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Catena

Financials

SEKm 2018 2019e 2020e
Rental Income 1091 1183 1249
Rental growth (%) 22,3 8,5 5,6
Net operating income 829 900 952
NOI margin (%) 76 76 76,2
CEPS Adj 15,26 16,2 17,15
CEPS Adj. growth (%) 29,8 6,1 5,9
DPS 5,75 6,25 6,75
EPRA NAVPS 169,53 189,96 211,51
EPS 22 13,25 14,19
EPS Adj 22 13,25 14,19
P/CEPS Adj. (x) 14,4 15,8 14,9
P/E Adj. (x) 10 19,3 18
P/EPRANAV (x) 1,3 1,35 1,21
Implicit yield (%) 5,1 4,6 4,8
div.yield (%) 2,6 2,4 2,6
LTV (%) 55,9 55,1 54,1
SEKm 2018 2019e 2020e
Rental income 1091 1183 1249
Other income 0 0 0
Operating costs -262 -283 -297
Net operating income 829 900 952
NOI margin (%) 76 76 76,2
Value change realized 5 0 0
Value change unrealized 329 0 0
Administration costs -31 -34 -35
All other income & costs 0 0 0
EBIT 1141 866 917
Net financial items -236 -235 -248
Value change derivatives 35 0 0
Pretax profit 940 631 669
Deferred profit tax -117 -110 -111
Current tax 0 -25 -27
Net profit 823 496 531
Minority interest 0 0 0
Net profit to shareholders 823 496 531
Other income statement related information 2018 2019 2020
Cash earnings 571 606 642
Tax rate (%) -12,4 -21,5 -20,6
Net investments 1256 968 992
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 22 13,25 14,19
CEPS 15,26 16,2 17,15
CEPS adj. 15,26 16,2 17,15
Dividend per share Adj 5,75 6,25 6,75
Payout ratio of CEPS (%) 37,7 38,6 39,3
Rental growth (%) 22,3 8,5 5,6
NOI growth (%) 23,4 8,5 5,8
CEPS growth (%) 29,8 6,1 5,9
CEPS adj. growth (%) 29,8 6,1 5,9
Balance Sheet 2018 2019 2020
Properties 14721 15689 16681
Deferred tax asset 97 92 87
Receivables 154 167 177
Cash and liquid assets 281 281 281
Other assets 732 793 838
Current liabilities 411 411 411
Total assets 15985 17023 18064
Shareholders equity 5309 5876 6479
Minority 0 0 0
Deferred tax 1272 1297 1324
Interest bearing debt 8994 9439 9850
Short-term debt 0 0 0
Derivatives 411 411 411
Total liabilities and equity 15985 17023 18064
Other balance sheet related information 2018 2019 2020
Net IB debt 8236 8640 9023
Rental area m2 (000) 1793 1793 1793
Rent per m2 608 660 697
Equity ratio (%) 33,2 34,5 35,9
Loan to value (%) 55,9 55,1 54,1
Net loan to value (%) 63 62 60,7
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 141,89 157,06 173,18
EPRA NAV per share 169,53 189,96 211,51
Valuation 2018 2019 2020
Shares outstanding adj. 37 37 37
Share price 180,64 256 256
Market cap. (m) 6759 9578 9578
P/E 10 19,3 18
Net IB debt / share 220 231 241
P/CEPS 14,4 15,8 14,9
P/CEPS adj. 14,4 15,8 14,9
EV/EBIT 14,5 21 20,3
Implicit yield (%) 5,1 4,6 4,8
Yield on BV (%) 5,6 5,7 5,7
Dividend yield (%) 2,6 2,4 2,6
P/NAV N/A N/A N/A
P/EPRA NAV 1,3 1,35 1,21
P/BVPS 1,55 1,63 1,48
EV/NOI 19,89 20,25 19,54