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Coverage

Stendörren

Stendörren

SEKm 2019 2020e 2021e
Rental Income 591 641 695
Rental growth (%) 10,1 8,5 8,3
Net operating income 397 458 497
NOI margin (%) 67,2 71,4 71,5
CEPS Adj 4,96 7,08 7,87
CEPS Adj. growth (%) -20,2 42,7 11,2
DPS 0 0 0
EPRA NAVPS 126,72 143,24 161,39
EPS 10,39 6,51 7,23
EPS Adj 10,39 6,51 7,23
P/CEPS Adj. (x) 34,1 13,2 11,9
P/E Adj. (x) 16,3 14,4 12,9
P/EPRANAV (x) 1,33 0,65 0,58
Implicit yield (%) 4,5 5,2 5,3
div.yield (%) 0 0 0
LTV (%) 51,1 53,6 53,6
SEKm 2019 2020e 2021e
Rental income 591 641 695
Other income 0 0 0
Operating costs -194 -184 -198
Net operating income 397 458 497
NOI margin (%) 67,2 71,4 71,5
Value change realized 0 0 0
Value change unrealized 232 0 0
Administration costs -87 -87 -91
All other income & costs 0 0 0
EBIT 542 371 406
Net financial items -175 -175 -184
Value change derivatives 17 0 0
Pretax profit 384 196 221
Deferred profit tax -99 -16 -18
Current tax 2 0 -4
Net profit 287 180 200
Minority interest 0 0 0
Net profit to shareholders 287 180 200
Other income statement related information 2019 2020 2021
Cash earnings 137 196 217
Tax rate (%) -25,3 -8 -9,8
Net investments 439 1289 911
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 10,39 6,51 7,23
CEPS 4,96 7,08 7,87
CEPS adj. 4,96 7,08 7,87
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 10,1 8,5 8,3
NOI growth (%) 12 15,3 8,5
CEPS growth (%) -20,2 42,7 11,2
CEPS adj. growth (%) -20,2 42,7 11,2
Balance Sheet 2019 2020 2021
Properties 9147 10436 11347
Deferred tax asset 0 0 0
Receivables 67 67 67
Cash and liquid assets 138 143 148
Other assets 256 278 301
Current liabilities 16 16 16
Total assets 9608 10924 11862
Shareholders equity 3840 4198 4601
Minority 0 0 0
Deferred tax 519 519 523
Interest bearing debt 5233 6190 6722
Short-term debt 0 0 0
Derivatives 16 16 16
Total liabilities and equity 9608 10924 11862
Other balance sheet related information 2019 2020 2021
Net IB debt 4678 5595 6084
Rental area m2 (000) 728 728 728
Rent per m2 812 881 954
Equity ratio (%) 40 38,4 38,8
Loan to value (%) 51,1 53,6 53,6
Net loan to value (%) 58,7 60,7 60,5
ICR real estate 2 2 2
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 88 88 88
NAV per share 0 0 0
BVPS 139,03 152 166,6
EPRA NAV per share 126,72 143,24 161,39
Valuation 2019 2020 2021
Shares outstanding adj. 28 28 28
Share price 126,06 93,6 93,6
Market cap. (m) 3482 2585 2585
P/E 16,3 14,4 12,9
Net IB debt / share 169 203 220
P/CEPS 34,1 13,2 11,9
P/CEPS adj. 34,1 13,2 11,9
EV/EBIT 17,2 22,1 21,4
Implicit yield (%) 4,5 5,2 5,3
Yield on BV (%) 4,3 4,4 4,4
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 1,33 0,65 0,58
P/BVPS 1,22 0,62 0,56
EV/NOI 23,54 17,87 17,45