Editing Sirius Real Estate: Update
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== Summary == | == Summary == | ||
* Sirius Real Estate | * Sirius Real Estate has made eight noteworthy announcements since our last report (on 12th April 2022). | ||
* | *The key highlights of the announcements are as follows: | ||
*Accordingly, we have updated our forecasts, and estimate that the expected return of an investment in Sirius Real Estate over the next 12-months is | **ccc. | ||
*We note that the degree of risk associated with an investment in Sirius is relatively 'low', with the | *Accordingly, we have updated our forecasts, and estimate that the expected return of an investment in Sirius Real Estate Limited over the next 12-months is 197%. In other words, an £100,000 investment in the company is expected to return £196,841 in 12-months time. | ||
*All-in-all, assuming that a suitable return level in the | *We note that the degree of risk associated with an investment in Sirius is relatively 'low', with the shares having an adjusted beta that is 6% above the market (1.06 vs. 1). | ||
*All-in-all, assuming that a suitable return level in the 12 months is 10% or more, and Sirius Real Estate Limited achieves its expected return level (of 197%), then an investment in the company is considered to be a 'suitable' one. | |||
{| class="wikitable" | {| class="wikitable" | ||
|+Summary financials | |+Summary financials | ||
Line 14: | Line 15: | ||
!31 March 2024 (€000) | !31 March 2024 (€000) | ||
|- | |- | ||
|Portfolio value | |Portfolio value, €-bn | ||
|1.36 | |1.36 | ||
| | | | ||
|2.12 | |2.12 | ||
|2. | |2.21 | ||
|- | |- | ||
|FFO | |FFO, €-mln | ||
|60.9 | |60.9 | ||
| | | | ||
| | |90.1 | ||
| | |95.1 | ||
|- | |- | ||
|FFO/ | |FFO/Shr, €-cents | ||
|5.84 | |5.84 | ||
| | | | ||
| | |7.75 | ||
|8. | |8.16 | ||
|- | |- | ||
| | |Div/Shr, €-cents | ||
|3.8 | |3.8 | ||
| | | | ||
|5 | |5 | ||
|5. | |5.3 | ||
|- | |- | ||
| | |Adj. NAV/shr €-cents | ||
|93.8 | |93.8 | ||
| | | | ||
| | |110.9 | ||
| | |118 | ||
|} | |} | ||
* | |||
== Half-Year Results == | == Half-Year Results == | ||
On 21st November 2022, the company announced its interim results for the period ended 30th September 2022. | On 21st November 2022, the company announced its interim results for the period ended 30th September 2022. | ||
During the six month period, revenue increased by 47.7% to €130.6 million (H1 FY2022: €88.4 million), mainly driven by higher rental and service charge. | During the six month period, revenue increased by 47.7% to €130.6 million (H1 FY2022: €88.4 million), mainly driven by higher rental and service charge. Like-for-like annualised rent roll improved by 2.4% in Germany to €115.2 million (H1 FY2022: €112.5 million), and by 4.1% in the UK to €46.5 million (H1 FY2022: €44.7 million). Profit before tax decreased by 3% to €75.7 million (H1 FY2022: €78.2 million). | ||
Net current assets increased by 22% to €67 million (H2 FY2022: €55 million), net asset value improved by 1.8% to €1,213 million (H2 FY2022: €1,191 million). Cash stood at €162 million (H2 FY2022: €151 | Net current assets increased by 22% to €67 million (H2 FY2022: €55 million), net asset value improved by 1.8% to €1,213 million (H2 FY2022: €1,191 million). Cash stood at €162 million (H2 FY2022: €151 million). The value of the company's investment property increased by 0.3% to €2,081.4 million (H2 FY2022: €2,074.9 million). | ||
