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Coverage

Stendörren

Stendörren

SEKm 2019 2020e 2021e
Rental Income 591 643 708
Rental growth (%) 10,1 8,9 10
Net operating income 391 470 519
NOI margin (%) 66,2 73,1 73,3
CEPS Adj 4,19 6,72 7,8
CEPS Adj. growth (%) -31,7 60,3 16,1
DPS 0 0 0
EPRA NAVPS 126,72 134,71 152,31
EPS 9,52 5,58 7,02
EPS Adj 9,98 7,42 8,85
P/CEPS Adj. (x) 40,3 20,8 17,9
P/E Adj. (x) 16,9 18,8 15,8
P/EPRANAV (x) 1,33 1,04 0,92
Implicit yield (%) 4,4 4,6 4,9
div.yield (%) 0 0 0
LTV (%) 51,1 53,9 53,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 591 643 708
Other income 0 0 0
Operating costs -200 -173 -189
Net operating income 391 470 519
NOI margin (%) 66,2 73,1 73,3
Value change realized 0 0 0
Value change unrealized 232 32 0
Administration costs -87 -86 -90
All other income & costs 0 0 0
EBIT 536 416 429
Net financial items -175 -143 -151
Value change derivatives 17 -11 0
Pretax profit 378 263 277
Deferred profit tax -99 -52 -22
Current tax 2 0 -4
Net profit 281 210 251
Minority interest 0 0 0
Net profit to shareholders 268 158 199
Other income statement related information 2019 2020 2021
Cash earnings 118 191 221
Tax rate (%) -25,7 -19,9 -9,4
Net investments 439 1028 905
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,52 5,58 7,02
CEPS 4,19 6,72 7,8
CEPS adj. 4,19 6,72 7,8
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 10,1 8,9 10
NOI growth (%) 10,3 20,2 10,4
CEPS growth (%) -31,7 60,3 16,1
CEPS adj. growth (%) -31,7 60,3 16,1
Balance Sheet 2019 2020 2021
Properties 9147 10207 11113
Deferred tax asset 0 0 0
Receivables 67 67 67
Cash and liquid assets 138 143 148
Other assets 256 279 307
Current liabilities 16 27 27
Total assets 9608 10696 11634
Shareholders equity 3840 4052 4502
Minority 0 0 0
Deferred tax 519 519 523
Interest bearing debt 5233 6098 6582
Short-term debt 0 0 0
Derivatives 16 27 27
Total liabilities and equity 9608 10696 11634
Other balance sheet related information 2019 2020 2021
Net IB debt 4678 5501 5935
Rental area m2 (000) 728 728 728
Rent per m2 812 884 972
Equity ratio (%) 40 37,9 38,7
Loan to value (%) 51,1 53,9 53,4
Net loan to value (%) 58,7 61,1 60,6
ICR real estate 2 3 3
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 88 89 89
NAV per share 0 0 0
BVPS 136,38 142,81 158,68
EPRA NAV per share 126,72 134,71 152,31
Valuation 2019 2020 2021
Shares outstanding adj. 28 28 28
Share price 126,06 139,5 139,5
Market cap. (m) 3549 3958 3958
P/E 17,8 25 19,9
Net IB debt / share 166 194 209
P/CEPS 40,3 20,8 17,9
P/CEPS adj. 40,3 20,8 17,9
EV/EBIT 17,6 22,7 23,1
Implicit yield (%) 4,4 4,6 4,9
Yield on BV (%) 4,3 4,6 4,7
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,33 1,04 0,92
P/BVPS 1,24 0,98 0,88
EV/NOI 24,13 20,12 19,06
N/A N/A N/A