Yesterday, Nivika released its Q4 report, with revenues, NOI, and IFPM coming in 3–5% above our expectations. At the same time, the overall vacancy rate remained stable, value uplifts amounted to +0.5%, and the dividend was increased to SEK 0.72 per share (SEK 0.64). Overall, our estimate revisions are positive, and we have updated our valuation range to SEK 42–60 per share (SEK 41–60), implying 34% upside in the bull case and 6% downside in the bear case
