房地产投资信托基金未来

Event DescriptionAnalystRatingQ2 2025 Eamings ReleaseQ2 2025 Earnings ReleasePierre-Emmanuel ClouardStephanie DossmannUnpfStephanie DossmanrHoldQ2 2025 Eamings ReleasePierre-Emmanuel ClouardBuyEV/EBITDANext145.0-21.2%5.6%-15.6%22.0Next166.1175.82.502.542.57Period ConsensusPriorCNr4.8%JUN-3.4%de Bace NSA$103.2BJUN0.50%NOT0.80%Q24.9%5.4%NOr5.8%JUN4.1%72.047.5JUN%00JUN2.6%NSAY/Y3.5%259NOT%9LL77.4%JUN0.10%-0.20%JUN13.2%MAY4.6%JUN3.3%Nnr%060-%08°012N%0E00.0%UL227.0K0.50JUN-0.12%JUN%50-0.30%MUN0.30%es SA M/M7nr31.532.0UN-1.2%1,300K1,256KJUL63.060.7 Mike Prew * IEquity Analyst44 (0) 20 7029 8422| mprew@jefferies.com+44 (0)20 7029 8423I schaudhy1@jefferies.comPierre-Emmanuel Clouard, CFA ^ I EquityAnalyst+33 1 8665 6373I pclouard@jefferies.comStephanie Dossmann ^IEquity Analyst+331 8665 63671I sdossmann@jefferies.comStephane Afonso ^ IEquity Analyst+33 1 8665 6327I safonso@jefferies.com JefferiesCompany Valuation/RisksARGANOur target price is a blended average of three valuation methodologies: a DCF calculating a terminal value by using an exit yield in year 10 (WACC6.9%, Beta 0.9, CoE 9.7%, Exit yield 5.4%), a DDM assuming a terminal value equal to NAV 10 years out, and an Adjusted NAVCastellum ABOur price target is a blended average of three valuation methodologies: a DCF calculating a terminal value by using an exit yield in year 10 (WACC8.7%, Beta 1.3, CoE 13.4%, Exit yield 5.6%), a DDM assuming a terminal value equal to NAV 10 years out, and an Adjusted NAVUpside risks: strong acceleration of office rental growth in Sweden, decrease of vacancy rates, yield compression.Cibus Nordic Real Estate ABOur price target is a blended average of three valuation methodologies: a DCF calculating a terminal value by using an exit yield in year 10 (WACC6.7%, Beta 1.0, CoE 11.5%, Exit yield 6.6%), a DDM assuming a terminal value equal to NAV 10 years out, and an Adjusted NAV.Upside risks: Strong economic growth and return to rent growth, stabilization of retail yields on grocery assets and hypermarkets below 6%, largeacquisition changing the FFO growth profile without altering debt metricsDownside risks: Higher interest rates which would weigh on cash-flow generation, lower-than-expected transactions on the investment markethigher-than-expected capital value decline which would deteriorate debt metrics, economic recession and lower consumer spending which woulddampen rental growthSagax ABOur target price is a blended average of three valuation methodologies: a DCF calculating a terminal value by using an exit yield in year 10 (WACC7.0%, Beta 1.2, CoE 10.7%, Exit yield 5.3%), a DDM assumiUpside risks include lower LT rates, yield compressAnalyst Certification:Mike Prew, certifythat all of tcompany(ies). I also certify that'n parfof my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsI, Sarim Chaudhry, certify that allof the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviewsexpressedinthisresearchreporPierre-Emmanuel Clouard, CFA,security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly. related to the specificI, Stephanie Dossmann, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)dsubjectcompany(ies).1or views expressed in this research report, Stephane Afonso, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orRegistration of non-US analysts: Mike Prew is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifieorch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectRegistration of non-US analysts:qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore mayresearchanalystRegistration of non-US analysts: Pierre-Emmanuel Clouard, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions ona research analyst.Please see important disclosure information on pages 2 - 8 of this report. Scertify that all of the views expressed in this research report accurately reflect my personal views about the subjectalso