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Catena

SEKm 2018 2019e 2020e
Rental Income 1091 1187 1253
Rental growth (%) 22,3 8,8 5,6
Net operating income 829 917 970
NOI margin (%) 76 77,3 77,4
CEPS Adj 14,77 16,5 17,39
CEPS Adj. growth (%) 29,9 11,7 5,4
DPS 5,75 6,25 6,75
EPRA NAVPS 169,53 193,28 215,14
EPS 22 16,94 14,66
EPS Adj 22 16,94 14,66
P/CEPS Adj. (x) 14,9 17,6 16,7
P/E Adj. (x) 10 17,1 19,8
P/EPRANAV (x) 1,3 1,5 1,35
Implicit yield (%) 5,1 4,4 4,6
div.yield (%) 2,6 2,2 2,3
LTV (%) 55,9 54,8 53,8
SEKm 2018 2019e 2020e
Rental income 1091 1187 1253
Other income 0 0 0
Operating costs -262 -270 -284
Net operating income 829 917 970
NOI margin (%) 76 77,3 77,4
Value change realized 5 0 0
Value change unrealized 340 183 0
Administration costs -31 -34 -42
All other income & costs 0 0 0
EBIT 1141 1061 923
Net financial items -236 -231 -235
Value change derivatives 35 -25 0
Pretax profit 940 805 688
Deferred profit tax -109 -152 -113
Current tax -8 -19 -27
Net profit 823 634 549
Minority interest 0 0 0
Net profit to shareholders 823 634 549
Other income statement related information 2018 2019 2020
Cash earnings 553 617 651
Tax rate (%) -12,4 -21,2 -20,3
Net investments 1245 894 995
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 22 16,94 14,66
CEPS 14,77 16,5 17,39
CEPS adj. 14,77 16,5 17,39
Dividend per share Adj 5,75 6,25 6,75
Payout ratio of CEPS (%) 38,9 37,9 38,8
Rental growth (%) 22,3 8,8 5,6
NOI growth (%) 23,4 10,6 5,8
CEPS growth (%) 29,9 11,7 5,4
CEPS adj. growth (%) 29,9 11,7 5,4
Balance Sheet 2018 2019 2020
Properties 14721 15798 16793
Deferred tax asset 97 92 87
Receivables 154 168 177
Cash and liquid assets 281 281 281
Other assets 732 1150 1215
Current liabilities 411 436 436
Total assets 15985 17489 18553
Shareholders equity 5309 5947 6559
Minority 0 0 0
Deferred tax 1272 1291 1318
Interest bearing debt 8994 9816 10240
Short-term debt 0 0 0
Derivatives 411 436 436
Total liabilities and equity 15985 17489 18553
Other balance sheet related information 2018 2019 2020
Net IB debt 8236 8661 9037
Rental area m2 (000) 1793 1793 1793
Rent per m2 608 662 699
Equity ratio (%) 33,2 34 35,4
Loan to value (%) 55,9 54,8 53,8
Net loan to value (%) 63 63,9 62,7
ICR real estate 3 4 4
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 95,9 95,9 95,9
NAV per share 0 0 0
BVPS 141,89 158,94 175,31
EPRA NAV per share 169,53 193,28 215,14
Valuation 2018 2019 2020
Shares outstanding adj. 37 37 37
Share price 180,64 290 290
Market cap. (m) 6759 10850 10850
P/E 10 17,1 19,8
Net IB debt / share 220 232 242
P/CEPS 14,9 17,6 16,7
P/CEPS adj. 14,9 17,6 16,7
EV/EBIT 14,5 18,4 21,5
Implicit yield (%) 5,1 4,4 4,6
Yield on BV (%) 5,6 5,8 5,8
Dividend yield (%) 2,6 2,2 2,3
P/NAV N/A N/A N/A
P/EPRA NAV 1,3 1,5 1,35
P/BVPS 1,55 1,82 1,65
EV/NOI 19,89 21,28 20,5