Cash flows from operating activities increased by 37.5% to €48.1 million (H1 FY2022: €35.0 million), and mainly due to the disposal of properties, cash flows from investing activities was negligible (H1 FY2022: negative €107.5 million). The company's German and UK portfolios saw a respective increase of €20.3 million and £6.3 million, representing a 1.8% and 2.1% like-for-like valuation growth. With no new loans taken during the period. cash flows from financing activities swung to negative €36.5 million (H1 FY2022: positive €194 million). The total dividend per share for the period increased by 32.4% to 2.79 cents (H1 FY2022: 2.04 cents). | Cash flows from operating activities increased by 37.5% to €48.1 million (H1 FY2022: €35.0 million), and mainly due to the disposal of properties, cash flows from investing activities was negligible (H1 FY2022: negative €107.5 million). The company's German and UK portfolios saw a respective increase of €20.3 million and £6.3 million, representing a 1.8% and 2.1% like-for-like valuation growth. With no new loans taken during the period. cash flows from financing activities swung to negative €36.5 million (H1 FY2022: positive €194 million). The total dividend per share for the period increased by 32.4% to 2.79 cents (H1 FY2022: 2.04 cents). | ||
Line 59: | Line 61: | ||
Given the rising interest rates and the uncertainty that this and the many other factors affecting the German and UK property markets are causing at the moment, the company has prioritised improving its debt ratios and building up its cash reserves. Net LTV, which reduces the loan balance by free cash (excluding restricted cash balances) in its calculation, was 41.0% (FY2022: 41.6%) whilst interest cover at EBITDA level was 8.1x as at 30th September 2022 (FY2022: 7.3x). The group added that it's fully committed to continue reducing its net LTV to be well within 40% or below in the near term. | Given the rising interest rates and the uncertainty that this and the many other factors affecting the German and UK property markets are causing at the moment, the company has prioritised improving its debt ratios and building up its cash reserves. Net LTV, which reduces the loan balance by free cash (excluding restricted cash balances) in its calculation, was 41.0% (FY2022: 41.6%) whilst interest cover at EBITDA level was 8.1x as at 30th September 2022 (FY2022: 7.3x). The group added that it's fully committed to continue reducing its net LTV to be well within 40% or below in the near term. | ||
== Reaffirmed Investment Rating == | == Reaffirmed Investment Rating == | ||
Line 350: | Line 133: | ||
Funds From Operations (FFO) increased by 22.5% to €74.6 million (FY2021: €60.9 million). | Funds From Operations (FFO) increased by 22.5% to €74.6 million (FY2021: €60.9 million). | ||
== Financials == | |||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+Consolidated income statement | ||
! | ! | ||
! | !Year ended 31 March 2021 (€000) | ||
! | !Year ended 31 March 2022 (€000) | ||
! | !Year ended 31 March 2023 (€000) | ||
!Year ended 31 March 2024 (€000) | |||
|- | |||
|Revenue | |||
|165,361 | |||
|210,182 | |||
|154,500 | |||
|159,000 | |||
|- | |||
|Direct costs | |||
|(71,541) | |||
|(87,689) | |||
| | |||
| | |||
|- | |||
|'''Net operating income''' | |||
|'''93,820''' | |||
|'''122,493''' | |||
| | |||
| | |||
|- | |- | ||
| | |Gain on revaluation of investment properties | ||
| | |99,585 | ||
| | |140,884 | ||
| | | | ||
| | |||
|- | |- | ||
| | |(Loss)/gain on disposal of properties | ||
| | |54 | ||
| | |(623) | ||
| | | | ||
| | |||
|- | |- | ||
| | |Recoveries from prior disposals of subsidiaries | ||
| | |65 | ||
| | |94 | ||
| | | | ||
| | |||
|- | |- | ||
| | |Administrative expenses | ||
| | |(27,823) | ||
| | |(40,718) | ||
| | | | ||
| | |||
