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Stendörren

Stendörren

SEKm 2020 2021e 2022e
Rental Income 643 645 694
Rental growth (%) 8,8 0,3 7,7
Net operating income 473 474 518
NOI margin (%) 73,6 73,5 74,6
CEPS Adj 6,76 7,17 8,46
CEPS Adj. growth (%) 61,2 6,1 18
DPS 0 0 0
EPRA NAVPS 136,55 176,46 208,3
EPS 7,14 31,5 24,95
EPS Adj 0 0 0
P/CEPS Adj. (x) 22,6 44,7 37,8
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,12 1,81 1,54
Implicit yield (%) 4,7 3 3,1
div.yield (%) 0 0 0
LTV (%) 53,8 50 48
SEKm 2020 2021e 2022e
Rental income 643 645 694
Other income 0 0 0
Operating costs -170 -171 -177
Net operating income 473 474 518
NOI margin (%) 73,6 73,5 74,6
Value change realized 0 0 0
Value change unrealized 98 924 664
Administration costs -87 -71 -75
All other income & costs 9 1 0
EBIT 493 1328 1106
Net financial items -141 -146 -144
Value change derivatives -10 8 0
Pretax profit 342 1191 962
Deferred profit tax -86 -243 -196
Current tax -1 0 -2
Net profit 255 948 764
Minority interest 0 0 0
Net profit to shareholders 202 894 708
Other income statement related information 2020 2021 2022
Cash earnings 191 203 240
Tax rate (%) -25,4 -20,4 -20,6
Net investments -288 -631 -675
Acquisitions -150 -351 -200
Other investments 0 -2 0
Divestments 62 0 0
EPS 7,14 31,5 24,95
CEPS 6,76 7,17 8,46
CEPS adj. 6,76 7,17 8,46
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 8,8 0,3 7,7
NOI growth (%) 21 0,2 9,3
CEPS growth (%) 61,2 6,1 18
CEPS adj. growth (%) 61,2 6,1 18
Balance Sheet 2020 2021 2022
Properties 9533 11086 12425
Deferred tax asset 0 0 0
Receivables 95 65 73
Cash and liquid assets 361 666 453
Other assets 339 316 324
Current liabilities 227 198 224
Total assets 10233 12068 13202
Shareholders equity 3267 4165 4873
Minority 786 786 786
Deferred tax 613 856 1051
Interest bearing debt 5340 6064 6269
Short-term debt 0 0 0
Derivatives 227 198 224
Total liabilities and equity 10233 12068 13202
Other balance sheet related information 2020 2021 2022
Net IB debt 4738 5148 5566
Rental area m2 (000) 748 773 814
Rent per m2 860 834 852
Equity ratio (%) 31,9 34,5 36,9
Loan to value (%) 53,8 50 48
Net loan to value (%) 59,8 60,7 54,1
ICR real estate 3 3 3
Interest rate on debt (%) 3 3 2
Occupancy rate (%) 87 88,7 90,9
NAV per share 0 0 0
BVPS 115,15 146,79 171,74
EPRA NAV per share 136,55 176,46 208,3
Valuation 2020 2021 2022
Shares outstanding adj. 28 28 28
Share price 130,24 320 320
Market cap. (m) 3695 9079 9079
P/E 21,3 10,2 12,8
Net IB debt / share 167 181 196
P/CEPS 22,6 44,7 37,8
P/CEPS adj. 22,6 44,7 37,8
EV/EBIT 20,8 11,6 14,3
Implicit yield (%) 4,7 3 3,1
Yield on BV (%) 5 4,3 4,2
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,12 1,81 1,54
P/BVPS 1,32 2,18 1,86
EV/NOI 21,66 32,51 30,56