Neobo Fastigheter AB (publ)

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Hi, and welcome to Kvartalet, a report pod for you who like properties, from Fråga Lo. In this episode, we hear Ylva Sarby-Westman, CEO of Neobo, comment on the company's report for the second quarter of 2024. The interview is made by Sverre Retour, but first we listen to a quick analysis by Erik Nyman, analysis chief at JLL.

If the Neobos report for the first quarter was a bit of a disappointment, the report for the second quarter gave more positive news for the market. The rents increased by 7.3% compared to what was in stock for the first half of the year, and a little more than that in the second quarter. If it was housing, it must be considered very good. The corresponding rent increase for 2024 is 5.1% in the stock, but it does not really get the full effect for the coming quarter. Also, vacancy reductions and renovations have positively affected the rent increase. As we have noted earlier, there is a reason to assume that housing rents can continue to increase in a slightly faster pace than inflation in the coming years. Not least with regard to the receding effect that the three-part solution has. The net profit is almost 9% better than last year. The surplus has risen to 61%, up from 58% last year. which is in relation to the surplus rate in the first quarter at 40%, we get a little feeling for the big seasonal variations that exist in housing management. Despite higher financial costs driven by a higher revenue, the management result increased by 26% and Neobo creates a little necessary margins in its business. The interest rate rise to 1.9 times in the quarter and 1.6 times in the last 12 months. At the same time, the investments in existing properties decrease a little bit, and as of the last 12 months, you now have an administrative result that is in principle in parity with the investments. A smaller sale of a property in Falun during the quarter is also announced, in an effort to optimize the property portfolio in order to create a little extra investment space. Notable, despite the fact that it is a very small business, is that the depreciation occurred to a value of 18% over the last quarter. Neobo har hela sin skuld hos bankerna och efter utgången av andra kvartalet har ett lån om 955 miljoner kronor med förfall under andra kvartalet 2025 refinansierats till en marginal som understiger den genomsnittliga marginalen i Neobos låneavtal. Snittkostnader för Neobo per halvårsskiftet är 3,4% i likhet med som situationen såg ut i årsskiftet och även efter första kvartalets slut. On the access side, you have continued to write down the values marginally on the portfolio, with 0.6% in the quarter. The drop-off requirement has been adjusted to 5.0 from 4.7 at the turn of the year, while higher estimated future housing revenues have affected the values positively. Now it is up to Neobo to do what it can to close the gap between the reported direct drop-off of 3.8% and the valuation drop-off requirement of 5%. The reported stock value is, in principle, unchanged since the change of year, with just under 45 kronor per share. The valuation thus indicates a still very large discount, despite a fantastic share travel during 2024, as the best share in the real estate sector. The real estate is valued at 19,412 kronor per carat in the balance sheet, while the implicit valuation on the stock market indicates about 14,100 kronor per carat, at a level with companies like Fortinova and Klarabot. Som vi också varit inne på tidigare så är det positivt att bolaget fortsätter sitt arbete med ambitionen om ett byte till huvudlistan under året. Det skapar inte minst förutsättningar för ytterligare institutioner att intressera sig för aktien.