|- | |||
|Goodwill impairment | |||
|<nowiki>-</nowiki> | |||
|(40,906) | |||
| | |||
| | |||
|- | |- | ||
| | |Share of profit of associates | ||
| | |4,977 | ||
| | |6,940 | ||
| | | | ||
| | |||
|- | |||
|'''Operating profit''' | |||
|'''170,678''' | |||
|'''188,164''' | |||
| | |||
| | |||
|- | |||
|Finance income | |||
|2,712 | |||
|2,986 | |||
| | |||
| | |||
|- | |||
|Finance expense | |||
|(9,869) | |||
|(23,219) | |||
| | |||
| | |||
|- | |||
|Change in fair value of derivative financial instruments | |||
|136 | |||
|996 | |||
| | |||
| | |||
|- | |||
|'''Net finance costs''' | |||
|'''(7,021)''' | |||
|'''(19,237)''' | |||
| | |||
| | |||
|- | |||
|'''Profit before tax''' | |||
|'''163,657''' | |||
|'''168,927''' | |||
|91,570 | |||
|95,770 | |||
|- | |||
|Taxation | |||
|(16,097) | |||
|(20,935) | |||
| | |||
| | |||
|- | |||
|'''Profit for the year after tax''' | |||
|'''147,560''' | |||
|'''147,992''' | |||
|95,500 | |||
|97,950 | |||
|- | |||
|'''Profit attributable to:''' | |||
| | |||
| | |||
| | |||
| | |||
|- | |||
|Owners of the Company | |||
|147,451 | |||
|147,873 | |||
|95,500 | |||
|97,950 | |||
|- | |||
|Non-controlling interest | |||
|109 | |||
|119 | |||
| | |||
| | |||
|- | |||
| | |||
|147,560 | |||
|147,992 | |||
| | |||
| | |||
|- | |||
|'''Earnings per share''' | |||
| | |||
| | |||
| | |||
| | |||
|- | |||
|Basic earnings per share | |||
|14.16c | |||
|13.48c | |||
|8.00c | |||
|8.00c | |||
|- | |||
|Diluted earnings per share | |||
|13.96c | |||
|13.29c | |||
|8.00c | |||
|8.00c | |||
|} | |} | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+Consolidated statement of financial position | ||
! | ! | ||
! | !Year ended 31 March 2021 (€000) | ||
! | !Year ended 31 March 2022 (€000) | ||
|- | |||
|'''Non-current assets''' | |||
| | |||
| | |||
|- | |||
|Investment properties | |||
|1,362,192 | |||
|2,100,004 | |||
|- | |||
|Plant and equipment | |||
|2,682 | |||
|5,492 | |||
|- | |||
|Intangible assets | |||
|6,568 | |||
|4,283 | |||
|- | |||
|Right of use assets | |||
|1,919 | |||
|14,996 | |||
|- | |||
|Other non-current financial assets | |||
|44,960 | |||
|48,330 | |||
|- | |- | ||
|Investment in associates | |||
|17,202 | |||
|24,142 | |||
|- | |||
|'''Total non-current assets''' | |||
|'''1,435,523''' | |||
|'''2,197,247''' | |||
|- | |||
|'''Current assets''' | |||
| | |||
| | |||
|- | |||
|Trade and other receivables | |||
|18,731 | |||
|24,571 | |||
|- | |||
|Derivative financial instruments | |||
|70 | |||
|329 | |||
|- | |||
|Cash and cash equivalents | |||
|65,674 | |||
|150,966 | |||
|- | |||
|'''Total current assets''' | |||
|'''84,475''' | |||
|'''175,866''' | |||
|- | |||
|Assets held for sale | |||
|<nowiki>-</nowiki> | |||
|13,750 | |||
|- | |||
|'''Total assets''' | |||
|'''1,519,998''' | |||
|'''2,386,863''' | |||
|- | |||
|'''Current liabilities''' | |||
| | |||
| | |||
|- | |||
|Trade and other payables | |||
|(50,527) | |||
|(89,335) | |||
|- | |||
|Interest-bearing loans and borrowings | |||
|(9,114) | |||
|(19,630) | |||
|- | |||
|Lease liabilities | |||
|(5,857) | |||
|(1,090) | |||
|- | |||
|Current tax liabilities | |||
|(2,063) | |||
|(10,423) | |||
|- | |||
|Derivative financial instruments | |||
|(414) | |||
|<nowiki>-</nowiki> | |||
|- | |||
|'''Total current liabilities''' | |||
|'''(67,975)''' | |||
|'''(120,478)''' | |||
|- | |||
|'''Non-current liabilities''' | |||
| | |||
| | |||
|- | |||
|Interest-bearing loans and borrowings | |||
|(458,940) | |||
|(961,863) | |||
|- | |||
|Lease liabilities | |||
|(9,130) | |||
|(37,571) | |||
|- | |||
|Derivative financial instruments | |||
|(797) | |||
