Last Friday, Logistea reported rental income broadly in line with expectations, a continued improvement in the NOI margin, and IFPM slightly below forecast. The continued reduction in the average cost of debt, together with recently announced acquisitions, leads us to increase our IFPM estimates by 2–6% for 2026–2027e. We do not believe the current valuation fully reflects the continued acquisition capacity or the potential for additional accretive growth, thus we raise our target price to SEK 2 ....
