Logistea AB (publ) (LOGI-B.ST) fair value

ACCE thesis

Logistea owns and develops modern logistics and light-industrial warehouses in Sweden and the Nordics, earning rent from long leases to e-commerce and third-party logistics tenants. Its 90.3% gross margin and 85.0% operating margin reflect a portfolio where the main cost is financing rather than operations, which is what makes the 23.5% revenue growth unusually profitable. The near-term driver is the pipeline of newly completed and leased properties converting into rental income, with the trailing P/E of 8.1 against a forward P/E of 12.0 implying analysts expect earnings to ease off as that growth is priced in. The stock is worth a deeper look to test whether the rental growth holds up under a tighter funding environment, since an 85% operating margin means little if debt costs rise faster than rents. The 10.3% ROE is modest for a company with this margin profile, which points to a balance sheet carrying substantial leverage that the thesis needs to examine.