|<nowiki>-</nowiki> | |||
|- | |||
|Deferred tax liabilities | |||
|(56,331) | |||
|(75,893) | |||
|- | |||
|'''Total non-current liabilities''' | |||
|'''(525,198)''' | |||
|'''(1,075,327)''' | |||
|- | |||
|'''Total liabilities''' | |||
|'''(593,173)''' | |||
|'''(1,195,805)''' | |||
|- | |||
|'''Net assets''' | |||
|'''926,825''' | |||
|'''1,191,058''' | |||
|- | |||
|'''Equity''' | |||
| | |||
| | |||
|- | |||
|Issued share capital | |||
|<nowiki>-</nowiki> | |||
|<nowiki>-</nowiki> | |||
|- | |||
|Other distributable reserve | |||
|449,051 | |||
|570,369 | |||
|- | |||
|Own shares held | |||
|(2,903) | |||
|(6,274) | |||
|- | |||
|Foreign currency translation reserve | |||
|<nowiki>-</nowiki> | |||
|(1,701) | |||
|- | |||
|Retained earnings | |||
|480,385 | |||
|628,258 | |||
|- | |||
|'''Total equity attributable to the owners of the Company''' | |||
|'''926,533''' | |||
|'''1,190,652''' | |||
|- | |||
|Non-controlling interest | |||
|292 | |||
|406 | |||
|- | |||
|'''Total equity''' | |||
|'''926,825''' | |||
|'''1,191,058''' | |||
|} | |||
{| class="wikitable" | |||
|+Consolidated statement of cash flows | |||
! | ! | ||
! | !Year ended 31 March 2021 (€000) | ||
! | !Year ended 31 March 2022 (€000) | ||
|- | |||
|'''Operating activities''' | |||
| | |||
| | |||
|- | |||
|Profit for the year after tax | |||
|147,560 | |||
|147,992 | |||
|- | |||
|Taxation | |||
|16,097 | |||
|20,935 | |||
|- | |||
|Profit for the year before tax | |||
|163,657 | |||
|168,927 | |||
|- | |||
|Loss/(gain) on disposal of properties | |||
|(54) | |||
|623 | |||
|- | |||
|Recoveries from prior disposals of subsidiaries | |||
|(65) | |||
|(94) | |||
|- | |||
|Net exchange differences | |||
|<nowiki>-</nowiki> | |||
|(1,975) | |||
|- | |||
|Share-based payments | |||
|3,148 | |||
|4,173 | |||
|- | |||
|Gain on revaluation of investment properties | |||
|(99,585) | |||
|(140,884) | |||
|- | |||
|Change in fair value of derivative financial instruments | |||
|(136) | |||
|(996) | |||
|- | |||
|Depreciation of property, plant and equipment | |||
|669 | |||
|1,167 | |||
|- | |||
|Amortisation of intangible assets | |||
|897 | |||
|1,164 | |||
|- | |||
|Depreciation of right of use assets | |||
|521 | |||
|843 | |||
|- | |||
|Goodwill impairment | |||
|<nowiki>-</nowiki> | |||
|40,906 | |||
|- | |||
|Share of profit of associates | |||
|(4,977) | |||
|(6,940) | |||
|- | |||
|Finance income | |||
|(2,712) | |||
|(2,986) | |||
|- | |||
|Finance expense | |||
|9,869 | |||
|23,219 | |||
|- | |||
|'''Changes in working capital''' | |||
| | |||
| | |||
|- | |||
|Increase in trade and other receivables | |||
|(2,518) | |||
|(5,196) | |||
|- | |||
|Increase in trade and other payables | |||
|2,913 | |||
|3,470 | |||
|- | |||
|Taxation paid | |||
|(632) | |||
|(3,671) | |||
|- | |||
|'''Cash flows from operating activities''' | |||
|'''70,995''' | |||
|'''81,750''' | |||
|- | |||
|'''Investing activities''' | |||
| | |||
| | |||
|- | |||
|Purchase of investment properties | |||
|(35,484) | |||
|(162,844) | |||
|- | |||
|Prepayments relating to new acquisitions | |||
|<nowiki>-</nowiki> | |||
|(1,860) | |||
|- | |||
|Proceeds from loss on control of subsidiaries (net of cash disposed) | |||
|65 | |||
|94 | |||
|- | |||
|Capital expenditure on investment properties | |||
|(31,104) | |||
|(23,786) | |||
|- | |||
|Purchase of plant and equipment and intangible assets | |||
|(2,718) | |||
|(3,540) | |||
|- | |||
|Acquisition of a subsidiary (net of cash acquired) | |||
|<nowiki>-</nowiki> | |||
|(254,730) | |||
|- | |||
|Proceeds on disposal of properties (including held for sale) | |||
|30 | |||
|15,297 | |||
