Titania (TITA) Stockholm Corporate Finance Conference 2025 summary

Strategic focus and market positioning

• Operates exclusively in the Stockholm region, leveraging local expertise and demographic growth for project selection.

• Maintains a portfolio of approximately 6,000 building rights, with a significant portion under ownership and some in active production.

• Emphasizes value creation through project development, targeting underpriced or complex projects that deter other developers.

• Noted for entering high-risk, complicated projects and successfully negotiating with municipalities and private landowners.

• Listed on First North, with notable institutional and industry shareholders.

Project execution and innovation

• Utilizes industrialized construction methods, including modular production and prefabricated elements, to achieve efficiency and cost control.

• Achieved rapid project delivery, such as completing a 746-apartment development in three years.

• Consistently secures higher-than-average rental levels, even in secondary or challenging locations.

• Focuses on architectural quality to meet municipal requirements while optimizing for industrial production.

• Recent projects have won local awards and demonstrated strong leasing performance.

Financial performance and market dynamics

• Trades at a significant discount to net asset value, with a current market cap around SEK 500 million and a 60% discount to NAV.

• Retains most developed properties in its own portfolio, with limited sales since 2018 except for a joint venture.

• Yield on cost for recent projects is around 6.7%, with expectations that market yields will converge to 4.5–4.75% in the future.

• Observes strong investor interest and recent transactions in Stockholm at high price levels per square meter.

• Expects future value growth as supply of new projects decreases and rental levels rise.