Equity and credit markets are sending diverging signals on Nyfosa. While the share price has fallen sharply in the last twelve months and now trades at a meaningful discount to NAV, the company’s bonds have tightened materially in the same period and trade broadly in line with stronger peers such as NP3. At the same time, operational performance has weakened, with vacancy rising to 10.8% (17.8% in Finland) and LTM net letting of SEK -40m, with no clear signs of a turnaround in the near term. In ....
