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Stendörren

SEKm 2018 2019e 2020e
Rental Income 537 615 651
Rental growth (%) 18,3 14,6 5,8
Net operating income 354 436 464
NOI margin (%) 66 70,9 71,3
CEPS Adj 6,21 7,1 7,47
CEPS Adj. growth (%) 7,9 14,2 5,2
DPS 0 0 0
EPRA NAVPS 113,47 126,34 142,3
EPS 15,16 6,82 7,18
EPS Adj 15,16 6,82 7,18
P/CEPS Adj. (x) 16,1 16,8 15,9
P/E Adj. (x) 6,6 17,4 16,6
P/EPRANAV (x) 0,88 0,94 0,84
Implicit yield (%) 4,4 4,7 4,5
div.yield (%) 0 0 0
LTV (%) 60,5 62,1 63,2
SEKm 2018 2019e 2020e
Rental income 537 615 651
Other income 0 0 0
Operating costs -183 -179 -187
Net operating income 354 436 464
NOI margin (%) 66 70,9 71,3
Value change realized 0 0 0
Value change unrealized 327 6 0
Administration costs -51 -66 -72
All other income & costs 0 0 0
EBIT 630 376 392
Net financial items -131 -156 -163
Value change derivatives -12 -2 0
Pretax profit 488 218 229
Deferred profit tax -68 -20 -18
Current tax -1 -10 -13
Net profit 419 188 198
Minority interest 0 0 0
Net profit to shareholders 419 188 198
Other income statement related information 2018 2019 2020
Cash earnings 172 196 206
Tax rate (%) -14,2 -13,7 -13,4
Net investments 1655 673 1266
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 15,16 6,82 7,18
CEPS 6,21 7,1 7,47
CEPS adj. 6,21 7,1 7,47
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 18,3 14,6 5,8
NOI growth (%) 11,4 23,1 6,3
CEPS growth (%) 7,9 14,2 5,2
CEPS adj. growth (%) 7,9 14,2 5,2
Balance Sheet 2018 2019 2020
Properties 8476 9155 10421
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 9646 10931
Shareholders equity 2780 3076 3425
Minority 0 0 0
Deferred tax 419 429 442
Interest bearing debt 5524 6127 7049
Short-term debt 0 0 0
Derivatives 12 14 14
Total liabilities and equity 8735 9646 10931
Other balance sheet related information 2018 2019 2020
Net IB debt 5125 5688 6590
Rental area m2 (000) 709 728 728
Rent per m2 758 846 895
Equity ratio (%) 31,8 31,9 31,3
Loan to value (%) 60,5 62,1 63,2
Net loan to value (%) 67,1 68,8 69,3
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 100,65 111,37 124,02
EPRA NAV per share 113,47 126,34 142,3
Valuation 2018 2019 2020
Shares outstanding adj. 28 28 28
Share price 84,79 119 119
Market cap. (m) 2342 3287 3287
P/E 6,6 17,4 16,6
Net IB debt / share 186 206 239
P/CEPS 16,1 16,8 15,9
P/CEPS adj. 16,1 16,8 15,9
EV/EBIT 12,5 23,9 25,2
Implicit yield (%) 4,4 4,7 4,5
Yield on BV (%) 4,2 4,8 4,5
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 0,88 0,94 0,84
P/BVPS 0,99 1,07 0,96
EV/NOI 22,25 20,57 21,29