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FastPartner

FastPartner

SEKm 2019 2020e 2021e
Rental Income 1687 1830 1966
Rental growth (%) 16,3 8,5 7,5
Net operating income 1173 1310 1413
NOI margin (%) 69,5 71,6 71,8
CEPS Adj 3,98 4,19 4,75
CEPS Adj. growth (%) 22,3 5,3 13,3
DPS 1,9 2,1 2,3
EPRA NAVPS 74,46 76,44 84,93
EPS 17,19 3,82 4,28
EPS Adj 17,4 4,26 4,72
P/CEPS Adj. (x) 24,9 19,6 17,3
P/E Adj. (x) 5,7 19,2 17,4
P/EPRANAV (x) 1,33 1,07 0,97
Implicit yield (%) 4 4,1 4,4
div.yield (%) 1,9 2,6 2,8
LTV (%) 46,6 48,5 47,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 1687 1830 1966
Other income 0 0 0
Operating costs -514 -519 -554
Net operating income 1173 1310 1413
NOI margin (%) 69,5 71,6 71,8
Value change realized 350 1 0
Value change unrealized 2661 50 0
Administration costs -35 -39 -41
All other income & costs 0 0 0
EBIT 4173 1327 1375
Net financial items -310 -316 -295
Value change derivatives -33 -32 0
Pretax profit 3831 980 1081
Deferred profit tax -590 -87 -86
Current tax -94 -112 -130
Net profit 3147 781 865
Minority interest 0 0 0
Net profit to shareholders 3109 700 784
Other income statement related information 2019 2020 2021
Cash earnings 720 768 870
Tax rate (%) -17,9 -20,3 -20
Net investments 2831 1720 1648
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 17,19 3,82 4,28
CEPS 3,98 4,19 4,75
CEPS adj. 3,98 4,19 4,75
Dividend per share Adj 1,9 2,1 2,3
Payout ratio of CEPS (%) 47,7 50,1 48,4
Rental growth (%) 16,3 8,5 7,5
NOI growth (%) 19,5 11,7 7,8
CEPS growth (%) 22,3 5,3 13,3
CEPS adj. growth (%) 22,3 5,3 13,3
Balance Sheet 2019 2020 2021
Properties 28172 29943 31591
Deferred tax asset 0 0 0
Receivables 106 106 106
Cash and liquid assets 264 264 264
Other assets 1444 1566 1683
Current liabilities 127 159 159
Total assets 29987 31880 33645
Shareholders equity 12632 13015 14312
Minority 0 0 0
Deferred tax 2179 2291 2420
Interest bearing debt 15049 16416 16754
Short-term debt 0 0 0
Derivatives 127 159 159
Total liabilities and equity 29987 31880 33645
Other balance sheet related information 2019 2020 2021
Net IB debt 13131 14516 14890
Rental area m2 (000) 1511 1511 1511
Rent per m2 1116 1211 1302
Equity ratio (%) 42,1 40,8 42,5
Loan to value (%) 46,6 48,5 47,1
Net loan to value (%) 54,4 55,7 53,9
ICR real estate 4 4 5
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 92,5 90,8 90,8
NAV per share 0 0 0
BVPS 58,76 71,03 78,11
EPRA NAV per share 74,46 76,44 84,93
Valuation 2019 2020 2021
Shares outstanding adj. 181 183 183
Share price 76,88 82 82
Market cap. (m) 13908 15025 15025
P/E 5,8 21,5 19,2
Net IB debt / share 73 79 81
P/CEPS 24,9 19,6 17,3
P/CEPS adj. 24,9 19,6 17,3
EV/EBIT 7,4 22,3 21,7
Implicit yield (%) 4 4,1 4,4
Yield on BV (%) 4,2 4,4 4,5
Dividend yield (%) 1,9 2,6 2,8
P/NAV 0 0 0
P/EPRA NAV 1,33 1,07 0,97
P/BVPS 1,69 1,15 1,05
EV/NOI 26,49 22,55 21,18
N/A N/A N/A