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Fastpartner

Fastpartner

SEKm 2020 2021e 2022e
Rental Income 1802 1905 2045
Rental growth (%) 6,8 5,8 7,3
Net operating income 1285 1343 1450
NOI margin (%) 71,3 70,5 70,9
CEPS Adj 4,26 4,63 5,2
CEPS Adj. growth (%) 6,9 8,9 12,2
DPS 2 2,2 2,4
EPRA NAVPS 83,74 93,59 106,11
EPS 8,48 4,52 4,28
EPS Adj 8,92 4,96 4,72
P/CEPS Adj. (x) 22,8 20,5 18,3
P/E Adj. (x) 10,9 19,1 20,1
P/EPRANAV (x) 1,16 1,01 0,89
Implicit yield (%) 4 3,9 4,1
div.yield (%) 2,1 2,3 2,5
LTV (%) 46,1 44,9 43,5
SEKm 2020 2021e 2022e
Rental income 1802 1905 2045
Other income 0 0 0
Operating costs -517 -562 -595
Net operating income 1285 1343 1450
NOI margin (%) 71,3 70,5 70,9
Value change realized 1 0 0
Value change unrealized 1074 100 0
Administration costs -38 -41 -44
All other income & costs 0 0 0
EBIT 2343 1405 1410
Net financial items -317 -273 -264
Value change derivatives -17 52 0
Pretax profit 2010 1184 1147
Deferred profit tax -285 -174 -168
Current tax -93 -104 -115
Net profit 1632 907 863
Minority interest 0 0 0
Net profit to shareholders 1552 826 783
Other income statement related information 2020 2021 2022
Cash earnings 779 848 951
Tax rate (%) -18,8 -23,4 -24,7
Net investments 2097 1340 1911
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 8,48 4,52 4,28
CEPS 4,26 4,63 5,2
CEPS adj. 4,26 4,63 5,2
Dividend per share Adj 2 2,2 2,4
Payout ratio of CEPS (%) 47 47,5 46,2
Rental growth (%) 6,8 5,8 7,3
NOI growth (%) 9,6 4,5 7,9
CEPS growth (%) 6,9 8,9 12,2
CEPS adj. growth (%) 6,9 8,9 12,2
Balance Sheet 2020 2021 2022
Properties 31344 32784 34696
Deferred tax asset 0 0 0
Receivables 152 152 152
Cash and liquid assets 147 147 147
Other assets 1504 1591 1708
Current liabilities 144 92 92
Total assets 33148 34675 36703
Shareholders equity 14057 15253 16737
Minority 0 0 0
Deferred tax 2464 2567 2683
Interest bearing debt 16484 16762 17191
Short-term debt 0 0 0
Derivatives 144 92 92
Total liabilities and equity 33148 34675 36703
Other balance sheet related information 2020 2021 2022
Net IB debt 14461 14723 15106
Rental area m2 (000) 1533 1533 1533
Rent per m2 1175 1243 1334
Equity ratio (%) 42,4 44 45,6
Loan to value (%) 46,1 44,9 43,5
Net loan to value (%) 53,1 51,6 50
ICR real estate 4 5 5
Interest rate on debt (%) 2 2 2
Occupancy rate (%) 91,2 91,2 91,2
NAV per share 0 0 0
BVPS 76,86 83,4 91,51
EPRA NAV per share 83,74 93,59 106,11
Valuation 2020 2021 2022
Shares outstanding adj. 183 183 183
Share price 80,72 94,9 94,9
Market cap. (m) 14764 17357 17357
P/E 11,4 21 22,2
Net IB debt / share 79 80 83
P/CEPS 22,8 20,5 18,3
P/CEPS adj. 22,8 20,5 18,3
EV/EBIT 13,7 22,8 23
Implicit yield (%) 4 3,9 4,1
Yield on BV (%) 4,1 4,1 4,2
Dividend yield (%) 2,1 2,3 2,5
P/NAV 0 0 0
P/EPRA NAV 1,16 1,01 0,89
P/BVPS 1,26 1,14 1,04
EV/NOI 25,06 23,88 22,39