MaxFastigheter - Stenhus likely to acquire MaxFastigheter
Largest owners have indicated approval Larger operations and better financing combine MaxFast’s ‘21e P/CEPS from 17. 5x to 20. 7x this morning Bid values MaxFast to ~SEK 45 per share Stenhus Fastigheter has announced this morning a its intention to acquire all shares and share option rights in MaxFastigheter through a non-cash issue. The denotes three Stenhus shares for one MaxFast share and one Stenhus share for one MaxFast share option right.
This implies a value per share in MaxFast of SEK 44. 4 and per option right of 14. 8 (vs.
yesterday’s closing in MaxFast at SEK 36. 4 and SEK 8. 3) based on Stenhus’ closing price yesterday, while SEK 45,2 and SEK 15.
1 based on Stenhus L30 days trading avg. Owners controlling 41. 1.
% of the shares (and 46. 9% of the share option rights) in MaxFast have committed to accept the offer. Stenhus’ two largest owners, controlling 72.
8% will vote for the bid at Stenhus’ board meeting that will be held “well before” the term of acceptance of May 12. Stenhus does currently not own any shares or share option rights in Max Fastigheter. Smaller operations but better financing conditions Stenhus Fastigheter was founded in September 2020, which leaves us with only one quarter of results to compare MaxFast with.
Operational volume is ~2. 5x larger in MaxFast based on rental income and NOI. NOI margins are 77% for MaxFast and 83% for Stenhus.
Income from property management is ~2x larger in Stenhus due to lower central admin and net financials -38% and -75% respectively. Stenhus’ total assets is 70% of MaxFast’s SEK 3,022m and its property value 57% of MaxFast’s. Occupancy rates are aligned (~93%) but Stenhus holds better financing conditions.
Stenhus’ avg. interest rate is 1. 8% (MaxF 3.
3%) and fixed interest term 1. 5 years (MaxF 2. 1).
MaxF’s net LTV is 55. 8% while Stenhus’ is 14. 9% due to 65% cash of IB debt.
Large share price reactions have followed the bid Since the bid was announced the ‘21e P/CEPS has increased by 18. 4% and 6. 7% resp.
