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).