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FastPartner

SEKm 2018 2019e 2020e
Rental Income 1451 1643 1741
Rental growth (%) 7,5 13,3 6
Net operating income 982 1145 1217
NOI margin (%) 67,7 69,7 69,9
CEPS Adj 3,13 3,68 4,04
CEPS Adj. growth (%) 2,4 17,6 9,8
DPS 1,6 1,9 2
EPRA NAVPS 59,7 70,33 76,17
EPS 9,64 6,56 3,56
EPS Adj 9,86 6,77 3,77
P/CEPS Adj. (x) 19,3 21,8 19,8
P/E Adj. (x) 6,1 11,8 21,3
P/EPRANAV (x) 1,01 1,14 1,05
Implicit yield (%) 4,3 3,8 4
div.yield (%) 2,7 2,4 2,5
LTV (%) 51,4 53,3 52,4
SEKm 2018 2019e 2020e
Rental income 1451 1643 1741
Other income 0 0 0
Operating costs -469 -499 -524
Net operating income 982 1145 1217
NOI margin (%) 67,7 69,7 69,9
Value change realized 1 0 0
Value change unrealized 1199 818 0
Administration costs -32 -35 -36
All other income & costs 0 0 0
EBIT 2149 1927 1181
Net financial items -235 -307 -302
Value change derivatives 174 -63 0
Pretax profit 2088 1558 879
Deferred profit tax -195 -234 -88
Current tax -110 -99 -110
Net profit 1783 1225 681
Minority interest 0 0 0
Net profit to shareholders 1745 1187 643
Other income statement related information 2018 2019 2020
Cash earnings 566 666 731
Tax rate (%) -14,6 -21,4 -22,5
Net investments 1015 3044 1255
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,64 6,56 3,56
CEPS 3,13 3,68 4,04
CEPS adj. 3,13 3,68 4,04
Dividend per share Adj 1,6 1,9 2
Payout ratio of CEPS (%) 51,1 51,6 49,5
Rental growth (%) 7,5 13,3 6
NOI growth (%) 4,9 16,6 6,3
CEPS growth (%) 2,4 17,6 9,8
CEPS adj. growth (%) 2,4 17,6 9,8
Balance Sheet 2018 2019 2020
Properties 22330 26192 27446
Deferred tax asset 0 0 0
Receivables 453 453 453
Cash and liquid assets 676 676 676
Other assets 70 947 1003
Current liabilities 94 157 157
Total assets 23529 28268 29579
Shareholders equity 9114 10435 11284
Minority 0 0 0
Deferred tax 1589 1688 1798
Interest bearing debt 12731 15988 16340
Short-term debt 0 0 0
Derivatives 94 157 157
Total liabilities and equity 23529 28268 29579
Other balance sheet related information 2018 2019 2020
Net IB debt 11481 13950 14379
Rental area m2 (000) 1443 1484 1484
Rent per m2 1005 1107 1173
Equity ratio (%) 38,7 36,9 38,1
Loan to value (%) 51,4 53,3 52,4
Net loan to value (%) 60 63,6 62
ICR real estate 4 4 4
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 90,3 90,3 90,3
NAV per share 0 0 0
BVPS 39,31 46,61 62,37
EPRA NAV per share 59,7 70,33 76,17
Valuation 2018 2019 2020
Shares outstanding adj. 181 181 181
Share price 52,42 80,2 80,2
Market cap. (m) 9483 14508 14508
P/E 6,3 12,2 22,5
Net IB debt / share 63 77 79
P/CEPS 19,3 21,8 19,8
P/CEPS adj. 19,3 21,8 19,8
EV/EBIT 10,4 14,8 24,5
Implicit yield (%) 4,3 3,8 4
Yield on BV (%) 4,4 4,4 4,4
Dividend yield (%) 2,7 2,4 2,5
P/NAV N/A N/A N/A
P/EPRA NAV 1,01 1,14 1,05
P/BVPS 1,53 1,72 1,29
EV/NOI 22,81 24,86 23,74