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FastPartner

FastPartner

SEKm 2019 2020e 2021e
Rental Income 1687 1894 2030
Rental growth (%) 16,3 12,3 7,2
Net operating income 1173 1333 1436
NOI margin (%) 69,5 70,4 70,8
CEPS Adj 3,98 4,41 4,94
CEPS Adj. growth (%) 22,3 10,8 12
DPS 1,9 2,1 2,3
EPRA NAVPS 74,46 84,55 95,48
EPS 17,19 3,97 4,45
EPS Adj 17,4 4,42 4,9
P/CEPS Adj. (x) 24,9 26,3 23,5
P/E Adj. (x) 5,7 26,3 23,7
P/EPRANAV (x) 1,33 1,37 1,22
Implicit yield (%) 4 3,5 3,7
div.yield (%) 1,9 1,8 2
LTV (%) 46,6 47,2 45,6
SEKm 2019 2020e 2021e
Rental income 1687 1894 2030
Other income 0 0 0
Operating costs -514 -561 -593
Net operating income 1173 1333 1436
NOI margin (%) 69,5 70,4 70,8
Value change realized 350 0 0
Value change unrealized 2661 0 0
Administration costs -35 -38 -40
All other income & costs 0 0 0
EBIT 4173 1295 1396
Net financial items -310 -296 -289
Value change derivatives -33 0 0
Pretax profit 3831 999 1108
Deferred profit tax -590 -80 -89
Current tax -94 -120 -133
Net profit 3147 799 886
Minority interest 0 0 0
Net profit to shareholders 3109 719 806
Other income statement related information 2019 2020 2021
Cash earnings 720 798 894
Tax rate (%) -17,9 -20 -20
Net investments 2831 3108 2008
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 17,19 3,97 4,45
CEPS 3,98 4,41 4,94
CEPS adj. 3,98 4,41 4,94
Dividend per share Adj 1,9 2,1 2,3
Payout ratio of CEPS (%) 47,7 47,6 46,5
Rental growth (%) 16,3 12,3 7,2
NOI growth (%) 19,5 13,7 7,7
CEPS growth (%) 22,3 10,8 12
CEPS adj. growth (%) 22,3 10,8 12
Balance Sheet 2019 2020 2021
Properties 28172 31280 33288
Deferred tax asset 0 0 0
Receivables 106 106 106
Cash and liquid assets 264 264 264
Other assets 1444 1621 1737
Current liabilities 127 127 127
Total assets 29987 33272 35396
Shareholders equity 12632 14076 15680
Minority 0 0 0
Deferred tax 2179 2299 2432
Interest bearing debt 15049 16770 17157
Short-term debt 0 0 0
Derivatives 127 127 127
Total liabilities and equity 29987 33272 35396
Other balance sheet related information 2019 2020 2021
Net IB debt 13131 14775 15165
Rental area m2 (000) 1511 1511 1511
Rent per m2 1116 1254 1344
Equity ratio (%) 42,1 42,3 44,3
Loan to value (%) 46,6 47,2 45,6
Net loan to value (%) 54,4 54,5 52,3
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 77,81 86,68
EPRA NAV per share 74,46 84,55 95,48
Valuation 2019 2020 2021
Shares outstanding adj. 181 181 181
Share price 76,88 116,2 116,2
Market cap. (m) 13908 21021 21021
P/E 5,8 29,3 26,1
Net IB debt / share 73 82 84
P/CEPS 24,9 26,3 23,5
P/CEPS adj. 24,9 26,3 23,5
EV/EBIT 7,4 27,6 25,9
Implicit yield (%) 4 3,5 3,7
Yield on BV (%) 4,2 4,3 4,3
Dividend yield (%) 1,9 1,8 2
P/NAV N/A N/A N/A
P/EPRA NAV 1,33 1,37 1,22
P/BVPS 1,69 1,49 1,34
EV/NOI 26,49 26,85 25,19