Market announcement
EfTEN Real Estate Fund AS
LEI code
4851000008JBI71L7643
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Other price sensitive information
Unique data record identifier
10568
Attachments
Submission date and time
30.08.2023 08:03:00
Content of announcement in Estonian
Title
Enlight Research ja 1Partner Advisory avaldasid EfTEN Real Estate Fund AS-i aktsia analüüsi
Message
Enlight Research avaldas koostöös 1Partner Advisoryga (1PA) EfTEN Real Estate Fund AS-i (EfTEN; EFT1T) aktsia analüüsi. Analüüs on lisatud börsiteatele manusena ning on leitav EfTEN Real Estate Fund AS-i ja Enlight Research-i kodulehtedelt. Tulevikus kavatseb Enlight Research/1PA avaldada EfTEN Real Estate Fund AS-i aktsia kohta kaks analüüsi aastas. "On hea meel, et Baltikumi professionaalseim aktsiaanalüüsidele keskenduv ettevõte alustas EfTEN Real Estate Fund AS-i analüüsimist. Enlight Researchi aruandeid hindavad kõrgelt nii kohalikud kui ka rahvusvahelised investorite kogukonnad. Meile on julgustav tõdeda, et EfTENi portfelli tugevusele ja konservatiivse finantsvõimenduse hoidmise strateegiale annab nüüd kõrge hinnangu ka sõltumatu analüüs. Enlight Research-i analüüsi kohaselt on EfTEN Real Estate Fund AS-i aktsia õiglane väärtus baasstsenaariumi järgi 21,84 eurot, mis on märgatavalt kõrgem võrreldes aktsia viimase sulgemishinnaga Tallinna Väärtpaberiturul," kommenteeris analüüsi tulemusi EfTEN Capital AS-i tegevjuht Kristjan Tamla. Mattias Wallander, Enlight Research-ist lisas: ?Põnev on algatada kajastust meie esimese kinnisvaraettevõtte kohta. EfTEN Real Estate Fund AS ja EfTEN Kinnisvarafond AS ühinemisel aastavahetusel tekkis analüüsi algatamiseks piisava suurusega ettevõte. Kinnisvarasektor on käesoleval hetkel n.ö moest välja, kuid see loob häid pikaajalisi võimalusi. 1PA ekspertide panus hindamisse paneb mõistma, et kõrge hinna ja raamatupidamisliku väärtuse suhe (price-to-book ratio) ei tähenda automaatselt, et see ettevõte on kallis ja vastupidi. Oluline on hinnata iga kinnisvaraobjekti eraldi, arvestama peab finantsvõimenduse tasemega, laenude refinantseerimise võimekusega, jne. Usun, et meie koostöö 1PA- ga andis tulemuseks kvaliteetse aruande." Mihkel Pärtel, 1Partner Advisory: ?Värskelt avaldatud analüüsi käigus oli huvitav teha koostööd Enlight Researchi ja EfTENiga. Usume, et EfTENil on hästi hajutatud portfell, mis on vastupidav muutustele intressikeskkonnas ja ka majandustsükli erinevates faasides. EfTEN on säilitanud konservatiivse varade soetamise strateegia, mis toob kaasa kõrgema oodatava tootluse võrreldes konkurentidega. Varade konservatiivne hinnastamine jätab investeerimiskeskkonna muutumisel piisavalt ruumi tulevasteks kasvuvõimalusteks. Koos madala laenukoormusega võimaldab see fondil edukalt läbida praegust majandustsüklit." EfTEN Real Estate Fund AS-ist EfTEN Real Estate Fund AS on ainus Nasdaq Tallinna Väärtpaberituru Balti põhinimekirjas noteeritud kinnisvarafond, mille turukapitalisatsioon on ligikaudu 200 miljonit eurot. Fond alustas tegevust 2015. aastal EfTEN Real Estate Fund III AS (endine ärinimi) nime all ja selle aktsiad noteeriti Nasdaq Tallinna Väärtpaberiturul 2017. aastal. Tänaseks on fondi portfellis 35 kinnisvaraobjekti kolmes Balti riigis. Enlight Research-ist Enlight Research aitab ettevõtetel edastada oma investeerimisteese ja annab investoritele teadmisi nende investeerimisotsuste tegemisel. Ettevõtte visioon on luua õiglane investeerimiskeskkond, kus kvaliteetne analüüs on kättesaadav kõigile. Enlight Research'i edu on näha Balti väärtpaberibörsil, kus nende platvormiga on liitunud enamik tuntumaid börsiettevõtteid ja lugejaskond on kasvanud sadadest tuhandeteni. Teave 1Partner Advisory kohta 1Partner Advisory on juhtiv kinnisvara investeeringute nõustamise ettevõte. Ettevõte pakub oma klientidele erinevaid teenuseid: tehingute nõustamine, hindamine, strateegiline nõustamine ja varahaldus. 1Partner Advisory on JLL Alliance'i partner Baltikumis. JLL (Jones Lang LaSelle) on üleilmse haardega ettevõte, mis on spetsialiseerunud kinnisvara- ja investeeringute haldamisele. JLL on Fortune 500 ettevõte, mille aastakäive on 19,4 miljardit dollarit (2021). Kristjan Tamla EfTEN Capital AS Tegevjuht Tel: 655 9515 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Enlight Research and 1Partner Advisory initiate research coverage on EfTEN Real Estate Fund AS
