Platzer Fastigheter Holding AB (publ) Q3 2021 Report Shows Quarterly Revenues Up Year On Year, Margins Stable

Nordic Credit Rating AS’ BBB- (Triple B Minus) long-term issuer rating on Platzer Fastigheter Holding AB (publ) is unchanged following the publication of its third-quarter results.

Platzer’s revenues for the third quarter were broadly in line with expectations of Nordic Credit Rating (NCR), and some 6% higher than the corresponding quarter of 2020. The company’s NCR-adjusted EBITDA margin remained stable at 71.7%, compared with 71.9% in the corresponding quarter of 2020 and above NCR’s expectation of around 70% over our forecast period through 2023.

As of 30 Sep. 2021, Platzer’s NCR-adjusted loan-to-value (LTV) ratio was 47.5%, while its NCR-adjusted net debt/EBITDA was 13.9x, in line with the rating agency’s previously forecast figures. NCR’s view of financial risk remains unchanged, reflecting the rating analysts’ expectations that financial gearing will remain at around current levels over the near term.

Published by:

Dr. Oliver Everling

Independent since 1998, he is Managing Director of RATING EVIDENCE GmbH. As visiting professor of Capital University of Economics and Business in Beijing, former chairman of the supervisory board of a rating agency, advisory board member, advisor, member of rating committees, chairman of ISO-TC Rating Services, author or publisher of books and a magazine, Independent Non-Executive Director under EU Regulation on Credit Rating Agencies, he has been or is involved in ratings from a variety of perspectives. Previously, he was for 6 years department director at Dresdner Bank and, until 1993, managing director of the Projektgesellschaft Rating mbH after a doctorate at the banking and stock exchange seminar of the University of Cologne.

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