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FastPartner

SEKm 2018 2019e 2020e
Rental Income 1451 1678 1759
Rental growth (%) 7,5 15,7 4,8
Net operating income 982 1152 1209
NOI margin (%) 67,7 68,6 68,8
CEPS Adj 3,13 3,91 4,17
CEPS Adj. growth (%) 2,4 25,1 6,7
DPS 1,6 1,9 2
EPRA NAVPS 59,7 65,23 71,09
EPS 9,64 3,44 3,67
EPS Adj 9,86 3,65 3,88
P/CEPS Adj. (x) 19,3 17,7 16,6
P/E Adj. (x) 6,1 19 17,9
P/EPRANAV (x) 1,01 1,06 0,98
Implicit yield (%) 4,3 4,1 4,3
div.yield (%) 2,7 2,7 2,9
LTV (%) 51,4 52,8 51,6
SEKm 2018 2019e 2020e
Rental income 1451 1678 1759
Other income 0 0 0
Operating costs -469 -526 -549
Net operating income 982 1152 1209
NOI margin (%) 67,7 68,6 68,8
Value change realized 1 0 0
Value change unrealized 1199 0 0
Administration costs -32 -36 -37
All other income & costs 0 0 0
EBIT 2149 1116 1173
Net financial items -235 -263 -266
Value change derivatives 174 0 0
Pretax profit 2088 853 906
Deferred profit tax -195 -85 -91
Current tax -110 -107 -113
Net profit 1783 661 702
Minority interest 0 0 0
Net profit to shareholders 1745 623 664
Other income statement related information 2018 2019 2020
Cash earnings 566 708 755
Tax rate (%) -14,6 -22,5 -22,5
Net investments 1015 3108 1236
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,64 3,44 3,67
CEPS 3,13 3,91 4,17
CEPS adj. 3,13 3,91 4,17
Dividend per share Adj 1,6 1,9 2
Payout ratio of CEPS (%) 51,1 48,5 47,9
Rental growth (%) 7,5 15,7 4,8
NOI growth (%) 4,9 17,3 5
CEPS growth (%) 2,4 25,1 6,7
CEPS adj. growth (%) 2,4 25,1 6,7
Balance Sheet 2018 2019 2020
Properties 22330 25438 26674
Deferred tax asset 0 0 0
Receivables 453 453 453
Cash and liquid assets 676 676 676
Other assets 70 81 84
Current liabilities 94 94 94
Total assets 23529 26648 27888
Shareholders equity 9114 9921 10776
Minority 0 0 0
Deferred tax 1589 1696 1809
Interest bearing debt 12731 14937 15209
Short-term debt 0 0 0
Derivatives 94 94 94
Total liabilities and equity 23529 26648 27888
Other balance sheet related information 2018 2019 2020
Net IB debt 11481 13441 13768
Rental area m2 (000) 1443 1484 1484
Rent per m2 1005 1130 1185
Equity ratio (%) 38,7 37,2 38,6
Loan to value (%) 51,4 52,8 51,6
Net loan to value (%) 60 61,4 59,6
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 43,77 59,57
EPRA NAV per share 59,7 65,23 71,09
Valuation 2018 2019 2020
Shares outstanding adj. 181 181 181
Share price 52,42 69,32 69,32
Market cap. (m) 9483 12540 12540
P/E 6,3 20,1 18,9
Net IB debt / share 63 74 76
P/CEPS 19,3 17,7 16,6
P/CEPS adj. 19,3 17,7 16,6
EV/EBIT 10,4 23,3 22,4
Implicit yield (%) 4,3 4,1 4,3
Yield on BV (%) 4,4 4,5 4,5
Dividend yield (%) 2,7 2,7 2,9
P/NAV N/A N/A N/A
P/EPRA NAV 1,01 1,06 0,98
P/BVPS 1,53 1,58 1,16
EV/NOI 22,81 22,56 21,75