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Coverage

Trianon

Trianon

SEKm 2021 2022e 2023e
Rental Income 624 704 742
Rental growth (%) 12,2 12,8 5,5
Net operating income 396 449 478
NOI margin (%) 63,5 63,8 64,4
CEPS Adj 1,28 1,46 1,41
CEPS Adj. growth (%) 11,5 14,1 -3,6
DPS 0,5 0,57 0,63
EPRA NAVPS 36,16 37,01 33,12
EPS 8,08 1,7 -2,68
EPS Adj 0 0 0
P/CEPS Adj. (x) 46,4 17,8 18,4
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,65 0,7 0,79
Implicit yield (%) 2,6 3,7 3,8
div.yield (%) 0,8 2,2 2,4
LTV (%) 55,2 55,8 59,8
SEKm 2021 2022e 2023e
Rental income 624 704 742
Other income 0 0 0
Operating costs -228 -255 -264
Net operating income 396 449 478
NOI margin (%) 63,5 63,8 64,4
Value change realized 0 0 0
Value change unrealized 1311 -16 -743
Administration costs -56 -60 -54
All other income & costs 0 0 0
EBIT 1694 392 -293
Net financial items -94 -141 -188
Value change derivatives 67 128 0
Pretax profit 1667 378 -481
Deferred profit tax -346 -75 100
Current tax -9 -1 -1
Net profit 1311 303 -382
Minority interest -7 0 0
Net profit to shareholders 1269 266 -421
Cash earnings 202 230 222
Tax rate (%) -21,3 -19,9 -20,6
Net investments -957 -509 -494
Acquisitions -868 0 0
Other investments -315 -37 0
Divestments 587 0 0
EPS 8,08 1,7 -2,68
CEPS 1,28 1,46 1,41
CEPS adj. 1,28 1,46 1,41
Dividend per share Adj 0,5 0,57 0,63
Payout ratio of CEPS (%) 39 39,3 44,3
Rental growth (%) 12,2 12,8 5,5
NOI growth (%) 7,5 13,4 6,5
CEPS growth (%) 11,5 14,1 -3,6
CEPS adj. growth (%) 11,5 14,1 -3,6
Properties 12666 13122 12873
Deferred tax asset 56 47 47
Receivables 179 15 16
Cash and liquid assets 87 139 136
Other assets 367 213 214
Current liabilities 331 167 178
Total assets 13581 14083 13858
Shareholders equity 4805 5003 4491
Minority 439 404 404
Deferred tax 857 919 819
Interest bearing debt 7149 7590 7966
Short-term debt 0 0 0
Derivatives 331 167 178
Total liabilities and equity 13581 14083 13858
Net IB debt 6779 7122 7501
Rental area m2 (000) 488 492 501
Rent per m2 1278 1430 1482
Equity ratio (%) 35,4 35,5 32,4
Loan to value (%) 55,2 55,8 59,8
Net loan to value (%) 57,1 58,9 62,9
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 31,86 28,61
EPRA NAV per share 36,16 37,01 33,12
Shares outstanding adj. 157 157 157
Share price 48,64 26 26
Market cap. (m) 7636 4082 4082
P/E 7,4 15,3 -9,7
Net IB debt / share 43 45 48
P/CEPS 46,4 17,8 18,4
P/CEPS adj. 46,4 17,8 18,4
EV/EBIT 9,5 28,4 -39,2
Implicit yield (%) 2,6 3,7 3,8
Yield on BV (%) 3,1 3,4 3,7
Dividend yield (%) 0,8 2,2 2,4
P/NAV 0 0 0
P/EPRA NAV 1,65 0,7 0,79
P/BVPS 1,94 0,82 0,91
EV/NOI 40,79 24,79 24,01