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SEKm 2018 2019e 2020e
Rental Income 1091 1182 1244
Rental growth (%) 22,3 8,4 5,2
Net operating income 829 918 967
NOI margin (%) 76 77,7 77,8
CEPS Adj 14,77 16,81 17,5
CEPS Adj. growth (%) 29,9 13,8 4,1
DPS 5,75 6,25 6,75
EPRA NAVPS 169,53 195,57 217,59
EPS 22 20,36 14,47
EPS Adj 22 20,36 14,47
P/CEPS Adj. (x) 14,9 18,8 18,1
P/E Adj. (x) 10 15,5 21,9
P/EPRANAV (x) 1,3 1,62 1,45
Implicit yield (%) 5,1 4,2 4,4
div.yield (%) 2,6 2 2,1
LTV (%) 55,9 54,5 53,4
SEKm 2018 2019e 2020e
Rental income 1091 1182 1244
Other income 0 0 0
Operating costs -262 -264 -276
Net operating income 829 918 967
NOI margin (%) 76 77,7 77,8
Value change realized 5 13 0
Value change unrealized 340 383 0
Administration costs -31 -33 -41
All other income & costs 0 0 0
EBIT 1141 1272 921
Net financial items -236 -236 -239
Value change derivatives 35 -70 0
Pretax profit 940 966 682
Deferred profit tax -109 -192 -113
Current tax -8 -13 -27
Net profit 823 762 541
Minority interest 0 0 0
Net profit to shareholders 823 762 541
Other income statement related information 2018 2019 2020
Cash earnings 553 629 655
Tax rate (%) -12,4 -21,2 -20,6
Net investments 1245 759 997
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 22 20,36 14,47
CEPS 14,77 16,81 17,5
CEPS adj. 14,77 16,81 17,5
Dividend per share Adj 5,75 6,25 6,75
Payout ratio of CEPS (%) 38,9 37,2 38,6
Rental growth (%) 22,3 8,4 5,2
NOI growth (%) 23,4 10,8 5,3
CEPS growth (%) 29,9 13,8 4,1
CEPS adj. growth (%) 29,9 13,8 4,1
Balance Sheet 2018 2019 2020
Properties 14721 15875 16872
Deferred tax asset 97 92 87
Receivables 154 167 176
Cash and liquid assets 281 281 281
Other assets 732 1147 1206
Current liabilities 411 481 481
Total assets 15985 17562 18622
Shareholders equity 5309 5999 6616
Minority 0 0 0
Deferred tax 1272 1285 1312
Interest bearing debt 8994 9798 10214
Short-term debt 0 0 0
Derivatives 411 481 481
Total liabilities and equity 15985 17562 18622
Other balance sheet related information 2018 2019 2020
Net IB debt 8236 8645 9016
Rental area m2 (000) 1793 1793 1793
Rent per m2 608 659 694
Equity ratio (%) 33,2 34,2 35,5
Loan to value (%) 55,9 54,5 53,4
Net loan to value (%) 63 63,5 62,2
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 141,89 160,34 176,83
EPRA NAV per share 169,53 195,57 217,59
Valuation 2018 2019 2020
Shares outstanding adj. 37 37 37
Share price 180,64 316,5 316,5
Market cap. (m) 6759 11842 11842
P/E 10 15,5 21,9
Net IB debt / share 220 231 241
P/CEPS 14,9 18,8 18,1
P/CEPS adj. 14,9 18,8 18,1
EV/EBIT 14,5 16,1 22,6
Implicit yield (%) 5,1 4,2 4,4
Yield on BV (%) 5,6 5,8 5,7
Dividend yield (%) 2,6 2 2,1
P/NAV N/A N/A N/A
P/EPRA NAV 1,3 1,62 1,45
P/BVPS 1,55 1,97 1,79
EV/NOI 19,89 22,31 21,57