|- | |||
|Increase in loans receivable due from associates | |||
|(5,950) | |||
|(1,124) | |||
|- | |||
|Interest received | |||
|1,627 | |||
|2,986 | |||
|- | |||
|'''Cash flows used in investing activities''' | |||
|'''(73,534)''' | |||
|'''(429,507)''' | |||
|- | |||
|'''Financing activities''' | |||
| | |||
| | |||
|- | |||
|Proceeds from issue of share capital | |||
|<nowiki>-</nowiki> | |||
|159,926 | |||
|- | |||
|Transaction costs on issue of shares | |||
|<nowiki>-</nowiki> | |||
|(6,219) | |||
|- | |||
|Shares purchased | |||
|(1,613) | |||
|(5,545) | |||
|- | |||
|Payment relating to exercise of share options | |||
|<nowiki>-</nowiki> | |||
|(3,519) | |||
|- | |||
|Dividends paid to owners of the Company | |||
|(24,248) | |||
|(30,815) | |||
|- | |||
|Dividends paid to non-controlling interest | |||
|(63) | |||
|(5) | |||
|- | |- | ||
| | |Proceeds from loans | ||
| | |20,000 | ||
| | |750,000 | ||
| | |- | ||
| | |Repayment of loans | ||
| | |(33,753) | ||
|( | |(399,431) | ||
|- | |||
|Payment of principal portion of lease liabilities | |||
|(5,681) | |||
|(5,871) | |||
|- | |||
|Exit fees/prepayment of financing penalties | |||
|<nowiki>-</nowiki> | |||
|(5,335) | |||
|- | |||
|Capitalised loan issue cost | |||
|(134) | |||
|(14,369) | |||
|- | |||
|Finance charges paid | |||
|(7,558) | |||
|(7,067) | |||
|- | |||
|'''Cash flows from/(used in) financing activities''' | |||
|'''(53,050)''' | |||
|'''431,750''' | |||
|- | |- | ||
| | |'''Increase/(decrease) in cash and cash equivalents''' | ||
| | |'''(55,589)''' | ||
| | |'''83,993''' | ||
|- | |- | ||
| | |'''Net exchange difference''' | ||
| | |'''-''' | ||
| | |'''1,299''' | ||
|- | |- | ||
| | |Cash and cash equivalents as at the beginning of the year | ||
| | |121,263 | ||
| | |65,674 | ||
|- | |- | ||
| | |'''Cash and cash equivalents as at the year end''' | ||
| | |'''65,674''' | ||
| | |'''150,966''' | ||
|} | |} | ||
== Risks == | == Risks == | ||
As with any investment, investing in Sirius carries a level of risk. Overall, based on the company's market beta (i.e. 1. | As with any investment, investing in Sirius carries a level of risk. Overall, based on the company's market beta (i.e. 1.06), the degree of risk associated with an investment in Sirius is 'low'. For us, currently, the biggest risk to the group is changes in inflation and interest rates movements, ultimately leading the company to breach its loan facility covenants. | ||
{| class="wikitable" | |||
!Risk area | |||
!Principal risk(s) | |||
|- | |||
| rowspan="4" |Financing | |||
|Availability and pricing of debt | |||
|- | |||
|Compliance with loan facility covenants | |||
|- | |||
|Availability and pricing of equity capital | |||
|- | |||
|Reputational risk | |||
|- | |||
| rowspan="2" |Valuation | |||
|Property inherently difficult to value | |||
|- | |||
|Susceptibility of property market to change in value | |||
|- | |||
| rowspan="3" |Markets | |||
|Participation within two geographically diverse markets | |||
|- | |||
|Reliance on specific industries and the SME market | |||
|- | |||
|Reduction in occupancy | |||
|- | |||
| rowspan="2" |Acquisitive growth | |||
|Decrease in number of acquisition opportunities coming to market | |||
|- | |||
|Failure to acquire suitable properties with desired returns | |||
|- | |||
| rowspan="3" |Organic growth | |||
|Failure to deliver capex investment programmes | |||
|- | |||
|Failure to refuel capex investment programmes | |||
|- | |||
|Failure to achieve targeted returns from investments | |||
|- | |||
| rowspan="4" |Customer | |||
|Decline in demand for space | |||
|- | |||
