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    FABG   SE0011166974

FABEGE AB (PUBL)

(FABG)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe Europe - 07/27 11:25:00 am
148.3 SEK   -0.27%
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Fabege : Interim Report January-March 2021

04/26/2021 | 01:31am EDT

The first quarter was characterised by stable revenue, higher winter-related costs and continued value growth in the property portfolio. We signed a major 12-year lease with Convendum which resulted in positive net lettings. The volume of renegotiations remained low but contributed positively to the rental value in renegotiated leases by 12 per cent. Our projects progressed according to plan.
 

  • Rental income amounted to SEK 707m (711). In an identical portfolio, rental income decreased by approximately 1 per cent (+6). The decrease compared to the previous period was mainly due to properties that changed to projects and also due to provisions made in connection with the pandemic.
  • Net operating income amounted to SEK 506m (520). In an identical portfolio, net operating income decreased by approximately 4 per cent (+9)
  • The surplus ratio was 72 per cent (73).
  • Profit from property management amounted to SEK 346m (369).
  • Realised and unrealised changes in value amounted to SEK 514m (1,854) in properties.
  • After-tax profit for the period amounted to SEK 863m (1,574), corresponding to SEK 2.64 per share (4.78).
  • Net lettings during the period totalled SEK 36m (15). 
  • The equity / assets ratio was 51 percent (52) and the loan-to-value ratio was 35 percent (35). 

"Fabege has a strong balance sheet, a stable customer base, a good property portfolio in great locations and many development opportunities. During the quarter, we utilised our strength to repurchase almost 3 million shares. All with the ambition of creating additional shareholder value.", says Stefan Dahlbo, CEO Fabege.

Presentation of the report
Today at 09:00 CET Stefan Dahlbo, CEO and Åsa Bergström, CFO will present the report. The Swedish presentation can be followed via webcast or phone: 

  • SE: +46 8 566 427 07
  • UK: +44 33 330 090 32
  • US: +1 83 324 984 06

 An English conference will also be held at 11:00 am CET. Follow it via audiocast or phone: 

  • SE +46 8 566 427 03
  • UK: +44 33 330 090 30
  • US: +1 83 352 683 95

Fabege AB (publ)

 

For further information, please contact:
Stefan Dahlbo, President and CEO, +46 (0) 8 555 148 10, stefan.dahlbo@fabege.se
Åsa Bergström, Vice President and CFO, +46 (0) 8 555 148 29, asa.bergstrom@fabege.se  

 

This information is of the type that Fabege AB is required to disclose under the EU Market Abuse Regulation. This information was released, through the provision of the above-mentioned contact person, for publication on 26 April 2021, at 07:30 am CET.

With a focus on commercial properties, Fabege develops attractive locations in the Stockholm area. We are a partner that is present and - with people in focus while being innovative, responsible and flexible - creates conditions for companies, places and our city to develop. We take a long-term approach in our perspective and ownership. We know that when we create sustainably, we also create value. The Fabege share is listed on Nasdaq Stockholm, in the Large Cap segment. For further information, please visit us at www.fabege.com.

https://news.cision.com/fabege/r/interim-report-january-march-2021,c3332845

https://mb.cision.com/Main/1568/3332845/1406956.pdf

https://mb.cision.com/Public/1568/3332845/a0600383e4dcf85b.pdf

(c) 2021 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2021 2 875 M 334 M 334 M
Net income 2021 3 073 M 357 M 357 M
Net Debt 2021 28 748 M 3 338 M 3 338 M
P/E ratio 2021 16,0x
Yield 2021 2,53%
Capitalization 47 881 M 5 550 M 5 560 M
EV / Sales 2021 26,7x
EV / Sales 2022 25,6x
Nbr of Employees 191
Free-Float 78,1%
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 148,70 SEK
Average target price 140,49 SEK
Spread / Average Target -5,52%
EPS Revisions
Managers and Directors
Stefan Dahlbo President & Chief Executive Officer
┼sa Bergstr÷m Chief Financial Officer, Secretary & Executive VP
Jan ┼ke Gustaf Litborn Chairman
Fred Gr÷nwall Director-Technical Operations
Mńrtha Louise Josefsson Independent Director