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Stendörren

SEKm 2018 2019e 2020e
Rental Income 537 611 647
Rental growth (%) 18,3 13,9 5,8
Net operating income 354 427 460
NOI margin (%) 66 69,8 71,2
CEPS Adj 6,21 6,85 7,32
CEPS Adj. growth (%) 7,9 10,3 6,9
DPS 0 0 0
EPRA NAVPS 113,47 127,52 143,42
EPS 15,16 8,2 6,7
EPS Adj 15,16 8,2 6,7
P/CEPS Adj. (x) 16,1 21,2 19,8
P/E Adj. (x) 6,6 17,7 21,6
P/EPRANAV (x) 0,88 1,14 1,01
Implicit yield (%) 4,4 4,2 4,2
div.yield (%) 0 0 0
LTV (%) 60,5 61,9 63,1
SEKm 2018 2019e 2020e
Rental income 537 611 647
Other income 0 0 0
Operating costs -183 -184 -187
Net operating income 354 427 460
NOI margin (%) 66 69,8 71,2
Value change realized 0 0 0
Value change unrealized 327 81 0
Administration costs -51 -74 -75
All other income & costs 0 0 0
EBIT 630 434 385
Net financial items -131 -162 -170
Value change derivatives -12 -2 0
Pretax profit 488 270 215
Deferred profit tax -68 -42 -17
Current tax -1 -2 -13
Net profit 419 227 185
Minority interest 0 0 0
Net profit to shareholders 419 227 185
Other income statement related information 2018 2019 2020
Cash earnings 172 189 202
Tax rate (%) -14,2 -16,1 -14
Net investments 1655 705 1268
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 15,16 8,2 6,7
CEPS 6,21 6,85 7,32
CEPS adj. 6,21 6,85 7,32
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 18,3 13,9 5,8
NOI growth (%) 11,4 20,5 7,8
CEPS growth (%) 7,9 10,3 6,9
CEPS adj. growth (%) 7,9 10,3 6,9
Balance Sheet 2018 2019 2020
Properties 8476 9262 10530
Deferred tax asset 0 0 0
Receivables 83 83 83
Cash and liquid assets 163 168 173
Other assets 13 240 254
Current liabilities 12 14 14
Total assets 8735 9753 11040
Shareholders equity 2780 3147 3494
Minority 0 0 0
Deferred tax 419 421 434
Interest bearing debt 5524 6171 7098
Short-term debt 0 0 0
Derivatives 12 14 14
Total liabilities and equity 8735 9753 11040
Other balance sheet related information 2018 2019 2020
Net IB debt 5125 5734 6641
Rental area m2 (000) 709 728 728
Rent per m2 758 840 889
Equity ratio (%) 31,8 32,3 31,7
Loan to value (%) 60,5 61,9 63,1
Net loan to value (%) 67,1 68,4 69
ICR real estate 2 2 2
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 89,3 89,3 89,3
NAV per share 0 0 0
BVPS 100,65 113,93 126,51
EPRA NAV per share 113,47 127,52 143,42
Valuation 2018 2019 2020
Shares outstanding adj. 28 28 28
Share price 84,79 145 145
Market cap. (m) 2342 4005 4005
P/E 6,6 17,7 21,6
Net IB debt / share 186 208 240
P/CEPS 16,1 21,2 19,8
P/CEPS adj. 16,1 21,2 19,8
EV/EBIT 12,5 22,5 27,7
Implicit yield (%) 4,4 4,2 4,2
Yield on BV (%) 4,2 4,6 4,4
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 0,88 1,14 1,01
P/BVPS 0,99 1,27 1,15
EV/NOI 22,25 22,81 23,13