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Eastnine

Eastnine

EURm 2020 2021e 2022e
Rental Income 19 22 25
Rental growth (%) 43,7 12,8 13,5
Net operating income 17 20 22
NOI margin (%) 91,2 91,1 91,5
CEPS Adj 0,47 0,47 0,62
CEPS Adj. growth (%) 81,7 -1,1 33,6
DPS 0,3 0,3 0,34
EPRA NAVPS 14,55 15,56 16,29
EPS 1,7 1,3 0,88
EPS Adj 0 0 0
P/CEPS Adj. (x) 26,4 31,2 23,4
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 0,85 0,93 0,89
Implicit yield (%) 5,6 4,8 4,9
div.yield (%) 2,4 2,1 2,3
LTV (%) 12,5 15,5 22,8
EURm 2020 2021e 2022e
Cash earnings 10 10 14
Tax rate (%) -11,2 -7,3 -15
Net investments 65 39 52
Acquisitions 62 36 50
Other investments 0 0 0
Divestments 0 0 0
EPS 1,7 1,3 0,88
CEPS 0,47 0,47 0,62
CEPS adj. 0,47 0,47 0,62
Dividend per share Adj 0,3 0,3 0,34
Payout ratio of CEPS (%) 63,7 64,4 54,6
Rental growth (%) 43,7 12,8 13,5
NOI growth (%) 46,5 12,7 14
CEPS growth (%) 81,7 -1,1 33,6
CEPS adj. growth (%) 81,7 -1,1 33,6
Balance Sheet 2020 0 0
Properties 372 418 479
Deferred tax asset 0 0 0
Receivables 2 4 4
Cash and liquid assets 24 62 14
Other assets 2 4 5
Current liabilities 3 8 9
Total assets 502 599 614
Shareholders equity 310 331 344
Minority 0 0 0
Deferred tax 11 13 17
Interest bearing debt 179 248 245
Short-term debt 0 0 0
Derivatives 3 8 9
Total liabilities and equity 502 599 614
Other balance sheet related information 2020 0 0
Net IB debt 47 65 109
Rental area m2 (000) 121 131 145
Rent per m2 159 166 169
Equity ratio (%) 61,7 55,2 56
Loan to value (%) 12,5 15,5 22,8
Net loan to value (%) 54,5 74 54
ICR real estate 4 3 4
Interest rate on debt (%) 3 3 2
Occupancy rate (%) 92,6 89,6 91,2
NAV per share 0 0 0
BVPS 13,99 14,93 15,51
EPRA NAV per share 14,55 15,56 16,29
Valuation 2020 0 0
Shares outstanding adj. 22 22 22
Share price 11,33 14,54 14,54
Market cap. (m) 251 322 322
P/E 7,3 11,2 16,6
Net IB debt / share 2 3 5
P/CEPS 26,4 31,2 23,4
P/CEPS adj. 26,4 31,2 23,4
EV/EBIT 10,3 19,2 15,4
Implicit yield (%) 5,6 4,8 4,9
Yield on BV (%) 4,7 4,7 4,7
Dividend yield (%) 2,4 2,1 2,3
P/NAV 0 0 0
P/EPRA NAV 0,85 0,93 0,89
P/BVPS 0,89 0,97 0,94
EV/NOI 18,38 19,62 19,18
Rental income 19 22 25
Other income 0 0 0
Operating costs -2 -2 -2
Net operating income 17 20 22
NOI margin (%) 91,2 91,1 91,5
Value change realized 0 0 0
Value change unrealized 17 4 9
Administration costs -4 -4 -4
All other income & costs 0 0 0
EBIT 31 20 28
Net financial items -4 -6 -5
Value change derivatives 0 5 0
Pretax profit 41 31 23
Deferred profit tax -5 -2 -3
Current tax 0 0 0
Net profit 36 29 19
Minority interest 0 0 0
Net profit to shareholders 36 29 19
Other income statement related information 2020 2021 2022