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Catena

SEKm 2020 2021e 2022e
Rental Income 1264 1390 1480
Rental growth (%) 6,8 10 6,5
Net operating income 1004 1102 1173
NOI margin (%) 79,4 79,3 79,3
CEPS Adj 18,7 19,53 21,34
CEPS Adj. growth (%) 15,2 4,5 9,2
DPS 7,5 8 8,5
EPRA NAVPS 245,08 272,88 302,94
EPS 40,51 32,18 17,61
EPS Adj 40,51 32,18 17,61
P/CEPS Adj. (x) 20,6 21,9 20,1
P/E Adj. (x) 9,5 13,3 24,3
P/EPRANAV (x) 1,57 1,57 1,41
Implicit yield (%) 4,1 3,8 4
div.yield (%) 1,9 1,9 2
LTV (%) 50,1 51,4 50,2
SEKm 2020 2021e 2022e
Rental income 1264 1390 1480
Other income 0 0 0
Operating costs -260 -288 -307
Net operating income 1004 1102 1173
NOI margin (%) 79,4 79,3 79,3
Value change realized 8 0 0
Value change unrealized 1159 680 0
Administration costs -35 -38 -40
All other income & costs 0 0 0
EBIT 2133 1740 1128
Net financial items -247 -268 -270
Value change derivatives 38 85 0
Pretax profit 1924 1557 859
Deferred profit tax -383 -282 -143
Current tax -14 -45 -43
Net profit 1527 1230 673
Minority interest 0 0 0
Net profit to shareholders 1527 1230 673
Other income statement related information 2020 2021 2022
Cash earnings 705 747 816
Tax rate (%) -20,6 -21 -21,6
Net investments 1175 1430 1222
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 40,51 32,18 17,61
CEPS 18,7 19,53 21,34
CEPS adj. 18,7 19,53 21,34
Dividend per share Adj 7,5 8 8,5
Payout ratio of CEPS (%) 40,1 41 39,8
Rental growth (%) 6,8 10 6,5
NOI growth (%) 11,2 9,8 6,5
CEPS growth (%) 15,2 4,5 9,2
CEPS adj. growth (%) 15,2 4,5 9,2
Balance Sheet 2020 2021 2022
Properties 18612 20723 21944
Deferred tax asset 75 70 65
Receivables 289 318 338
Cash and liquid assets 411 411 411
Other assets 1011 1112 1184
Current liabilities 343 258 258
Total assets 20399 22633 23943
Shareholders equity 7590 8443 9295
Minority 0 0 0
Deferred tax 1884 1929 1972
Interest bearing debt 10581 12003 12417
Short-term debt 0 0 0
Derivatives 343 258 258
Total liabilities and equity 20399 22633 23943
Other balance sheet related information 2020 2021 2022
Net IB debt 9324 10661 11015
Rental area m2 (000) 1948 1948 1948
Rent per m2 649 714 760
Equity ratio (%) 37,2 37,3 38,8
Loan to value (%) 50,1 51,4 50,2
Net loan to value (%) 59,1 59,9 58,5
ICR real estate 4 4 4
Interest rate on debt (%) 3 3 2
Occupancy rate (%) 96,2 96,2 96,2
NAV per share 0 0 0
BVPS 201,34 220,87 243,16
EPRA NAV per share 245,08 272,88 302,94
Valuation 2020 2021 2022
Shares outstanding adj. 38 38 38
Share price 363,88 428 428
Market cap. (m) 13718 16361 16361
P/E 9,5 13,3 24,3
Net IB debt / share 247 279 288
P/CEPS 20,6 21,9 20,1
P/CEPS adj. 20,6 21,9 20,1
EV/EBIT 11,2 15,5 24,3
Implicit yield (%) 4,1 3,8 4
Yield on BV (%) 5,4 5,3 5,3
Dividend yield (%) 1,9 1,9 2
P/NAV 0 0 0
P/EPRA NAV 1,57 1,57 1,41
P/BVPS 1,91 1,94 1,76
EV/NOI 23,75 24,53 23,33