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Financials

SEKm 2019 2020e 2021e
Rental Income 1185 1265 1339
Rental growth (%) 8,6 6,8 5,8
Net operating income 914 980 1039
NOI margin (%) 77,2 77,4 77,6
CEPS Adj 16,94 18,1 19,76
CEPS Adj. growth (%) 14,7 6,9 9,2
DPS 6,25 6,75 7,25
EPRA NAVPS 201,42 229,02 256,36
EPS 26,17 14,97 16,34
EPS Adj 26,17 14,97 16,34
P/CEPS Adj. (x) 24,5 22,9 21
P/E Adj. (x) 15,9 27,7 25,4
P/EPRANAV (x) 2,06 1,81 1,62
Implicit yield (%) 4,4 3,8 4
div.yield (%) 1,5 1,6 1,7
LTV (%) 53,2 51,9 50,6
SEKm 2019 2020e 2021e
Rental income 1185 1265 1339
Other income 0 0 0
Operating costs -271 -286 -300
Net operating income 914 980 1039
NOI margin (%) 77,2 77,4 77,6
Value change realized 71 0 0
Value change unrealized 592 0 0
Administration costs -33 -35 -37
All other income & costs 0 0 0
EBIT 1537 940 997
Net financial items -234 -234 -227
Value change derivatives -80 0 0
Pretax profit 1224 705 770
Deferred profit tax -238 -117 -128
Current tax -6 -28 -31
Net profit 979 560 611
Minority interest 0 0 0
Net profit to shareholders 979 560 611
Other income statement related information 2019 2020 2021
Cash earnings 634 677 739
Tax rate (%) -20 -20,6 -20,6
Net investments 822 1167 1121
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 26,17 14,97 16,34
CEPS 16,94 18,1 19,76
CEPS adj. 16,94 18,1 19,76
Dividend per share Adj 6,25 6,75 7,25
Payout ratio of CEPS (%) 36,9 37,3 36,7
Rental growth (%) 8,6 6,8 5,8
NOI growth (%) 10,3 7,2 6
CEPS growth (%) 14,7 6,9 9,2
CEPS adj. growth (%) 14,7 6,9 9,2
Balance Sheet 2019 2020 2021
Properties 16206 17373 18495
Deferred tax asset 92 87 82
Receivables 168 179 189
Cash and liquid assets 281 281 281
Other assets 1149 1227 1298
Current liabilities 490 490 490
Total assets 17896 19147 20345
Shareholders equity 6357 7125 7891
Minority 0 0 0
Deferred tax 1278 1306 1337
Interest bearing debt 9770 10225 10627
Short-term debt 0 0 0
Derivatives 490 490 490
Total liabilities and equity 17896 19147 20345
Other balance sheet related information 2019 2020 2021
Net IB debt 8617 9012 9360
Rental area m2 (000) 1793 1793 1793
Rent per m2 661 706 747
Equity ratio (%) 35,5 37,2 38,8
Loan to value (%) 53,2 51,9 50,6
Net loan to value (%) 62 60,5 59
ICR real estate 4 4 4
Interest rate on debt (%) 3 3 2
Occupancy rate (%) 95,9 95,9 95,9
NAV per share 0 0 0
BVPS 169,91 190,45 210,91
EPRA NAV per share 201,42 229,02 256,36
Valuation 2019 2020 2021
Shares outstanding adj. 37 37 37
Share price 297,48 415 415
Market cap. (m) 11130 15527 15527
P/E 15,9 27,7 25,4
Net IB debt / share 230 241 250
P/CEPS 24,5 22,9 21
P/CEPS adj. 24,5 22,9 21
EV/EBIT 15,7 26,1 25
Implicit yield (%) 4,4 3,8 4
Yield on BV (%) 5,6 5,6 5,6
Dividend yield (%) 1,5 1,6 1,7
P/NAV N/A N/A N/A
P/EPRA NAV 2,06 1,81 1,62
P/BVPS 2,44 2,18 1,97
EV/NOI 26,41 25,04 23,95