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Eastnine

Eastnine

EURm 2021 2022e 2023e
Rental Income 22 30 35
Rental growth (%) 12,2 40 16,8
Net operating income 19 27 32
NOI margin (%) 89,4 89,9 90,2
CEPS Adj 0,43 0,6 0,71
CEPS Adj. growth (%) -8,7 38,7 18,5
DPS 0,28 0,31 0,37
EPRA NAVPS 17,64 21,61 21,5
EPS 3,27 4,73 0,19
EPS Adj 0 0 0
P/CEPS Adj. (x) 35,9 16,9 14,3
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 0,88 0,47 0,47
Implicit yield (%) 4,9 7,8 9,2
div.yield (%) 1,8 3,1 3,6
LTV (%) 19,2 52 53,8
EURm 2021 2022e 2023e
Cash earnings 10 13 16
Tax rate (%) -4,8 -2,5 -15
Net investments -75 -109 -6
Acquisitions -76 -121 0
Other investments 5 19 0
Divestments 0 0 0
EPS 3,27 4,73 0,19
CEPS 0,43 0,6 0,71
CEPS adj. 0,43 0,6 0,71
Dividend per share Adj 0,28 0,31 0,37
Payout ratio of CEPS (%) 65,1 52,3 51,9
Rental growth (%) 12,2 40 16,8
NOI growth (%) 9,9 40,9 17,2
CEPS growth (%) -8,7 38,7 18,5
CEPS adj. growth (%) -8,7 38,7 18,5
Balance Sheet 2020 0 0
Properties 470 597 592
Deferred tax asset 0 0 0
Receivables 11 207 218
Cash and liquid assets 29 15 10
Other assets 32 220 231
Current liabilities 16 10 10
Total assets 653 832 833
Shareholders equity 376 473 471
Minority 0 0 0
Deferred tax 14 17 17
Interest bearing debt 246 332 335
Short-term debt 0 0 0
Derivatives 16 10 10
Total liabilities and equity 653 832 833
Other balance sheet related information 2020 0 0
Net IB debt 90 310 319
Rental area m2 (000) 143 183 183
Rent per m2 150 165 192
Equity ratio (%) 57,6 56,9 56,5
Loan to value (%) 19,2 52 53,8
Net loan to value (%) 58,6 58,1 58,3
ICR real estate 3 2 2
Interest rate on debt (%) 3 3 4
Occupancy rate (%) 90 95,6 95,1
NAV per share 0 0 0
BVPS 16,93 21,31 21,19
EPRA NAV per share 17,64 21,61 21,5
Valuation 2020 0 0
Shares outstanding adj. 22 22 22
Share price 13,54 10,1 10,1
Market cap. (m) 301 224 224
P/E 4,7 2,1 52,6
Net IB debt / share 4 14 14
P/CEPS 35,9 16,9 14,3
P/CEPS adj. 35,9 16,9 14,3
EV/EBIT 13,7 23,9 32,9
Implicit yield (%) 4,9 7,8 9,2
Yield on BV (%) 4,1 4,5 5,4
Dividend yield (%) 1,8 3,1 3,6
P/NAV 0 0 0
P/EPRA NAV 0,88 0,47 0,47
P/BVPS 0,91 0,47 0,48
EV/NOI 22,52 19,72 17,08
Rental income 22 30 35
Other income 0 0 0
Operating costs -2 -3 -3
Net operating income 19 27 32
NOI margin (%) 89,4 89,9 90,2
Value change realized 0 0 0
Value change unrealized 16 -1 -11
Administration costs -4 -4 -4
All other income & costs 0 0 0
EBIT 32 22 16
Net financial items -6 -9 -11
Value change derivatives 6 18 0
Pretax profit 76 108 5
Deferred profit tax -4 -2 0
Current tax 0 0 -1
Net profit 72 105 4
Minority interest 0 0 0
Net profit to shareholders 72 105 4
Other income statement related information 2020 2021 2022