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FastPartner

FastPartner

SEKm 2019 2020e 2021e
Rental Income 1687 1853 1991
Rental growth (%) 16,3 9,9 7,4
Net operating income 1173 1319 1421
NOI margin (%) 69,5 71,1 71,4
CEPS Adj 3,98 4,25 4,77
CEPS Adj. growth (%) 22,3 6,7 12,3
DPS 1,9 2,1 2,3
EPRA NAVPS 74,46 75,19 83,69
EPS 17,19 3,18 4,3
EPS Adj 17,4 3,61 4,74
P/CEPS Adj. (x) 24,9 17,4 15,5
P/E Adj. (x) 5,7 20,5 15,6
P/EPRANAV (x) 1,33 0,99 0,89
Implicit yield (%) 4 4,3 4,6
div.yield (%) 1,9 2,8 3,1
LTV (%) 46,6 48,9 47,5
SEKm 2019 2020e 2021e
Rental income 1687 1853 1991
Other income 0 0 0
Operating costs -514 -535 -570
Net operating income 1173 1319 1421
NOI margin (%) 69,5 71,1 71,4
Value change realized 350 1 0
Value change unrealized 2661 -113 0
Administration costs -35 -38 -40
All other income & costs 0 0 0
EBIT 4173 1170 1381
Net financial items -310 -308 -296
Value change derivatives -33 -31 0
Pretax profit 3831 830 1085
Deferred profit tax -590 -53 -87
Current tax -94 -115 -130
Net profit 3147 662 868
Minority interest 0 0 0
Net profit to shareholders 3109 582 787
Other income statement related information 2019 2020 2021
Cash earnings 720 778 874
Tax rate (%) -17,9 -20,2 -20
Net investments 2831 1820 1646
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 17,19 3,18 4,3
CEPS 3,98 4,25 4,77
CEPS adj. 3,98 4,25 4,77
Dividend per share Adj 1,9 2,1 2,3
Payout ratio of CEPS (%) 47,7 49,4 48,2
Rental growth (%) 16,3 9,9 7,4
NOI growth (%) 19,5 12,4 7,8
CEPS growth (%) 22,3 6,7 12,3
CEPS adj. growth (%) 22,3 6,7 12,3
Balance Sheet 2019 2020 2021
Properties 28172 29881 31527
Deferred tax asset 0 0 0
Receivables 106 106 106
Cash and liquid assets 264 264 264
Other assets 1444 1586 1704
Current liabilities 127 158 158
Total assets 29987 31838 33601
Shareholders equity 12632 12848 14146
Minority 0 0 0
Deferred tax 2179 2294 2424
Interest bearing debt 15049 16539 16873
Short-term debt 0 0 0
Derivatives 127 158 158
Total liabilities and equity 29987 31838 33601
Other balance sheet related information 2019 2020 2021
Net IB debt 13131 14614 14984
Rental area m2 (000) 1511 1511 1511
Rent per m2 1116 1227 1318
Equity ratio (%) 42,1 40,4 42,1
Loan to value (%) 46,6 48,9 47,5
Net loan to value (%) 54,4 56,2 54,4
ICR real estate 4 4 5
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 92,5 92,5 92,5
NAV per share 0 0 0
BVPS 58,76 70,12 77,2
EPRA NAV per share 74,46 75,19 83,69
Valuation 2019 2020 2021
Shares outstanding adj. 181 183 183
Share price 76,88 74,1 74,1
Market cap. (m) 13908 13578 13578
P/E 5,8 23,3 17,2
Net IB debt / share 73 80 82
P/CEPS 24,9 17,4 15,5
P/CEPS adj. 24,9 17,4 15,5
EV/EBIT 7,4 24,1 20,7
Implicit yield (%) 4 4,3 4,6
Yield on BV (%) 4,2 4,4 4,5
Dividend yield (%) 1,9 2,8 3,1
P/NAV N/A N/A N/A
P/EPRA NAV 1,33 0,99 0,89
P/BVPS 1,69 1,06 0,96
EV/NOI 26,49 21,38 20,1