|Significant tenant move-outs or insolvencies | |||
|- | |||
|Exposure to tenants' inability to meet rental and other lease commitments | |||
|- | |||
|Tenant affordability | |||
|- | |||
|Regulatory and tax | |||
|Non-compliance with tax or regulatory obligations | |||
|- | |||
|People | |||
|Inability to recruit and retain people with the appropriate skillset to deliver the Group strategy | |||
|- | |||
| rowspan="3" |Systems and data | |||
|System failures and loss of data | |||
|- | |||
|Security breaches | |||
|- | |||
|Data protection | |||
|- | |||
| rowspan="5" |Macro-economic | |||
|Impact of the Covid-19 pandemic | |||
|- | |||
|Inflationary pressure leading to increased costs | |||
|- | |||
|Interest rate movements impacting the commercial real estate market | |||
|- | |||
|Delays in cash collection and tenant insolvencies | |||
|- | |||
|Energy supply shortages caused by a variety of economic and geopolitical factors | |||
|- | |||
| rowspan="4" |ESG | |||
|Unforeseen costs relating to physical and transition risks associated with climate change | |||
|- | |||
|Reputational risk | |||
|- | |||
|Failure to meet shareholder and societal requirements or expectations | |||
|- | |||
|Restricted access to financing market due to higher requirements ("green financing") | |||
|- | |||
|Foreign currency | |||
|Financial impact of uncontrollable foreign currency fluctuation on earnings and net asset value | |||
|} | |||
== Valuation == | == Valuation == | ||
Line 449: | Line 749: | ||
==== What's the expected return of an investment in Sirius using the relative valuation approach? ==== | ==== What's the expected return of an investment in Sirius using the relative valuation approach? ==== | ||
Accordingly, | Accordingly, Stockhub estimates that the expected return of an investment in Sirius Real Estate Limited over the next 12-months is 197%. In other words, an £100,000 investment in the company is expected to return £196,841 in 12-months time. The assumptions used to estimate the return figure can be found in the table below. | ||
Assuming that a suitable return level in the 12 months is 10% and Sirius Real Estate Limited achieves its expected return level (of 197%), then an investment in the company is considered to be a 'suitable' one. | Assuming that a suitable return level in the 12 months is 10% and Sirius Real Estate Limited achieves its expected return level (of 197%), then an investment in the company is considered to be a 'suitable' one. | ||
Line 462: | Line 762: | ||
|Which type of multiple do you want to use? | |Which type of multiple do you want to use? | ||
|P/FFO | |P/FFO | ||
| | |REIT property sales and capital expenditure tends to result in material differences in the profitable of the REIT across its lifespan. Accordingly, we suggest valuing the company using the Price to Funds From Operations (P/FFO) ratio. | ||
|- | |- | ||
|In regards to the P/FFO multiple, for the FFO figure, which year to you want to use? | |In regards to the P/FFO multiple, for the FFO figure, which year to you want to use? | ||
| | |Year 1 | ||
|Research suggests that when using the relative valuation approach, it's best to use a time period of 12 months or less. Accordingly, for the FFO figure, we suggest using | |Research suggests that when using the relative valuation approach, it's best to use a time period of 12 months or less. Accordingly, for the FFO figure, we suggest using Year 1. | ||
|- | |- | ||
|In regards to the P/FFO multiple, what multiple figure do you want to use? | |In regards to the P/FFO multiple, what multiple figure do you want to use? | ||
