyResearch10, 2026

TARGET | ESTIMATE CHANGELeasing Strength Offsets Muted Acquisition

RATING HOLDActivity

PRICE SEK37.50^

SLP delivered strong operational momentum, offset by a continued

SEK40.50 (SEK41.00) |

normalization in growth rates. Acquisition activity slowed during Q2, valuation PRICE TARGET | % TO PT +8%

gains remained modest (0.7%), and leverage metrics continue to sit at the upper 52W HIGH-LOW SEK43.90 - SEK34.30

end of the peer group (50% LTV). We believe the current valuation appropriately FLOAT (%) | ADV MM (USD) 70.5% | 15.02

balances stronger earnings growth against a higher-risk balance sheet and MARKET CAP SEK8.9B | $914.5M

greater reliance on external growth, supporting our Hold recommendation. TICKER SLPB SS

^Prior trading day's closing price unless otherwise

Strong EPS growth albeit decelerating. Recurring EPS grew by 20% to SEK1.26 despite dilution noted.

of recent capital increases. Growth remains among the strongest in the sector, even if it has

moderated from the exceptionally high levels reported in the past. SEK900m of acquisitions were FY (Dec) CHANGE TO JEFe JEF vs CONS

achieved in Q1-26, with no additional transactions in Q2. We reduce our acquisition assumptions 2026 2027 2026 2027

for 2026e-28e to SEK2.5bn p.a. from SEK3.0bn previously, reflecting the slower pace of external

REV -3% -4% NM +10%

growth observed in H1-26 and a still subdued transaction market. We cut our EPS estimates by 3%

EPS -3% -3% NA NA

on average as a consequence and see a recurring EPS of SEK2.47 in 2026 (+12% YoY vs. +33% in

2025) and SEK2.86 (+15% YoY) in 2027.

2026 (SEK) Q1 Q2 Q3 Q4 FY

Leasing was the key highlight of the quarter.