• Downsizing of 13 units in Aarhus
• Soft launch of six units in Ludvika, Sweden
• We lower our fair share estimate to DKK 7.85 per share

Movinn’s Q3 report was mostly in line with our expectations, reflecting another rather weak quarter. During the quarter Movinn signed a long-term master lease agreement of 94 units in Copenhagen which we described more thoroughly in our last research update. The company continued to experience lower demand in Denmark, prompting a downsizing in Aarhus. In Sweden, the company announced a soft launch in the city of Ludvika with six added units. The company revised its guidance downwards for 2023 and we have made some model adjustments. We have made changes regarding CAPEX, along with short-term adjustments regarding vacancy rates and gross margins, resulting in a fair value estimate of DKK 7.85 per share from previously DKK 9.58.

The full report is available here.