DNB Markets - MaxFastigheter: Lower Covid-19 hit than expected
Covid-19 had less of an impact on revenues than we had expected and the debt maturity improved after several refinancings: it is now 2.0 years on average, with no bond maturing until October 2021. Cash earnings and a minor unrealised asset value gain supported the increase in EPRA NRV to SEK45 (+2.1% QOQ), implying that the stock is at a 36% discount. We have adjusted our estimates and have tweaked our fair value to SEK31–42/share (SEK30–41) on our updated NAV forecast.Q2 revenues better than expected. The company reported rent discounts related to Covid-19 of SEK1.5m, slightly below our