Message
In cooperation with 1Partner Advisory (1PA), Enlight Research published equity research on EfTEN Real Estate Fund AS (EfTEN; EFT1T). The report is attached to the release and can be downloaded on the Enlight Research and EfTEN Real Estate Fund AS websites. In the future, Enlight Research/1PA aims to publish two reports per year on EfTEN. Kristjan Tamla, CEO, EfTEN Capital AS, "It is a great honor that the most professional equity research house in the Baltics has initiated the coverage of the EfTEN Real Estate Fund AS. Enlight Research reports are highly appreciated by local as well as by international investor communities. It is encouraging to see that robustness of the EfTEN portfolio and EfTEN's strategy of maintaining low leverage is now also validated by an independent third-party analysis. The Base case Fair value of 21.84 EUR per share indicates a nice upside versus the last trading price." Mattias Wallander, Enlight Research, "Exciting to initiate coverage on our first real estate company. The merger of EfTEN Real Estate Fund AS and EfTEN Kinnisvarafond AS at the turn of the year created a joint fund with a meaningful size to initiate the coverage. The real estate sector has gone from in to out of fashion, which creates long-term opportunities. 1PA experts' input on valuation makes you realize that a high P/BV ratio does not automatically mean it is expensive and vice versa. You must value each property and consider LTV and re- financing etc. I believe our cooperation with 1PA resulted in a high-quality report." Mihkel Pärtel, 1Partner Advisory, "It was interesting to work alongside with Enlight Research and EfTEN to publish real estate company coverage. We believe EfTEN's well diversified portfolio is prepared to interest climate change and is resilient in different business cycle phases. EfTEN has kept a conservative asset acquisition pattern which leads to higher yields compared to peers. Conservative book valuations keep enough room for growth when acquisition yields trend lower again in better investment climate. Low LTV's combined with modest book valuations keep the portfolio on right track to steer through current economic cycle." About EfTEN Real Estate Fund AS EfTEN Real Estate Fund AS is the only Nasdaq Baltic Main List listed real estate fund with a market cap at ca 200 mio EUR. The fund was launched in 2015 under the name of EfTEN Real Estate Fund III AS (former business name) and started trading at Nasdaq Tallinn Stock Exchange in 2017. Today the fund has 35 properties in its portfolio across the three Baltic countries. About Enlight Research Enlight Research helps issuers communicate their investment story and gives investors insights to support their investment decisions. Theirs vision is to create a fair investment environment where high-quality research is available to ALL. Their success is visible on the Baltic Stock Exchange where most of the well-known listed companies have joined our platform and readership have gone from hundreds to thousands. About 1Partner Advisory 1Partner Advisory is a savvy commercial real estate company with a corporate finance background. They deliver various services for our clients: transaction advisory, valuations, strategic advisory and asset management. 1Partner Advisory is a JLL Alliance Partner in the Baltics. JLL (Jones Lang LaSelle) is a global leading professional services firm that specializes in real estate and investment management. JLL is a Fortune 500 company with annual revenue of $19.4 billion (2021). Kristjan Tamla EfTEN Capital AS Managing Director Tel: +372 655 9515 E-post: [email protected] (mailto:[email protected])