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Catena

Catena

SEKm 2019 2020e 2021e
Rental Income 1183 1270 1343
Rental growth (%) 8,5 7,3 5,8
Net operating income 903 988 1046
NOI margin (%) 76,3 77,8 77,9
CEPS Adj 16,63 18,04 19,1
CEPS Adj. growth (%) 13 8,5 5,9
DPS 6,5 7 7,5
EPRA NAVPS 202,87 216,32 242,36
EPS 32,46 15,64 15,8
EPS Adj 32,46 15,64 15,8
P/CEPS Adj. (x) 24,9 21,9 20,7
P/E Adj. (x) 12,7 25,2 25
P/EPRANAV (x) 2,04 1,82 1,63
Implicit yield (%) 4,3 3,9 4,1
div.yield (%) 1,6 1,8 1,9
LTV (%) 53,2 53,2 52
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 1183 1270 1343
Other income 0 0 0
Operating costs -280 -281 -297
Net operating income 903 988 1046
NOI margin (%) 76,3 77,8 77,9
Value change realized 75 0 0
Value change unrealized 791 77 0
Administration costs -34 -36 -38
All other income & costs 0 0 0
EBIT 1728 1018 1003
Net financial items -235 -248 -253
Value change derivatives 29 -24 0
Pretax profit 1523 746 750
Deferred profit tax -299 -143 -125
Current tax 0 -13 -30
Net profit 1224 590 596
Minority interest 0 0 0
Net profit to shareholders 1224 590 596
Other income statement related information 2019 2020 2021
Cash earnings 627 680 720
Tax rate (%) -19,6 -21 -20,6
Net investments 683 674 1111
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 32,46 15,64 15,8
CEPS 16,63 18,04 19,1
CEPS adj. 16,63 18,04 19,1
Dividend per share Adj 6,5 7 7,5
Payout ratio of CEPS (%) 39,1 38,8 39,3
Rental growth (%) 8,5 7,3 5,8
NOI growth (%) 8,9 9,5 5,8
CEPS growth (%) 13 8,5 5,9
CEPS adj. growth (%) 13 8,5 5,9
Balance Sheet 2019 2020 2021
Properties 16271 17022 18132
Deferred tax asset 85 80 75
N/A N/A N/A
Receivables 276 296 313
Cash and liquid assets 131 131 131
Other assets 1007 1081 1144
Current liabilities 381 405 405
Total assets 17770 18610 19795
Shareholders equity 6318 6661 7391
Minority 0 0 0
Deferred tax 1537 1550 1580
Interest bearing debt 9534 9994 10419
Short-term debt 0 0 0
Derivatives 381 405 405
Total liabilities and equity 17770 18610 19795
Other balance sheet related information 2019 2020 2021
Net IB debt 8653 9059 9437
Rental area m2 (000) 1843 1843 1843
Rent per m2 642 689 729
Equity ratio (%) 35,6 35,8 37,3
Loan to value (%) 53,2 53,2 52
Net loan to value (%) 59,4 59,5 58,2
ICR real estate 4 4 4
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 95 95 95
NAV per share 0 0 0
BVPS 167,59 176,68 196,05
EPRA NAV per share 202,87 216,32 242,36
Valuation 2019 2020 2021
Shares outstanding adj. 38 38 38
Share price 297,48 394,5 394,5
Market cap. (m) 11215 14872 14872
P/E 12,7 25,2 25
Net IB debt / share 230 240 250
P/CEPS 24,9 21,9 20,7
P/CEPS adj. 24,9 21,9 20,7
EV/EBIT 14 23,5 24,2
Implicit yield (%) 4,3 3,9 4,1
Yield on BV (%) 5,5 5,8 5,8
Dividend yield (%) 1,6 1,8 1,9
P/NAV 0 0 0
P/EPRA NAV 2,04 1,82 1,63
P/BVPS 2,47 2,23 2,01
EV/NOI 26,85 24,22 23,25