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Coverage

Stendörren

Stendörren

SEKm 2022 2023e 2024e
Rental Income 731 836 929
Rental growth (%) 11,4 14,4 11,2
Net operating income 549 627 711
NOI margin (%) 75,2 75 76,5
CEPS Adj 8,14 7,9 9,74
CEPS Adj. growth (%) 7,5 -2,9 23,2
DPS 0 0 0
EPRA NAVPS 198,02 191,47 213,97
EPS 15,47 -5,65 17,43
EPS Adj 0 0 0
P/CEPS Adj. (x) 24,2 24,9 20,2
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1 1,03 0,92
Implicit yield (%) 4,1 4,5 4,9
div.yield (%) 0 0 0
LTV (%) 49,1 51,6 50,7
SEKm 2022 2023e 2024e
Rental income 731 836 929
Other income 0 0 0
Operating costs -181 -209 -219
Net operating income 549 627 711
NOI margin (%) 75,2 75 76,5
Value change realized 0 0 0
Value change unrealized 88 -411 363
Administration costs -79 -77 -78
All other income & costs 0 0 0
EBIT 559 139 995
Net financial items -180 -252 -282
Value change derivatives 251 0 0
Pretax profit 630 -113 713
Deferred profit tax -131 26 -144
Current tax -1 -2 -3
Net profit 497 -90 566
Minority interest 0 0 0
Net profit to shareholders 440 -161 496
Other income statement related information 2022 2023 2024
Cash earnings 231 225 277
Tax rate (%) -21 -20,6 -20,6
Net investments -981 -743 -731
Acquisitions -572 -200 -200
Other investments -1 0 0
Divestments 195 0 0
EPS 15,47 -5,65 17,43
CEPS 8,14 7,9 9,74
CEPS adj. 8,14 7,9 9,74
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 11,4 14,4 11,2
NOI growth (%) 12,3 14,2 13,3
CEPS growth (%) 7,5 -2,9 23,2
CEPS adj. growth (%) 7,5 -2,9 23,2
Balance Sheet 2022 2023 2024
Properties 12792 13124 14218
Deferred tax asset 0 0 0
Receivables 78 88 98
Cash and liquid assets 339 11 136
Other assets 324 334 344
Current liabilities 250 282 313
Total assets 13750 13765 14993
Shareholders equity 4867 4707 5202
Minority 786 786 786
Deferred tax 1057 1031 1176
Interest bearing debt 6789 6959 7516
Short-term debt 0 0 0
Derivatives 250 282 313
Total liabilities and equity 13750 13765 14993
Other balance sheet related information 2022 2023 2024
Net IB debt 5883 6379 6812
Rental area m2 (000) 817 866 915
Rent per m2 895 965 1016
Equity ratio (%) 35,4 34,2 34,7
Loan to value (%) 49,1 51,6 50,7
Net loan to value (%) 55,7 53,1 53,8
ICR real estate 3 2 2
Interest rate on debt (%) 3 4 4
Occupancy rate (%) 91,8 92,7 92,7
NAV per share 0 0 0
BVPS 171,21 165,56 182,99
EPRA NAV per share 198,02 191,47 213,97
Valuation 2022 2023 2024
Shares outstanding adj. 28 28 28
Share price 197,2 197,2 197,2
Market cap. (m) 5606 5606 5606
P/E 12,7 -34,9 11,3
Net IB debt / share 207 224 240
P/CEPS 24,2 24,9 20,2
P/CEPS adj. 24,2 24,9 20,2
EV/EBIT 22,7 94,6 13,7
Implicit yield (%) 4,1 4,5 4,9
Yield on BV (%) 4,3 4,8 5
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1 1,03 0,92
P/BVPS 1,15 1,19 1,08
EV/NOI 23,06 20,99 19,13