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Coverage

Trianon

Trianon

SEKm 2021 2022e 2023e
Rental Income 624 700 737
Rental growth (%) 12,2 12,2 5,3
Net operating income 396 439 471
NOI margin (%) 63,5 62,7 63,9
CEPS Adj 1,33 1,41 1,36
CEPS Adj. growth (%) 14,3 5,4 -3,4
DPS 0,5 0,57 0,63
EPRA NAVPS 36,16 36,92 32,93
EPS 8,4 1,94 -2,76
EPS Adj 0 0 0
P/CEPS Adj. (x) 44,6 22,9 23,7
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,65 0,87 0,98
Implicit yield (%) 2,6 3,3 3,5
div.yield (%) 0,8 1,8 1,9
LTV (%) 55,2 55,8 59,9
SEKm 2021 2022e 2023e
Rental income 624 700 737
Other income 0 0 0
Operating costs -228 -261 -266
Net operating income 396 439 471
NOI margin (%) 63,5 62,7 63,9
Value change realized 0 0 0
Value change unrealized 1311 -37 -750
Administration costs -56 -67 -61
All other income & costs 0 0 0
EBIT 1694 355 -314
Net financial items -94 -136 -185
Value change derivatives 67 195 0
Pretax profit 1667 415 -498
Deferred profit tax -346 -73 103
Current tax -9 -1 -1
Net profit 1311 341 -396
Minority interest -7 0 0
Net profit to shareholders 1269 305 -433
Cash earnings 202 221 213
Tax rate (%) -21,3 -17,8 -20,6
Net investments -957 -473 -487
Acquisitions -868 -8 0
Other investments -315 -10 0
Divestments 587 0 0
EPS 8,4 1,94 -2,76
CEPS 1,33 1,41 1,36
CEPS adj. 1,33 1,41 1,36
Dividend per share Adj 0,5 0,57 0,63
Payout ratio of CEPS (%) 37,5 40,9 46
Rental growth (%) 12,2 12,2 5,3
NOI growth (%) 7,5 10,8 7,4
CEPS growth (%) 14,3 5,4 -3,4
CEPS adj. growth (%) 14,3 5,4 -3,4
Properties 12666 13122 12859
Deferred tax asset 56 49 49
Receivables 179 39 41
Cash and liquid assets 87 178 159
Other assets 367 235 238
Current liabilities 331 116 124
Total assets 13581 14174 13920
Shareholders equity 4805 5047 4523
Minority 439 395 395
Deferred tax 857 919 816
Interest bearing debt 7149 7698 8063
Short-term debt 0 0 0
Derivatives 331 116 124
Total liabilities and equity 13581 14174 13920
Net IB debt 6779 7119 7503
Rental area m2 (000) 488 492 501
Rent per m2 1278 1423 1472
Equity ratio (%) 35,4 35,6 32,5
Loan to value (%) 55,2 55,8 59,9
Net loan to value (%) 57,1 60 63,9
ICR real estate 4 3 2
Interest rate on debt (%) 1 2 2
Occupancy rate (%) 95 95,6 96
NAV per share 0 0 0
BVPS 30,6 32,14 28,81
EPRA NAV per share 36,16 36,92 32,93
Shares outstanding adj. 157 157 157
Share price 48,64 32,15 32,15
Market cap. (m) 7636 5048 5048
P/E 7,1 16,5 -11,7
Net IB debt / share 43 45 48
P/CEPS 44,6 22,9 23,7
P/CEPS adj. 44,6 22,9 23,7
EV/EBIT 9,5 34,1 -39,8
Implicit yield (%) 2,6 3,3 3,5
Yield on BV (%) 3,1 3,3 3,7
Dividend yield (%) 0,8 1,8 1,9
P/NAV 0 0 0
P/EPRA NAV 1,65 0,87 0,98
P/BVPS 1,94 1 1,12
EV/NOI 40,79 27,62 26,48