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|- | |- | ||
|Which financial forecasts to use? | |Which financial forecasts to use? | ||
| | |Consensus | ||
|Here, we have used the forecasts | |Here, we have used the consensus forecasts. | ||
|- | |- | ||
|What's the current value of the company? | |What's the current value of the Stockhub company? | ||
|£981.20 million | |£981.20 million | ||
|As at 22nd November 2022, the current value of | |As at 22nd November 2022, the current value of its company at £981.20 million. | ||
|- | |- | ||
|Which time period do you want to use to estimate the expected return? | |Which time period do you want to use to estimate the expected return? | ||
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# The P/FFO multiple (the default multiple is 18x); and | # The P/FFO multiple (the default multiple is 18x); and | ||
# The | # The year-one FFO forecast (the default forecast is $xxx million); and | ||
The impact of a 10% change in those main inputs to the expected return of the Sirius Real Estate Limited investment is shown in the table below. | The impact of a 10% change in those main inputs to the expected return of the Sirius Real Estate Limited investment is shown in the table below. | ||
Line 500: | Line 800: | ||
|- | |- | ||
|The P/FFO multiple | |The P/FFO multiple | ||
| | | | ||
| | | | ||
| | | | ||
|- | |- | ||
|The | |The year-one FFO forecast | ||
| | | | ||
| | | | ||
| | | | ||
|} | |} | ||
Line 521: | Line 821: | ||
!BF P/FFO | !BF P/FFO | ||
!Yield (%) | !Yield (%) | ||
|- | |- | ||
|Sirius Real Estate Ltd | |Sirius Real Estate Ltd | ||
Line 531: | Line 829: | ||
|979,494,700 | |979,494,700 | ||
|11.5111 | |11.5111 | ||
|4. | |4.39% | ||
|- | |- | ||
|FastPartner AB | |FastPartner AB | ||
Line 542: | Line 838: | ||
|1,170,459,785 | |1,170,459,785 | ||
| -- | | -- | ||
|2. | |2.99% | ||
|- | |- | ||
|Cibus Nordic Real Estate AB | |Cibus Nordic Real Estate AB | ||
Line 553: | Line 847: | ||
|57,4491,440 | |57,4491,440 | ||
| -- | | -- | ||
|6. | |6.84% | ||
|- | |- | ||
|Shaftesbury PLC | |Shaftesbury PLC | ||
Line 564: | Line 856: | ||
|1,385,308,138 | |1,385,308,138 | ||
|33.7009 | |33.7009 | ||
| | | | ||
|- | |- | ||
|Intershop Holding AG | |Intershop Holding AG | ||
Line 576: | Line 866: | ||
| -- | | -- | ||
|4.08% | |4.08% | ||
|- | |- | ||
|WCM Beteiligungs- und Grundbes | |WCM Beteiligungs- und Grundbes | ||
Line 586: | Line 874: | ||
|497,815,111 | |497,815,111 | ||
| -- | | -- | ||
|2. | |2.89% | ||
|- | |- | ||
|Metrovacesa SA | |Metrovacesa SA | ||
Line 597: | Line 883: | ||
|874,166,035 | |874,166,035 | ||
|25.1504 | |25.1504 | ||
| | |14.02% | ||
|- | |- | ||
|Brack Capital Properties NV | |Brack Capital Properties NV | ||
Line 608: | Line 892: | ||
|601,880,806 | |601,880,806 | ||
| -- | | -- | ||
| | | | ||
|- | |- | ||
|TLG Immobilien AG | |TLG Immobilien AG | ||
Line 619: | Line 901: | ||
|1,949,040,400 | |1,949,040,400 | ||
|23.0976 | |23.0976 | ||
| | |5.00% | ||
|- | |- | ||
|GAG Immobilien AG | |GAG Immobilien AG | ||
Line 630: | Line 910: | ||
|1,097,732,888 | |1,097,732,888 | ||
| -- | | -- | ||
|0. | |0.63% | ||
|- | |- | ||
|Gateway Real Estate AG | |Gateway Real Estate AG | ||
Line 641: | Line 919: | ||
|498,775,280 | |498,775,280 | ||
| -- | | -- | ||
| | | | ||
|} | |} | ||
== Appendix == | |||
{| class="wikitable" | {| class="wikitable" | ||
|+Condensed consolidated income statement | |+Condensed consolidated income statement | ||
Line 1,083: | Line 1,360: | ||
|'''187,606''' | |'''187,606''' | ||
|'''162,098''' | |'''162,098''' | ||
|} | |} | ||
== References and notes == | == References and notes == |