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Financials

SEKm 2019 2020e 2021e
Rental Income 1183 1287 1364
Rental growth (%) 8,5 8,8 6
Net operating income 907 994 1056
NOI margin (%) 76,7 77,3 77,4
CEPS Adj 16,75 18,31 20,04
CEPS Adj. growth (%) 13,4 9,3 9,5
DPS 6,5 7 7,5
EPRA NAVPS 202,87 230,49 257,92
EPS 32,71 15,14 16,58
EPS Adj 32,71 15,14 16,58
P/CEPS Adj. (x) 24,7 15,6 14,2
P/E Adj. (x) 12,6 18,8 17,2
P/EPRANAV (x) 2,04 1,24 1,1
Implicit yield (%) 4,3 4,7 4,9
div.yield (%) 1,6 2,5 2,6
LTV (%) 53,2 52 50,8
SEKm 2019 2020e 2021e
Rental income 1183 1287 1364
Other income 0 0 0
Operating costs -276 -293 -308
Net operating income 907 994 1056
NOI margin (%) 76,7 77,3 77,4
Value change realized 75 0 0
Value change unrealized 791 0 0
Administration costs -34 -37 -39
All other income & costs 0 0 0
EBIT 1728 952 1012
Net financial items -235 -239 -231
Value change derivatives 29 0 0
Pretax profit 1523 714 781
Deferred profit tax -299 -118 -130
Current tax 0 -29 -31
Net profit 1224 567 620
Minority interest 0 0 0
Net profit to shareholders 1224 567 620
Other income statement related information 2019 2020 2021
Cash earnings 627 685 750
Tax rate (%) -19,6 -20,6 -20,6
Net investments 683 1169 1123
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 32,71 15,14 16,58
CEPS 16,75 18,31 20,04
CEPS adj. 16,75 18,31 20,04
Dividend per share Adj 6,5 7 7,5
Payout ratio of CEPS (%) 38,8 38,2 37,4
Rental growth (%) 8,5 8,8 6
NOI growth (%) 9,4 9,6 6,2
CEPS growth (%) 13,4 9,3 9,5
CEPS adj. growth (%) 13,4 9,3 9,5
Balance Sheet 2019 2020 2021
Properties 16271 17440 18563
Deferred tax asset 85 80 75
Receivables 276 300 318
Cash and liquid assets 131 131 131
Other assets 1007 1096 1161
Current liabilities 381 381 381
Total assets 17770 19048 20249
Shareholders equity 6318 7086 7852
Minority 0 0 0
Deferred tax 1537 1566 1597
Interest bearing debt 9534 10015 10419
Short-term debt 0 0 0
Derivatives 381 381 381
Total liabilities and equity 17770 19048 20249
Other balance sheet related information 2019 2020 2021
Net IB debt 8653 9069 9424
Rental area m2 (000) 1843 1843 1843
Rent per m2 642 698 740
Equity ratio (%) 35,6 37,2 38,8
Loan to value (%) 53,2 52 50,8
Net loan to value (%) 59,4 58,2 56,8
ICR real estate 4 4 4
Interest rate on debt (%) 3 3 2
Occupancy rate (%) 95 95 95
NAV per share 0 0 0
BVPS 168,87 189,38 209,87
EPRA NAV per share 202,87 230,49 257,92
Valuation 2019 2020 2021
Shares outstanding adj. 37 37 37
Share price 297,48 285 285
Market cap. (m) 11130 10663 10663
P/E 12,6 18,8 17,2
Net IB debt / share 231 242 252
P/CEPS 24,7 15,6 14,2
P/CEPS adj. 24,7 15,6 14,2
EV/EBIT 14 20,7 19,8
Implicit yield (%) 4,3 4,7 4,9
Yield on BV (%) 5,6 5,7 5,7
Dividend yield (%) 1,6 2,5 2,6
P/NAV N/A N/A N/A
P/EPRA NAV 2,04 1,24 1,1
P/BVPS 2,45 1,5 1,36
EV/NOI 26,59 19,85 19,02