Last Thursday, Nivika published its Q2 report. Revenues came in 2.3% below our estimates, but this was offset by a 3 percentage point stronger NOI margin than anticipated. As a result, IFPM landed 2.8% above our forecast. Following the report, we have made minor adjustments to our estimates—reducing NOI by 0–1% across the forecast period and lowering IFPM by 0–2%, mainly due to the updated interest maturity schedule. Our valuation range has narrowed slightly and is now SEK 39–60 per share (previ ....
