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Coverage

Trianon

Trianon

SEKm 2020 2021e 2022e
Rental Income 553 621 687
Rental growth (%) 22,7 12,5 10,8
Net operating income 369 412 466
NOI margin (%) 66,6 66,4 67,9
CEPS Adj 5,17 6,31 7,59
CEPS Adj. growth (%) 15,6 21,9 20,3
DPS 1,8 2,25 2,7
EPRA NAVPS 100,9 124,03 139,66
EPS 11,31 16,18 5,87
EPS Adj 12,11 17,12 6,81
P/CEPS Adj. (x) 26,5 33,9 28,2
P/E Adj. (x) 11,3 12,5 31,4
P/EPRANAV (x) 1,36 1,73 1,53
Implicit yield (%) 3,6 2,8 3,2
div.yield (%) 1,3 1,1 1,3
LTV (%) 55,7 54,6 52,1
SEKm 2020 2021e 2022e
Rental income 553 621 687
Other income 3 4 6
Operating costs -187 -213 -226
Net operating income 369 412 466
NOI margin (%) 66,3 65,9 67,3
Value change realized 0 0 0
Value change unrealized 406 487 0
Administration costs -53 -52 -56
All other income & costs 0 0 0
EBIT 722 848 410
Net financial items -86 -82 -85
Value change derivatives -62 39 0
Pretax profit 568 798 319
Deferred profit tax -114 -157 -64
Current tax 0 0 0
Net profit 454 641 255
Minority interest 0 0 0
Net profit to shareholders 424 606 220
Cash earnings 194 236 284
Tax rate (%) -20,1 -19,6 -20,2
Net investments 1098 902 641
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 11,31 16,18 5,87
CEPS 5,17 6,31 7,59
CEPS adj. 5,17 6,31 7,59
Dividend per share Adj 1,8 2,25 2,7
Payout ratio of CEPS (%) 34,8 35,7 35,6
Rental growth (%) 22,7 12,5 10,8
NOI growth (%) 29,1 11,8 13,1
CEPS growth (%) 15,6 21,9 20,3
CEPS adj. growth (%) 15,6 21,9 20,3
Properties 9462 10852 11493
Deferred tax asset 57 0 0
Receivables 213 213 213
Cash and liquid assets 280 280 280
Other assets 503 539 573
Current liabilities 167 0 0
Total assets 10303 11671 12347
Shareholders equity 3635 4315 4782
Minority 0 0 0
Deferred tax 587 737 837
Interest bearing debt 5915 6619 6728
Short-term debt 0 0 0
Derivatives 167 0 0
Total liabilities and equity 10303 11671 12347
Net IB debt 5266 5926 5991
Rental area m2 (000) 402 402 402
Rent per m2 1381 1553 1721
Equity ratio (%) 35,3 37 38,7
Loan to value (%) 55,7 54,6 52,1
Net loan to value (%) 65,5 63,6 61
ICR real estate 4 4 5
Interest rate on debt (%) 2 1 1
Occupancy rate (%) 94,5 94,5 94,5
NAV per share 0 0 0
BVPS 97,03 115,17 127,63
EPRA NAV per share 100,9 124,03 139,66
Shares outstanding adj. 37 37 37
Share price 114,83 214 214
Market cap. (m) 4302 8018 8018
P/E 12,1 13,2 36,4
Net IB debt / share 141 158 160
P/CEPS 26,5 33,9 28,2
P/CEPS adj. 26,5 33,9 28,2
EV/EBIT 14,4 16,4 34,1
Implicit yield (%) 3,6 2,8 3,2
Yield on BV (%) 3,9 3,8 4,1
Dividend yield (%) 1,3 1,1 1,3
P/NAV 0 0 0
P/EPRA NAV 1,36 1,73 1,53
P/BVPS 1,41 1,86 1,68
EV/NOI 28,22 33,83 30,05