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Coverage

24Storage

24Storage

SEKm 2020 2021e 2022e
Rental Income 78 106 147
Rental growth (%) 20,6 33,6 38,4
Net operating income 24 41 69
NOI margin (%) 30,7 38,7 47
CEPS Adj -3,99 -3,21 -1,39
CEPS Adj. growth (%) 22,4 19,7 56,5
DPS 0 0 0
EPRA NAVPS 40,79 46,94 49,47
EPS 0,26 1,99 -1,06
EPS Adj 0,26 1,99 -1,06
P/CEPS Adj. (x) -10,4 -14,3 -32,9
P/E Adj. (x) 159,2 23 -43,4
P/EPRANAV (x) 1,02 0,98 0,93
Implicit yield (%) 1,6 2,5 3,9
div.yield (%) 0 0 0
LTV (%) 57,3 57,9 59,4
SEKm 2020 2021e 2022e
Rental income 78 106 147
Other income 9 10 13
Operating costs -63 -75 -91
Net operating income 24 41 69
NOI margin (%) 27,5 35,4 43,3
Value change realized 0 0 0
Value change unrealized 71 90 0
Administration costs -42 -40 -42
All other income & costs 0 0 0
EBIT 52 91 27
Net financial items -41 -49 -48
Value change derivatives 0 0 0
Pretax profit 11 42 -21
Deferred profit tax -7 -13 5
Current tax 0 0 0
Net profit 4 30 -16
Minority interest 0 0 0
Net profit to shareholders 4 30 -16
Cash earnings -60 -48 -21
Tax rate (%) -65,5 -30 -24,3
Net investments 129 89 153
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 0,26 1,99 -1,06
CEPS -3,99 -3,21 -1,39
CEPS adj. -3,99 -3,21 -1,39
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 20,6 33,6 38,4
NOI growth (%) 45,1 71,8 69,3
CEPS growth (%) 22,4 19,7 56,5
CEPS adj. growth (%) 22,4 19,7 56,5
Properties 1341 1521 1674
Deferred tax asset 0 0 0
Receivables 13 13 13
Cash and liquid assets 150 150 150
Other assets 56 72 95
Current liabilities 0 0 0
Total assets 1548 1743 1919
Shareholders equity 514 573 599
Minority 0 0 0
Deferred tax 50 50 50
Interest bearing debt 984 1119 1270
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 1548 1743 1919
Net IB debt 768 880 995
Rental area m2 (000) 61 69 84
Rent per m2 1417 1676 1911
Equity ratio (%) 33,2 32,9 31,2
Loan to value (%) 57,3 57,9 59,4
Net loan to value (%) 84,5 83,5 84,8
ICR real estate 0 0 1
Interest rate on debt (%) 5 5 4
Occupancy rate (%) 68,4 71,2 73
NAV per share 0 0 0
BVPS 34,43 38,39 40,12
EPRA NAV per share 40,79 46,94 49,47
Shares outstanding adj. 15 15 15
Share price 41,68 45,8 45,8
Market cap. (m) 622 684 684
P/E 159,2 23 -43,4
Net IB debt / share 51 59 67
P/CEPS -10,4 -14,3 -32,9
P/CEPS adj. -10,4 -14,3 -32,9
EV/EBIT 26,6 17,2 61,7
Implicit yield (%) 1,6 2,5 3,9
Yield on BV (%) 1,8 2,7 4,1
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,02 0,98 0,93
P/BVPS 1,21 1,19 1,14
EV/NOI 58,36 38,24 24,26