DNB Markets - MaxFastigheter: Attractive 39% NRV discount
We see the lack of rent discounts in Q3 as a sign of tenant-base strength, as well as confirmation of the asset book value by the external appraiser, as the value change was unchanged in the quarter - despite the pandemic. Postponing its growth target by one year (asset value of SEK5bn at end-Q2 2022) makes sense to us in the current market, and we still see upside potential from its growth strategy. We have lowered our 2021–2022e EPS by c5% after updating our revenue and net interest estimates, but reiterate our fair value of SEK31–42/share.No rent discounts in the quarter and flat value