Fastighets AB Trianon: Momentum Builds, Discount Remains Wide

研报英文原文证据摘录

Fastighets AB Trianon: Momentum Builds, Discount Remains Wide

Sweden | Property & Real Estate

Fastighets AB Trianon EquityJulyResearch15, 2026

TARGET | ESTIMATE CHANGEMomentum Builds, Discount Remains Wide

Trianon delivered a solid H1-26, supported by healthy organic growth, renewed RATING BUY

acquisition activity and progress at Burlöv. Management highlighted embedded PRICE SEK17.85^

upside from rent revisions, renovation projects, while transaction evidence PRICE TARGET | % TO PT SEK24.00 (SEK25.00) |

suggests scope for future revaluations. With refinancing conditions improving +34%

52W HIGH-LOW SEK20.90 - SEK16.85

and recurring earnings set to grow strongly, we see scope for a re-rating.

FLOAT (%) | ADV MM (USD) 35.7% | 1.33

Rental upside yet to crystallise. The 2026 residential rent increase was set at +3.2%, while MARKET CAP SEK3.3B | $341.8M

commercial assets benefited from +0.9% indexation. Despite the reported vacancy of 3.4%, TICKER TRIANB SS

occupancy should improve further as pre-let commercial space is taken into use (1.8% of economic ^Prior trading day's closing price unless otherwise

noted.

vacancy). In addition, management sees SEK20m of rental upside from bruksvärdering, equivalent

to +10% reversionary potential over time. Combined with inflation-linked rent growth, this supports

at least +3% annual LFL growth in the MT. FY (Dec) CHANGE TO JEFe JEF vs CONS

2026 2027 2026 2027

Back on the acquisition trail. Trianon has secured SEK522m of acquisitions in 2026 at a c.6% NOI

REV +1% <1% NA NA

yield (4% of GAV). This follows c.SEK1bn of net disposals in FY25, largely linked to the Briban deal.

EPS <1% NA NA NA

Despite the deep valuation discount, management continues to favour acquisitions over SBB, citing

improving investment markets.