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DNB Markets - MaxFastigheter: Set for strong IFPM growth in 2021

The Q4 report was solid, and showed continued resilience despite Covid-19. We have raised our fair value range to SEK37–44 after lifting our 2022e EPS by 2% following recent acquisitions, as well as trimming our valuation yield following tightening credit spreads in the capital markets. We expect a strong improvement in IFPM (income from property management) per share, with 20% growth in 2021 (from 4.5% in 2020), driven by project completions and acquisitions.Q4 results in line with our forecasts, but asset value gains better than expected. Rental income remained resilient despite Covid-19 (

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

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

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